Which of the following is NOT one of the characteristics of developing countries?
- A. High unemployment
- B. Mono- product economy
- C. High capital formation
- D. Low saving
Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?
|
No. of oranges Consumed |
Total Utility | Average Utility |
Marginal Utility |
| 1 | 9 | 9 | – |
| 2 | 16 | 8 | x |
| 3 | 24 | 8 | 6 |
| 4 | 30 | 7.5 | 4 |
| 5 | 34 | 6.8 | y |
| 6 | 36 | 6 | 2 |
| 7 | 36 | 5.1 | 0 |
- A. 0.5
- B. 7
- C. 0
- D. 8
Economics is often described as a science because it
- A. employs the use of laboratory experiments
- B. use scientific methods to explain observed phenomena
- C. make use of controlled experiments
- D. engages accurate predication of human beings
Which of the following must be true to have a closed economy with no government, and yet the value of the investmet multiplier still increase?
- A. Marginal propensity to save has fallen
- B. Actual investment had fallen
- C. Average propensity to invest has fallen
- D. Actual saving has fallen
Overpopulation is caused by
- A. emigration
- B. disease
- C. low Literacy rates
- D. war and conflicts
The diagram above represent
- A. structural unemployment
- B. cyclical unemployment
- C. volunatary unempployment
- D. frictional unemployment
The number of people who are qualified to work and who offered themselves for employment are called
- A. mobility of labour
- B. working population
- C. migrant labour
- D. labour turnover
Which of the following will cause an increase in cost of production?
- A. Hyper-inflation
- B. Cost push inflation
- C. Structural inflation
- D. Demand pull inflation
Institutions serving as links between surplus and deficit units can be identified as
- A. tax officers
- B. pension offices
- C. financial intermediates
- D. acceptance houses
————- is NOT the cause of balance of payments (BOP) deficits in Nigeria
- A. Poor performance of non-oil sector
- B. Export promotion
- C. No import substitution strategies
- D. High servicing of debt
In a two by two model of international trade, it is assumed that
- A. both countries could gain from trade at the same time, but term of trade is inconsequential for the distribution of the gains
- B. both countries could gain from trade at the same time, but the volume of the gains depends on terms of trade
- C. neither country could ever gain from trade since term of trade is depends on the distribution of the gains from trade
- D. both countries could gain from trade at the same time, and the volume of the gains does not depend on terms of trade
Which one of the following measures the natural growth rate of population?
- A. Natural increase - Birth rate + Net migration
- B. Birth rate - Death rate
- C. Birth rate/Death rate
- D. Birth + Net migration = Death
Multiplier can be described as
- A. the ratio of change in an endogenous variable to the change spending
- B. the ratio of variables that multiplies autonomous spending plus tax
- C. the ratio of change in output to a change in autonomous spending
- D. the ratio of variables that multiplies autonomous spending
Which of the following shows why individual demand curve for a good usually slopes downward from left to right?
- A. More of commodities are offered for sale at a lower than higher prices
- B. Marginal utility falls as consumption increases
- C. The higher the price, the higher the quantity offered for sale
- D. Prices are usually falling when demand is low
Agriculture accounts for about 60% of the
- A. commodity market in West Africa
- B. arable land in West Africa
- C. active labour force in West Africa
- D. service sector activities in West Africa
When a kilogram of carrot is #8.00, 20 kilograms are demanded and when the price decreased to #6.000 per kilogram, 30 kilograms are demanded. The elasticity of demand equals to
- A. 11
- B. 12
- C. \(\frac{1}{2}\)
- D. 2
Calculate the equilibrium level of national income (Y) where Y = C + I + G; C = 100 + 0.75Y; I = 50; G = 200
- A. 2000
- B. 100
- C. 1500
- D. 1400
From the graph above, the consumer is at equilibrium at point
- A. k
- B. l
- C. m
- D. j
All of the following describes conditions necessary for existence of a perfect market EXCEPT
- A. lack of homogeneity of goods
- B. perfect knowledge
- C. large buyers and sellers
- D. portability of goods
If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?
- A. 2
- B. 4
- C. 5
- D. 3
The quantity of commodity a consumer is willing and able to buy at a particular time is called
- A. supply
- B. wish
- C. demand
- D. desire