In the diagram above, profit is maximized at 1 he output level
- A. ON
- B. OK
- C. OL
- D. OF
In the diagram above, DoDo is the original demand curve, SoSo is the original supply curve, D1D1 is the new demand curve. What is the new equilibrium quantity?
- A. Q1
- B. Q2
- C. Q3
- D. Q4
The shaded triangle in the diagram above is known as
- A. excess supply
- B. consumer surplus
- C. excess consumption
- D. producer surplus
In the diagram above, the price P2 in price control situation, is referred to as
- A. minimum price
- B. markup price
- C. maximum price
- D. mark-down price
What is the average total cost when output is 200 units in the table above is
- A. N1.00
- B. N2.0
- C. N1.20
- D. N2.40
Population Statistics of a Country. In 1990, the difference between the dependent population and the active population ratio is
- A. 22%
- B. 20%
- C. 16%
- D. 4%
Population Statistics of a Country. The dependency ratio between 1960 and 1990 is
- A. increased by 5%
- B. increased by 2%
- C. decrease by 2%
- D. decrease by 5%
From the table above, the total utility for the individual who consumes 3 units of commodity X is
- A. 50 units
- B. 150 units
- C. 230 units
- D. 250 units
In the diagram above, full employment is indicated by
- A. L
- B. M
- C. N
- D. P
The Economic Commission for Africa was set up by the?
- A. UNO
- B. ECOWAS
- C. OAU
- D. IMF
If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through?
- A. a rise in the external value of its currency
- B. a fall in the external value of its currency
- C. an increase in the volume of imports
- D. the consumption of more foreign goods
If a country has a balance of payments surplus on current account, this means that?
- A. total invisible export is greater than invisible import
- B. the value of goods exported must be greater than the value of goods imported
- C. there must be a positive balance of capital account
- D. the aggregate of the balance of trade and the invisible balance must be positive
The balance of visible trade is the difference between the values of?`
- A. imported and exported goods
- B. imported and exported services
- C. current account and capital account
- D. exchange rate of local and foreign currencies
Development plans have not been successful in some developing countries largely because of?
- A. very large working population
- B. increase level of consumption
- C. scarcity of industrial raw materials
- D. shortage of skilled labour and experts
One of the major consequences of urban-biased development programmes in Nigeria is that they?
- A. led o rapid rural-urban migration
- B. led to unprecedented urban wealth
- C. transformed rural areas into urban centres
- D. increased the level of specialized manpower inthe cities
Economically, underdeveloped countries are characterized by?
- A. high rate of population growth and low rate of economic growth
- B. high rate of economic growth and low rate of population growth
- C. high rate of population growth aand high rate of economic growth
- D. low rate of population growth and low rate of economic growth
The family Support Programme in Nigeria essentially focuses on?
- A. the generation of employment
- B. the alleviation of poverty
- C. agricultural and industrial development
- D. economic emancipation of women
Which of the following is a transfer payment?
- A. Dividend to a shareholder
- B. Gift to a mothers less babies' home
- C. Salary to a worker
- D. Rent to a landlord
The major objective of economic growth is to?
- A. redistribute income and other benefits of growth
- B. equalize opportunities for education and employment
- C. increase the aggregate expenditure on goods and services
- D. increase real per capital income
A fall in the marginal propensity to save will lead to?
- A. a decrease in national income
- B. an increase in national income
- C. no change in national income
- D. an increase in disposable income
If a country’s national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period?
- A. 5%
- B. 15%
- C. 20%
- D. 100%