When the government fix the price of essential commodities, this is referred to as:
- A. Price equilibrium
- B. Price control
- C. Demanded price
- D. Asking price
Which of the following source of income is spectacular only to Government ?
- A. Payment from business transfer
- B. Bonuses
- C. Tax
- D. Wages
One of the major causes of farmers’ unstable income in Nigeria is _________
- A. the effect of diseases and pests
- B. industrial pollution
- C. mining and extraction activities
- D. population growth
The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is
- A. 6
- B. 3
- C. 4
- D. 5
In economics, the “how” or input question refers to:
- A. The problem of allocating scarce resources among competing uses
- B. The way in which factors of production may be combined to produce output
- C. The way in which a firm decides on its profit maximising rate of output
- D. The problem of how output is distributed among individuals and groups in society.
One of the unique features that distinguishes the perfect and imperfect market condition is _________
- A. profit motive principles
- B. absence of price control board
- C. price determines production and distribution
- D. number of sellers and buyers
Which of the following is not an indicator of economic growth?
- A. CPI
- B. PPI
- C. GDP
- D. High Level of Unemployment
Changing the structure of a commodity in order to increase its utility is called?
- A. Time utility
- B. form utility
- C. marginal utility
- D. place utility
A country’s terms of trade can be improved by ____?
- A. collective bargaining
- B. imposing lower export duties
- C. revelation of currency
- D. reducing demand for imported goods
Given that Qd = 10 – 2p while Qs = 5 + 3P, if P = N 1 determine the equilibrium quantity
- A. 7
- B. 6
- C. 5
- D. 8
Which of the following is NOT an instrument in the money market?
- A. Treasury bill
- B. Bill of exchange
- C. Stocks and shares
- D. Call money fund
Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively.
Calculate the average product (AP) of the 4th unit of labour.
- A. 20
- B. 13
- C. 15
- D. 10
One of the reasons why Nigeria is a mono-economy is because of her _______
- A. huge volume of petroleum activities in the country
- B. diversification system of economic activities
- C. high demand for foreign commodities
- D. high rate of unemployment
Given that ∑fx = 340 and N = 20, find the arithmetic mean.
- A. 20
- B. 17
- C. 32
- D. 9
Excess supply over demand will place a price advantage on _____
- A. government
- B. foreign investors
- C. suppliers
- D. consumers
The production within domestic territory of a country is called the _____
- A. net national product
- B. gross domestic product
- C. net income
- D. disposable income
The basic aim of Economic Community of West African States is the
- A. discouragement of trade among member states
- B. encouragement of revolts against former colonial masters
- C. establishment of its headquarters in each members state
- D. liberalization of trade among member states
The population theory that is concerned with the cases of over population and shortage of food production is ______
- A. population density
- B. Malthusian population theory
- C. national population theory
- D. demographical transition theory
Which of the following is not a function of the money market?
- A. Provision of finance
- B. enhance loan savings
- C. creation of long term loans
- D. Provision of finance
The law of diminishing marginal utility states:
- A. The supply curve slopes downward
- B. Your utility grows at a slower and slower rate as you consume more and more unit of a good.
- C. The elasticity of demand is infinite
- D. None of the above
The graph above represents _______
- A. a decrease in quantity supplied
- B. an increase in supply
- C. a decrease in supply
- D. an increase in quantity supplied