The two major types of international trade are Bilateral trade and?
- A. Internal trade
- B. Multilateral trade
- C. Dilateral trade
- D. Trilateral trade
The diagram below represents a production function. At which of the points does diminishing returns set in__________
- A. R
- B. S
- C. T
- D. V
As a factor of production, the reward for land is?
- A. Profit
- B. Interest
- C. Rent
- D. Wage
Taxes and government expenditures are instruments of____________
- A. Monetary policy
- B. Tax policy
- C. Economic policy
- D. Fiscal policy
The full meaning of NAPEP is?
- A. National Poverty Eradication Programme
- B. National Agency for Poverty and Education Program
- C. National Air Pollution and Environmental Purification
- D. None of the above
The expression of cost in terms of alternative forgone is referred to as ____?
- A. Scarce resources
- B. Decision making
- C. Opportunity cost
- D. Choice
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
From the table, Calculate the median___________
- A. 24.0
- B. 17.0
- C. 18
- D. 16
The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________
- A. Deflation
- B. Inflation
- C. Devaluation
- D. Revaluation
A capital market differs from the money market in that in the former ________?
- A. The percentage of interest charged is more
- B. Loan sought is long term
- C. Loan repayment is guaranteed
- D. Loan sought is short-term
An economy in which both the public and private sectors contribute to economic growth is a__________?
- A. socialist economy
- B. feudal economy
- C. mixed economy
- D. capitalist economy
The transfer of public share holding in corporations to private enterprise is___________?
- A. Incorporation
- B. Concession
- C. Privatization
- D. Commercialization
The labour force of a country is determined by the___________
- A. geographical distribution of the population
- B. age structure of the population
- C. number of people available for work
- D. sex distribution of the population
An ad valorem tax is imposed on_____?
- A. Exports
- B. Imports
- C. The Value of a Commodity
- D. Special Commodities
From the diagram shown, the optional point of production is_____________?
- A. R
- B. T
- C. S
- D. U
Given that Y = C + I, where C = 50 + 0.75Y and I = N45m, what is the equilibrium level of income?
- A. N20m
- B. N380m
- C. N200m
- D. N180m
In the history of economics the concept of division of labour is usually associated With______________-
- A. Karl Marx
- B. Adam Smith
- C. David Ricardo
- D. J.M Keynes
The coefficient of the price elasticity of supply is always_____________
- A. Constant
- B. Zero
- C. Positive
- D. Negative
An upward movement along the same supply curve result in_____________
- A. a decrease in price
- B. an increase
- C. an increase in quantity supplied
- D. a decrease In quantity supplied
The effects on the demand for product A caused by a change in the price of product B is Called____________
- A. Joint demand
- B. cross-elasticity of demand
- C. elasticity of supply
- D. competitive demand
Concentrating industries in one place is advantageous because there are gains in terms of_____________
- A. cost economies
- B. economies of scale
- C. internal economies
- D. external economies
By utility we mean____________
- A. beneficial
- B. power of satisfying a want
- C. advantageous
- D. consumable