The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume
- A. 2
- B. 0.4
- C. 1
- D. 0.5
The term of trade can be expressed as
- A. (Price index of export ÷ Price index of export)× 100
- B. (price index of import ÷ price index of export) × 100
- C. (Price index of export ÷ Price index of import)× 100
- D. (Price index of export + Price index of import)× 100
What would be likely to increase inflation in any economy?
- A. Increase in demand
- B. Reduce public spending
- C. Control excessive import
- D. Increase in direct tax
The curve labeled III illustrate a system of taxation
- A. regressive tax
- B. progressive tax
- C. value added tax
- D. proportional tax
The curve labeled II illustrates a system of taxation
- A. proportional tax
- B. regressive tax
- C. value added
- D. progressive tax
The line Y in the diagram represents
- A. total cost
- B. variable cost
- C. fixed cost
- D. marginal cost
Isocost and isoquant can be attributed to
- A. Theory of consumer behaviour
- B. Theory of cost
- C. Theory of production
- D. Theory of value
All the following are properties of an indifference curves except
- A. it can intersect
- B. it slopes downward from left to right like that of a normal demand curve
- C. as it shift rightward it indicate higher and higher level of satisfaction
- D. it does not intersect
Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5.
- A. 24
- B. 5
- C. 19
- D. 12
Which of the following will shift the demand curve for Bournvita to the right
- A. a rise in price of Bournvita
- B. an increase in income
- C. a tax on cocoa producer
- D. a fall in price of Bournvita
A market will be at equilibrium when
- A. demand and supply are equal
- B. demand is greater than supply
- C. price is higher
- D. supply is greater than demand
All the following are types of specialization except
- A. Manager Specialization
- B. Product specialization
- C. Specialization by sex
- D. Geographical specialization
The ownership of a public limited liability company is made up of
- A. two to twenty persons
- B. minimum of two and maximum of fifty
- C. minimum of seven and no maximum number
- D. owner owned by the government
The information that rank a consumer preferences is given by
- A. Scale of preference
- B. Indifference map
- C. Demand schedule
- D. Supply schedule
A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is
- A. supply curve
- B. liquidity preference
- C. Budget line
- D. demand curve
The financial institution known as a building society is
- A. commercial bank
- B. central bank
- C. mortgage bank
- D. development bank
\(\begin{array}{c|c}
\text{Units of variable factor} & \text{Total
Product} \\
\hline
1 & 25 \\
\hline
2 & 31 \\
\hline
3 & 40 \\
\hline
4 & 48 \\
\hline
5 & 55 \\
\end{array}\)
The marginal product at the fifth variable factor is
- A. 7
- B. 6
- C. 5
- D. 9
Which of the following is not a type of unemployment
- A. factory unemployment
- B. structural unemployment
- C. mass unemployment
- D. frictional unemployment
Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is
- A. Direct
- B. Progressive
- C. Regressive
- D. Proportional
The frequent value that occurs most in a data is
- A. median
- B. mean
- C. mode
- D. range
The ordinalist approach of utility postulated that utility can be
- A. Rank
- B. Measurable
- C. Rise
- D. Fall