Calculate the total number of people engaged in tertiary production from the data above
- A. 5,000,000
- B. 6,250,000
- C. 11,750,000
- D. 12,250,000
Use the diagram above to answer this question. Identity the three Important factors that can make So to become either S1 or S2
- A. Technology, weather and population
- B. Technology, price and tastes
- C. Weather, price and technology
- D. Population, weather and taste
Use the diagram above to answer this question. Points E6 and E5 are respectively equilibrium points for
- A. Do and So D o and S2
- B. D1 and S2; D2 and So
- C. D2 and S1;D2 and S2
- D. D2 and SoDo and S2
In the diagram above, the consumer attains equilibrium at point
- A. G
- B. H
- C. J
- D. K
The graphs illustrate
- A. joint demand
- B. derived demand
- C. composite demand
- D. competitive demand
In the table, the income elasticity of clothing is
- A. 0.5
- B. 2.0
- C. 2.5
- D. 5.0.l
From the table calculate the national income
- A. N18,500m
- B. 19,000m
- C. 19,500m
- D. 20,500m
The most acceptable economic measure for trade protection is to?
- A. improve standards of living
- B. protect infant industries
- C. safegard strategic industries
- D. promote foreign trade
Favorable terms of trade is important to a country because it facilities?
- A. economic prosperity for importers and exporters
- B. export of hard currency by the government
- C. economic prosperity for country
- D. import of hard currency by the government
Gains from trade depends on?
- A. comparative advantage
- B. absolute advantage
- C. distributive cost advantage
- D. absolute cost advantage
De valuation helps in checking adverse balance of payments if the?
- A. demand for imports is elastic
- B. demand for imports is inelastic
- C. supply of exports is elastic
- D. demand for exports is inelastic
A free trade area emerges when?
- A. traders from one part of the country can move freely to other parts
- B. customs regulation are harmonized among countries
- C. a group of countries decide to remove restrictions on imports from one another
- D. the UNCTAD is in force
The price of a good will not be affected by the imposition of a sales tax on it if the?
- A. supply is inelastic
- B. demand is inelastic
- C. supply is perfectly elastic
- D. demand is perfectly elastic
Economic development may be defined as economic growth?
- A. in a given country
- B. over a long period
- C. and improved health facilities
- D. and improved distribution of wealth
Fiscal policy involves changes in?
- A. open market operations
- B. revenue and expenditure of government
- C. money supply to the economy
- D. imports and exports
One of the functions money is that, it helps?
- A. detect frauds in matters of exchange
- B. postponed payments without loss of count
- C. store information about the valuation of an item
- D. record information about the valuation of an item
If high unemployment goes hand in hand with rising prices, the situation created is?
- A. hyperinflation
- B. stagflation
- C. moderate inflation
- D. galloping inflation
Bills of exchange originates from a?
- A. central bank
- B. commercial bank
- C. community bank
- D. development bank
People hold money for?
- A. charity
- B. safe keeping
- C. profit making
- D. speculative purposes
The relationship between the value of money and the price level is?
- A. direct
- B. unpredictable
- C. diverse
- D. inverse
Inflation which is caused mainly increases in the prices of factors of production is described as?
- A. cost-push inflation
- B. demand-pull inflation
- C. crawling inflation
- D. spiral inflation