» the study of economics becomes necessary because of the
2
The concept of opportunity cost is also referred to as
3
choice is necessitated by
4
A type of unemployment which occurs due to technological progress is called
5
All the following are features of market economies except
6
the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as
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In a capitalist economy, resources are
8
An economic system where the central planning authority determines what goods to produce and in what quantity is known as
9
The main objective of setting up a private business organization is to
10
The demand and supply function of a commodity are given as below. Qd = 20 - 2p Qs = 6p - 12 Where p = price in naira, Qd = Quantity demanded and Qs = Quantity supplied. The equilibrium price is
11
The type of demand that exist between torchlight and battery is
12
When the price of a commodity increases and the quantity demanded also increases, this is a case of
13
If a fall in price of one commodity leads to an increase supply of another commodity, both commodities have
14
At a co-efficient of price elasticity of supply of 0.5, supply is
15
In the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
16
If an increase in earning leads to more of of a commodity being demanded, the good is said to have
17
The interaction of supply and demands for labour determines
18
Government fixing of prices below the equilibrium point is aimed at protecting the
19
A consumer maximizes his utility in consuming a good 'X' when
20
The relationship between Marginal Product (MP) and Average Product (AP) is such that they are equal when
21
who among the following is the intermediary between the producer and the retailer?
22
which of the following sector is most capital intensive?
23
A society that operates below the production possibility curve is using its productive resources
24
labour can be efficient when there are
25
What accounts for the ‘U-shaped’ of the short run average cost (AC) curve?
26
which of these is true of a perfect competitor?
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One advantage of a sole proprietor is that
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which of the following is a condition necessary for a perfect market?
29
A market in which a single price obtains for a product is known as
30
what is the effect of pursuit of higher education on the size of labour force?
31
The population density of town Y made up of 50 square kilometre land area and 100 million people is
32
manufacturing involves the process of
33
disposable income is total income
34
Use the information below to answer these questions Depreciation = $40,000 Gross Domestic Product = $100,000 Factor Payments to Foreigners = $20,000 Factor Receipts from Abroad = $25,000 The Gross National Product is equal to
35
Depreciation = $40,000 Gross Domestic Product = $100,000 Factor Payments to Foreigners = $20,000 Factor Receipts from Abroad = $25,000 The National Income is equal to
36
Depreciation = $40,000 Gross Domestic Product = $100,000 Factor Payments to Foreigners = $20,000 Factor Receipts from Abroad = $25,000 The Net Domestic Product is
37
which of the following is specialized in lending money for the purpose of developing real estate?
38
The marketing of government security by the Central Bank is termed
39
which of the following serves as a banker's bank?
40
The tax imposed on good manufacture within a country is
41
Government expenditure on the construction of roads and bridges is
42
Fiscal policy is associated with
43
The need for development planning arises largely from the fact that
44
Economic development is reflected in the
45
Terms of trade may be define as the
46
The terms of trade is described as unfavourable when
47
Expenditure by foreign tourist in a country will be recorded as
48
One major aim of a cartel is to
49
The five countries that established the Organization of Petroleum Exporting Countries (OPEC) are
50
The headquarters of the African Development Bank (ADB) was originally located at
