Scarcity in economics generally refers to
- A. A period of feminine
- B. Monopolization of existing supply of resources
- C. Nationalization of sources of raw materials in Nigeria
- D. The control of outlets to sell goods
- E. None of the above
External economies are
- A. The advantage accuring to a firm as a result of its expansion
- B. The advantages accuring to one firm as a result of the existence of other firms in the same locality
- C. Benefits derived by a firm as a result of its own individual policy
- D. Reaped only by agricultural firms
- E. Bound to increase the costs of production whatever the circumstances
A movement along a given demand curve for a good is caused by a change in
- A. A consumer income
- B. The price of the good
- C. Taste
- D. The prices of other goods
- E. Population
If P8 and P9 represent the population of West African in 1978 and 1979 respectively, and given that in 1979.
D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by
- A. P9 = P8 + D - B = I - E
- B. P9 = P8 + B - D + I - E
- C. P9 =P8 + B - D + E - I
- D. P9 = B - D + I - E
- E. P9 = P8 + B + D + I + E
Market for Garri: At a price of N5, the excess supply is`
- A. 30 tins per week
- B. 45 tins per week
- C. 15 tins per week
- D. 20 tins per week
- E. indeterminate
Which of the following is NOT a visible iterm in international trade payments?`
- A. Payments for imported cars
- B. Receipts from coca exports
- C. Payments to foreign shipping companies
- D. Payments for steel imports
- E. Payments for petroleum imports
Which of the following statements does NOT describe a situation of perfect competition?
- A. The firm faces an infinitely elastic demand curve
- B. The firm makes no pure profit in the short run
- C. The price does not change with changes in the output level of the firm
- D. There is freedom of entry into and exit out of , the industry
- E. The firm can sell all it produces at the market price
Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that
- A. country I has absolute disadvantage in the production of both cocoa and cloth
- B. country I has absolute advantage in the prodcttion of both cocoa and cloth
- C. country ll has absolute advantage in the production of both cocoa and cloth
- D. country ll has a comparative advantage in the production of cocoa
- E. country ll should leave the production of both cocoa and cloth to country l.
From the above, the Growth Rate of Total National Output or GDP is
- A. 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
- B. 20.0%, i.e. (2 + 5 + 10 +3)%
- C. 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
- D. 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
- E. not obtainable
In this diagram, So So is the original supply curve while S1 S1 represent?
- A. A movement along a give supply curve
- B. an increase in supply
- C. decrease in supply
- D. A perfect elastic supply curve
- E. An abnormal supply curve
From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are
- A. 15k, 13,000
- B. 20k, 17,500
- C. 13k, 20,000
- D. 18k, 18,000
- E. 18k, 15,000
Progressive income tax can be expressed as
- A. tax that falls as income rises
- B. tax that rises as income falls
- C. tax that is independent of income
- D. tax that rises as income rises
- E. tax that is neutral to income
Opportunity cost is best defined as?
- A. the penalty for not seizing golden opportunities
- B. sacrificed alternative (output, income etc.)
- C. the cost of creating job opportunities
- D. payment made to an industrial worker
- E. the difference between fixed and variable costs
Which of the following is NOT a characteristic of perfect competition?
- A. many sellers and buyers in the markets
- B. There is perfect knowledge
- C. Supply and demand are equal
- D. There is no advertising
- E. Products are identical
Inflation is likely to benefit?
- A. persons with bank savings
- B. persons employed in financial houses
- C. debtors
- D. persons who lived on fixed pension funds
- E. creditors
If the income of a consumer rises and his demand for good X falls, good X can be described as
- A. a normal good
- B. an adnoral good
- C. a good with inelastic demand
- D. a good with unitary elastic demand
- E. none of the above
One of the probable effects of an increased minimum wage in Nigeria is?
- A. to create volunteer unemployment
- B. to decrease the wage rate
- C. to increase the level of unemployment
- D. to create involuntary unemployment
- E. to increase the demand for labour
unlimited liability means?
- A. The government can tax a company without limit
- B. The debts of a company must be paid out of it assets
- C. A company ceases to exist at the death of one of its owners
- D. A firm must pay its debts from business as well as private funds
- E. None of the above
When a nation’s exports are greater than its imports
- A. The net foreign trade is zero
- B. an unfavourable balance of payment exist
- C. A favourable balance of payment exists
- D. An un favourable balance of trade exist
- E. A favourable balance of trade exists
An equilibrium price?
- A. keeps excess demand within limits
- B. keeps excess supply within limits
- C. generates the greatest possible demand and supply
- D. generates the greatest possible profits
- E. equates the quantity supplied to be equal to the quantity demanded.
An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?
- A. substitute goods
- B. complementary goods
- C. elastic goods
- D. inelastic goods
- E. inferior goods