From the graph above the consumer will attain equilibrium at point_______________
- A. J
- B. K
- C. M
- D. L
The money paid per hour for work done is_________
- A. cost
- B. salary
- C. bonus
- D. wage rate
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
- A. a decrease in profit by 43%
- B. an increase in profit by 43%
- C. a net loss
- D. a net gain
If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________
- A. 0.50
- B. 0.40
- C. 1.25
- D. 0.80
A limited liability company is owned by________________
- A. a bank
- B. an individual
- C. two or more partners
- D. share holders
Which of the following is not a direct tax?
- A. capital gains tax
- B. purchase tax
- C. personal income tax
- D. capital tax
When elasticity is zero, the demand curve is_____________
- A. circular
- B. downward sloping
- C. perfectly inelastic
- D. concave
The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________
- A. an Improvement in capital goods technology but not In consumer goods technology
- B. a movement from unemployment to full employment
- C. that the output for the society has declined
- D. a gain in consumer goods technique and not in capital goods technique
| No of Men | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | |
| Total Product(unit) | 200 | 440 | 540 | 600 | 640 | 660 | 660 | 640 |
If the price per unit is N2, what is the average revenue when 6 men are employed?
- A. N110
- B. N120
- C. N220
- D. N330
The mean is the best measure of central tendency because it__________
- A. can be calculated from incomplete data
- B. is a balancing point in an observation
- C. is a midpoint value in an array of data
- D. is not affected by extreme values in a data
The privatization exercise in Nigeria is a move towards a____________
- A. command economy
- B. mixed economy
- C. subsistence economy
- D. market economy
The need to construct a scale of preference is necessitated by____________
- A. scarcity and the need for choice
- B. The needs to satisfy wants
- C. Non - availability of factors of production
- D. Scarcity of resources
In a developing economy, productivity is measured by the____________
- A. output - labour ratio
- B. capital - output ratio
- C. output growth rate
- D. Output per capital
In an open economy, the GNP is measured as_____________?
- A. C + 1 + G(X-M)
- B. C + 1 + G
- C. C + 1 + G + X
- D. C + 1 + G + M
The basic economic problems of society include___________
- A. scarcity, for whom to produce and where
- B. what to produce, how and for whom
- C. scarcity, when to produce and how
- D. how to produce and sell
If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then____________
- A. only the quantity will increase
- B. The prices will remain constant
- C. the equilibrium price and quantity will increase
- D. only the price will increase
The minimum number of share holders for joint stock companies is_______________
- A. 4
- B. 2
- C. 7
- D. 3
The factor of production that has the highest degree of mobility is__________?
- A. entrepreneurship
- B. land
- C. labour
- D. capital
When a variable is associated with time period, it is_____________
- A. circular
- B. a flow
- C. static
- D. a stock
A major determinant of the demand for a luxury good is____________?
- A. the price of other goods
- B. the price of the good
- C. tastes and fashion
- D. the income of consumers
The savings deposit in a commercial bank is called____________?
- A. near money
- B. call money
- C. capital
- D. fund