The firm whose sales and total revenue of the commodity as given in the table is
- A. a monopolist
- B. a monopolistic competitor
- C. an oligopolist
- D. a perfect competitor
If the pass mark was 40. how many students passed the examination?
- A. 100
- B. 120
- C. 160
- D. 200
In a price-taking firm, the portion UT above is the firm’s
- A. average revenue curve
- B. Long-run average cost curve
- C. demand curve
- D. supply curve
In the diagram L1L1 and L2L2 are budget lines. 1112 and 1 3 are indifference curves. which points are optimal?
- A. U and W
- B. V and W
- C. U and Z
- D. Y and Z
Commodities I and II are
- A. competitive supply
- B. Substitute supply
- C. Joint supply
- D. Derived supply
The supply of commodity II increasing from S 1 S 1 to S 2 S 2
- A. Moves the price below OP 2
- B. Leads to a fall in price from OP 1 to OP 2
- C. Increases the price from OP 2 to OP 1
- D. Moves the price to OP 1
Being a member of the OPEC, Nigeria is in a favorable position to?
- A. export her crude oil
- B. control world crude oil prices
- C. reap the benefit of a cartel
- D. borrow money from members
If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for N500, what will be United Kingdom’s exchange rate with Nigeria?
- A. $0.05 = N1.00
- B. $0.06 =N1.00
- C. $0.11 =N1.00
- D. $0.12 =N1.00
A country’s import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade?
- A. 20%
- B. 71%
- C. 120%
- D. 140%
A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be?
- A. developing
- B. developed
- C. poor
- D. underdeveloped
Public debt is composed of?
- A. internal debts and World Bank loans
- B. money owed to local and foreign contractors
- C. internal and external debts
- D. loans granted by IMF and ADB
An aspect of taxation that involves normative economics is the?
- A. ]tax rate
- B. effect on incentive to work
- C. fairness of the tax
- D. tax burden
A capital market differs from the money market in that in the former?
- A. loan sought is short term
- B. loan reayment is guaranteed
- C. loan sought is long term
- D. the percentage of interest chargedis more
Two principal ways by which banks can lend money to their customers are through?
- A. loans and overdrafts
- B. loans and discounting bills
- C. overdrafts and cheques
- D. overdraft and treasury bills
A persistent rise in the general level of prices implies?
- A. an increase in some prices
- B. a one-time rise in prices
- C. a steady fall in the purchasing power of money
- D. that the higher the price level, the more the value of money
An increase in money supply, other things being equal, will?
- A. lower interest rates
- B. reduce income
- C. ensure trade balance
- D. increase money demand
Exclusions that makes Gross National Product a poor measure of welfare are?
- A. goverment purchases
- B. government millitary outlays
- C. wages and salaries
- D. housewives services
Which of the following is used for measuring national income?
- A. Output, income and wages
- B. Import, expenditure and output
- C. Income, output and expenditure
- D. Export, Import and output