Average fixed cost is
- A. Average total cost less the sum of average variable cost
- B. Half the sum of all costs
- C. Total fixed cost divided by the level of output
- D. Total fixed cost plus marginal cost
In which of the diagrams above, is the consumer surplus correctly shaded?
- A. I
- B. II
- C. III
- D. IV
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?
- A. 65 units
- B. 40 units
- C. 30 units
- D. 20 units
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is
- A. 75 units
- B. 35 units
- C. 7 units
- D. not determinable from the schedules except when graphed
In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?
- A. the quantity supplied is infinitely elastic
- B. when price is zero, the quantity supplied infinite
- C. when price is infinite, the quantity supplied zero
- D. the quantity supplied is definite
Economic development is defined as?
- A. positive change plus growth
- B. avalibility of more goods and services
- C. outward shift of the production possibility curve
- D. growth in the national income
For the improvement of the welfare of a people, a high production level is not enough because
- A. the have-nots deserve more than a fair share
- B. equitable distribution is necessary
- C. production efficiency is vital
- D. savings in the country must be guaranteed at more than 50 percent of income earned.
Frictional unemployment?
- A. is total unemployment minus structural unemployment
- B. occurs when the unemployed are persons with specific training
- C. occurs when the number of job seekers exceeds the number of vacancies
- D. occurs when people are changing jobs
The difference between personal income and personal disposal income is?
- A. personal income tax
- B. investment income
- C. personal savings
- D. consumption expenditure
Capital consumption allowance refers to?
- A. personal consumption expenditure
- B. indirect business taxes
- C. depreciation of capital equipment
- D. expenditure on capital equipment
Transfer payment are
- A. transfer earnings
- B. money transferred from one country to another
- C. unearned income
- D. payment transferred from one account to another
Statistical information available in most West African countries suggests that?
- A. the marginal propensity to save is high
- B. the marginal propensity to consume is high
- C. the consumption pattern is negative
- D. there exists perfect correlation between consumption and savings
Which of the following best explains the structural changes in the population of a country?
- A. Positive changes in the size and ethnic composition of the population
- B. A decrease in the size of the population
- C. An increase in the birth rate which is higher than the decrease in the death rate
- D. Changes in the age, sex and occupational composition of the population
The rate of exchange between a domestic and a foreign currency is defined as the?
- A. terms of trade
- B. domestic currency price of a unit of the foreign currency
- C. foreign currency price of gold
- D. domestic currency price of gold
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
- A. Dumping
- B. Counter-trade
- C. Bilateral trade
- D. Trade liberalization
The money which government spends yearly for the maintenance of its school is?
- A. used only for wages and salaries
- B. part of the government's capital expenditure
- C. part of the government's recurrent expenditure
- D. the government's budget for its school
A budget with a projected revenue in excess of its expenditure is said to be?
- A. balanced
- B. surplus
- C. deficit
- D. inflationary
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
- A. elastic
- B. inelastic
- C. perfectly elastic
- D. unitary elastic
Ad valorem tax means?
- A. a certain percentage tax based on the value of the commodity
- B. a certain percentage tax based on the volume of the commodity
- C. a tax on the income of the consumer
- D. payment of a tax on the profits made
If inflation is anticipated to continue?
- A. people will lose confidence in goods
- B. lenders will demand higher interest rate
- C. the growth of full employment output will be accelerated
- D. people will want to hold more money
In the keynesian model?
- A. the demand for money is inversely related to the rate of interest
- B. investment is directly related to the rate of interest
- C. investment is not related to the rate of interest to the rate of interest
- D. the demand for money is directly related to the rate of interest