43
If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is
- A. elastic
- B. perfectliy inelastic
- C. inelastic
- D. perfect elastic
44
If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand
- A. 0.5
- B. 1.2
- C. 2.5
- D. 4.0
45
A major determinant of the demand for a luxury goods is
- A. the price of the goods
- B. the price of other goods
- C. the income of consumers
- D. tastes and fashion
46
If 100 units and 120 units of commodity X are supplied at N80 at different times, it means that there is
- A. a change in supply
- B. a change in the quantity supplied
- C. an increase in the quantity supplied
- D. a increase in the quantity supplied
47
If the standard deviation of a given data is 8.2, find its variance
- A. 4.1
- B. 67.2
- C. 82.0
- D. 91.8
48
If the increase in the price of yams is used to estimate the inflation rate, this is an example of
- A. deductive reasoning
- B. inductive reasoning
- C. normative reasoning
- D. positive reasoning
49
The production possibility curve can be used to explain the underlying concepts of
- A. scale of preference and choice
- B. opportunity cost and choice
- C. wants and means
- D. opportunity cost and scale of preference
50
The deregulation of telecommunication services in Nigeria is a characteristic of
- A. command economy
- B. traditional economy
- C. market economy
- D. feudal economy