Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price.
- A. 34
- B. 32
- C. 36
- D. 16
From the table above, find the values of E and F respectively
- A. 27 and 1
- B. 68 and 12
- C. 28 and 5
- D. 12 and 19
From the table above, Calculate the price elasticity of supply
- A. 0.50
- B. 0.80
- C. 2.00
- D. 1.25
From the graph above, the consumer will attain equilibrium at point
- A. J
- B. K
- C. L
- D. M
A combination of factors responsible for a shift from DoDo to D1D1 are
- A. consumers income and change in technology
- B. price of the commodity and weather conditions
- C. consumers income and population size
- D. consumers taste and change in price
If the national income is 60m, the contribution of the manufacturing sector is
- A. 18m
- B. 17m
- C. 12m
- D. 9m
What is the percentage contribution of services to the national income?
- A. 15%
- B. 10%
- C. 54%
- D. 24%
The labour force of a country is determined by the
- A. age structure of the population
- B. geographical distribution of the population
- C. sex distribution of the population
- D. number of people available for work
The major determinant of the total volume of output in an economy is the
- A. level of total expenditure
- B. composition of consumer spending
- C. number of farmers
- D. size of the labour force
The main objective of WTO is to
- A. ensure adequate protection of infant industries
- B. provide a mechanism for tariff reduction
- C. assist countries with chronic balance of payments problem
- D. assist developing countries to execute developmental projects
If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is
- A. excise duties
- B. import duties
- C. quotas
- D. tariff
A major determinant of floating exchange rate is
- A. the highest denomination of the currency
- B. an Act of the parliament
- C. the system of government
- D. the forest of demand and supply
An accurate population census is important in other to
- A. produce more food for the growing population
- B. provide employment opportunities for the people
- C. estimate a country's per capita income
- D. fast track industrial development
An accurate census figure is an important tool for planners in
- A. providing employment
- B. siting industries
- C. providing social amenities
- D. allocating resources
The voting power in co-operative societies is vested on
- A. management
- B. members without loan
- C. shareholders
- D. members with the highest contribution
Firms embark on vertical integration in other to
- A. take over markets formally controlled by other firms
- B. prevent other firms from entering the market
- C. reduce advertisement and management cost
- D. enjoy economies of large-scale production
The short-run average variable cost of a firm will rise owing to
- A. the expansion of factory space
- B. the building of new warehouse
- C. an increase in the cost of labour
- D. an increase in the salaries of directors
The loading of crude oil at the terminal is an activity in the
- A. downstream sector of the oil industry
- B. upstream and downstream sector of the oil industry
- C. upstream sector of the oil industry
- D. midstream and upstream sectors of the oil industry
The major contribution of OPEC to the Nigerian economy is the
- A. provision of social infrastructures
- B. granting of subsidies on petroleum products
- C. stabilization of oil prices
- D. building of refineries
One major factor that determines the location of an industry is
- A. tax exemption grant
- B. its proximity to the market
- C. the capital base
- D. the social responsibility of the firm
A major disadvantage of localization of industry is
- A. the risk of structural unemployment
- B. over-utilization of installed industrial capacity
- C. the risk of seasonal unemployment
- D. under-utilization of installed industrial capacity