\(\begin{array}{c|c}
\text{Output(kg)} & 240 & 450 & 580 & 630 \\
\hline
\text{MR(N)} & 75 & 48 & -40 & -22 \\
\hline
\text{MC(N)} & 41& 48 & 77 & 20 \\
\end{array}\)
Given the table above, what is the firm’s short – run profit maximizing output?
- A. 450kg
- B. 630kg
- C. 240kg
- D. 580kg
The savings deposit in a commercial bank is called
- A. Capital
- B. Fund
- C. Near
- D. Money
- E. Call money
A profit maximizing monopolist should produce within the range where his demand is
- A. Inelastic
- B. Elastic
- C. Infinitely elastic
- D. Unitary elastic
The difference in each country’s total output on specification is
- A. 16000 units
- B. 9000 units
- C. 8000 units
- D. 7000 units
Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?
- A. 7000 units
- B. 16000 units
- C. 9000 units
- D. 8000 units
An institution that regulates trade relations among members is the
- A. ADB
- B. OPEC
- C. EU
- D. IMF
If government increases in its expenditure on public works, the desired effect is
- A. a reduction in the use of capital equipment
- B. an increase in the level of emploment
- C. an increase in the level of inflation
- D. an increase in the use of capital equipment
The factor responsible for the current inflationary pressures in Nigeria is the
- A. exchange rate depreciation
- B. increase in exports
- C. low per capital income
- D. budget surplus
Economic growth is different from economic development because economic growth
- A. describes expansion and change
- B. is measurable but not objective
- C. describes expansion and not change
- D. is not measurable but objective
Business organization in which the owners’ personal property may be forfeited in the event of bankruptcy are
- A. partnerships and limited liability companies
- B. partnerships and sole proprietorships
- C. cooperatives and sole proprietorship
- D. corporation and sole proprietorship
A long-term capital outflow is recorded in the balance of payment as a
- A. credit on the capital account
- B. credit on the current account
- C. debit on the current account
- D. debit on the capital account
Economic growth is different from economic development because economic growth
- A. describes expansion and change
- B. is measurable but not objective
- C. describes expansion and not change
- D. is not measurable but objective
The loans from the World Bank to developing countries are mainly to support
- A. capital-intensive technology
- B. the establishment of universities
- C. their infrastructure investment
- D. their level of consumption
The raising of funds by selling stocks to the public is called
- A. equity financing
- B. deflcit financing
- C. loan financing
- D. debt financing
The problem of planning in Nigeria is mainly in the
- A. implementation of the plans
- B. appraisal of the plans
- C. allocation of scarce resources
- D. articulation of the plans
The price index computed between two time periods is given as 128%,This implies that the
- A. disposable income have increased by 28%
- B. living standards have fallen by 128%
- C. living standards have risen by 128%
- D. living standards have fallen by 28%
The monetization policy of the Nigerian government is aimed at
- A. encouraging public servants to retire early and become self-employed
- B. transferring government's properties to retired public servants
- C. reducing government's burden on the provision of fringe benefits to public servants
- D. helping government recover properties held by public servants
In economics, production takes place only when
- A. producers sell to retailers
- B. value has been added to a commodity
- C. modern equipment is used
- D. consumption has taken place
If elasticity of demand is greater than I and less than infinity, demand is said to be
- A. elastic
- B. perfectly inelastic
- C. inelastic
- D. perfectly elastic