Optimum population enables an economy to attain the highest level of
- A. Industrial development
- B. Income per head
- C. Revenue generation
- D. Economic development
The profit of a monopolist can be eliminated where price equals
- A. AFC
- B. MC
- C. AC
- D. AVC
If real income increases while nominal income remains the same, it can be inferred that
- A. Unemployment rate has decreased
- B. General prices has fallen
- C. Employment rate has risen
- D. General prices have risen
The optimal range of output for a perfectly competitive firm is
- A. AC is lowest
- B. AVC is lowest
- C. MC is rising
- D. MC is falling
The median of an odd-numbered set of scores is the
- A. Middle value in the set
- B. Highest value in the set
- C. Arithmetic means of the set
- D. Most frequent occuring score
What does X represent?
- A. recessionary gap
- B. GNP gap
- C. inflationary gap
- D. deflationary gap
When 20 units of output is produced, TC will be
- A. N360
- B. N300
- C. N460
- D. N400
The average total cost when 20 units are produced is
- A. N20.00
- B. N23.00
- C. N13.00
- D. N15.00
From the Diagram above, the optimal point of production is
- A. R
- B. T
- C. U
- D. S
From that table above, the price elasticity of supply is
- A. 4
- B. 25
- C. 1
- D. 2
The graph of the schedule above will depict
- A. a kinked demand curve
- B. a normal demand curve
- C. an abnormal demand curve
- D. a diminishing marginal utility curve
The World Trade Organization is responsible for
- A. stabilizing and harmonization oil prices
- B. ensuring equal participation of countries in trade
- C. modernising world economies
- D. minimizing obstacles to international trade and investment
The money paid per hour for work done is
- A. salary
- B. wage rate
- C. cost
- D. bonus
Trade takes place because of
- A. marginal utility
- B. inefficiency in production
- C. opportunity cost
- D. comparative advantage
A change from one industry to another by a worker is an example of
- A. geographical mobility
- B. horizonatal mobility
- C. professional advancement
- D. veritcal mobility
In modern economies, the Malthusian theory of population is ineffective because of
- A. birth control measures
- B. technical progress
- C. government policies
- D. natural disasters
A condition in which official and autonomous exchange rate coexist is
- A. dual exchange rate system
- B. managed floating rate system
- C. market determined exchange rate system
- D. multiple exchange rate system
The transfer to public shareholding corporations to private enterprises is
- A. concession
- B. incorporation
- C. commercialization
- D. privatization
The record of a country’s transactions in international trade is her
- A. capital account
- B. balance of payments
- C. current account
- D. balance of trade
Industrial development in Nigeria can be encouraged through
- A. signing WTO treaty
- B. granting subsidies
- C. the provision of efficient infrastructure
- D. direct government participation