Which of the following cannot be classified as a natural resource?
- A. Iron rod
- B. Wild life
- C. Solar energy
- D. Gold
One benefit a country can derive from the extraction of crude oil is increase in
- A. population
- B. employment
- C. money supply
- D. demand for imports
An electrical engineer who is teaching physics in a secondary school is said to be
- A. under-employed
- B. unemployed
- C. fully employed
- D. technologically unemployed
The International Bank for Reconstruction and Development(IBRD) performs the following functions except——-
- A. granting long-term loans
- B. assisting with technical expertise
- C. reducing tariff among members
- D. developing human resource
The line labelled M in the diagram above represent
- A. total cost
- B. fixed cost
- C. variable cost
- D. average cost
The curve labelled x is the
- A. total revenue curve
- B. total product curve
- C. marginal product curve
- D. marginal revenue curve
What type of price elasticity of demand is the diagram above representing?
- A. perfectly inelastic demand
- B. perfectly elastic demand
- C. fairly elastic demand
- D. composite demand
The pie chart above represents the total population of a school of 1,200. The shaded area of 60º shows the population of the underaged pupils.
What is the population of the matured students?
- A. 600
- B. 800
- C. 1000
- D. 1200
Which of the following forms of economic integration is a member nation free to impose duty against non-members
- A. Customs union
- B. free trade area
- C. Common market
- D. Economic community
Nation engage in external trade because of difference in
- A. comparative cost
- B. absolute cost
- C. fixed cost
- D. variable cost
Which of the following activities will not lead to economic growth?
- A. Massive importation of capital goods
- B. Intensive capital formation
- C. Use of modern technology
- D. Massive importation of consumer goods
The figure above shows change in demand for commodity x which is a normal good. Use it to answer the questions that follows
Which of the following caused the change in demand from D0 D0 to D2 D2?
- A. Fall in income of consumer
- B. Rise in the price of a substitute
- C. Rise in the price of a complement
- D. Fall in the supply of commodity x
In order to increase revenue, government should tax commodities for which demand is
- A. perfectly price inelastic
- B. price inelastic
- C. price elastic
- D. unitary elastic
What happens when the central bank increases the bank rate in an economy
- A. borrowing is discouraged
- B. customers increase their borrowing
- C. banks can increase their lending
- D. money supply increases
The stock exchange is an example of the
- A. labour market
- B. money market
- C. commodity market
- D. capital market
If a housewife has meat and wants tomatoes, she must find someone who has tomatoes to give and wants meat. This concept is described as
- A. scale of preference
- B. opportunity cost
- C. complementary demand
- D. double coincidence of wants
Holding money to take care of contingencies is
- A. a speculative motive
- B. a transactions motive
- C. a precautionary motive
- D. an expansionary motive
Demand-pull inflation is likely to be caused by
- A. an increase in the cost of factor inputs
- B. increase in the income tax rate
- C. increase in bank lending rate
- D. increasingly large budget deficit
In a country with large population of full-time house wives, national income
- A. will be composed of goods produced by women
- B. figures will be grossly over-stated
- C. statistics will be difficult to calculate
- D. figures will be grossly under-estimated
A baker bought flour and other ingredients for S250.00, spent S52.00 on distribution, sold the bread for S320.00. The value added by the baker.
- A. $302.00
- B. $52.00
- C. $18.00
- D. $622.00
The largest component of national income in developing countries consist of
- A. profit
- B. profit and rent
- C. rent
- D. wages and salaries