Economics — 2012

Which of the following problems arises where there are more than one technically possible methods of production

Visible balance is also known as

A shift in the demand curve indicates

If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as

A condition for consumer utility maximization is

Which of the following best describes the mode? the

Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be

A demand schedule shows the quantities of goods that are

The demand curve for a commodity is downward sloping because the consumer will pay

A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is

Any price below the equilibrium price will lead to

The allocation of goods and services in a free market economy is performed by

Given the demand function Qd = 20 - 1/ 2 P. What is Qd when P is $12?

If a particular consumer derives total utility of 22 utils having consumed 4 units of a given product, his average utility will be

The law of diminishing marginal utility applies to a

why is the law of diminishing returns a short run phenomenon?

Which of the following is capable of increasing the population of a country?

In the firm's production process, marginal cost

If a firm's price is less than average cost but more than part of variable cost, the firm is covering

An arrangement in which the debts of a company can only be paid from its own assets implies

One reason why small scale businesses are very common in West Africa is that

A public limited company could finance its operations through

The factor of production which takes the initiative in combining resources for production is known as

The type of monopoly that develops as a result of granting patent right is known as

Which of the following is a function of a retailer?

`The difference between the number of immigrants and emigrants is

All of the following is the features of optimum population except

The financial institution that specializes in risk spreading is called

The following are means of reducing the population of a country except encouraging

Which of the following features best describes peasant agriculture in West Africa? It

One of the problems facing industrial development in West African countries is

In a situation where the finished product of an industry is fragile, bulky and perishable, such an industry should be located close to its

If Y = income, C = Consumption, I = Investment, X = Export and M = Import, then national income is

The national income is the

When depreciation is deducted from Gross National Product, the result is

Mr Akpoti has meat and wants maize, while Mr, Adama has maize and wants meat.transation is possible because of

Which of the following is not a form of money?

A price index as a statistic, measures

The different between birth rate and death rate is known as

In open market operations, what the Central Banks sells or buys are

The following are reasons for failure of agricultural policies in West Africa except

A situation in which the estimated government revenue is less than the proposed expenditure for a given year can be described as

An excise tax is imposed on goods

Which of the following will not retard economic development in West Africa?

When there is improvement in a country's terms of trade, it means that the country's

Which of the following is true about import substitution? it

Balance of payments problem can be corrected through

One of the reasons why government may erect a trade barrier is to

Which of the following is not a function of the West African Development Bank?