The rate of output per worker (or group of workers) per unit time is called
- A. labour productivity
- B. total output
- C. individual output
- D. workdone
Economists refer to private goods as
- A. rivalrous and non-excludable
- B. rivalrous and excludable
- C. non rival and non- excludable
- D. non rival and excludable
40 men were employed in a farm, and they produced an average of 30 tonnes of cassava per person. Calculate the total product.
- A. 1,300 tonnes
- B. 1,100 tonnes
- C. 1,200 tonnes
- D. 1,400 tonnes
The diagram above represent
- A. Supply curve
- B. Production possibility curve
- C. indifference curve
- D. Demand curve
Suppose the public expenditure as a percentage of GDP of four countries is shown in the table below
| A | 40% |
| B | 50% |
| C | 33% |
| D | 36% |
Which type of economy exists in these countries?
- A. Traditional
- B. Planned
- C. Pure market
- D. Mixed
Which of the following Age group belongs to active Labour force?
- A. 15 - 25yrs
- B. 0 - 17yrs
- C. 65yrs and above
- D. 18 - 64yrs
From the graph below, Point “E” shows————–
- A. product inefficiency
- B. product efficiency
- C. productive efficiency
- D. allocative efficiency
A persistence rise in the prices of inputs will lead to
- A. cost push inflation
- B. demand pull inflation
- C. hyperinflation
- D. stagflation
When a generalization is made based on observed facts, it is
- A. inductive reasoning
- B. normative reasoning
- C. theoretical reasoning
- D. deductive reasoning
The economies of West African Countries depend majorly on
- A. primary product
- B. secondary product
- C. tertiary product
- D. manufacturing product
Which of the following would not be a reason for a government to impose a quota on imports?
- A. To support strategic industry
- B. To prevent dumping
- C. To decrease tax revenue
- D. Employment oppourtunity
Macroeconomics focuses on the following units in an aggregative manner
- A. household, firms, government, corporate sector and external sector
- B. individual consumers, individual firms, government and external sector
- C. government, household firms, individual consumers and external sector
- D. individual consumers, household firms and manufacturing sector
If demand function for a product is Qd = 30 – 4P, and the price and quantity of products is 4 and 14 respectively. What is the price elasticity of demand for the product?
- A. 1.14
- B. 7.1
- C. 14.1
- D. 1.7
An increase in nominal income without increase in price will result to
- A. increased real income
- B. increased GDP
- C. decreased real income
- D. decreased GNP
Identify one of the following which can NOT be used to close deflationary gap
- A. Increased interest rate
- B. Increased money supply
- C. Increase government expenditure
- D. Reduction in taxes
The decision to consume more of one product under normal circumstances will apply
- A. less of another product will be consumed
- B. more of another product will be consumed
- C. less of the product will be consumed
- D. no other products will be consumed
Indicator of underdevelopment is
- A. high life expectancy
- B. low birth rate
- C. low population growth rate
- D. low per capita income
Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?
- A. Unemployment will fall
- B. Unemployment will remain constant
- C. Unemployment will increase
- D. Unemployment will fluctuate
Part-time workers who desire full-time employment are:
- A. Underemployed and contribute to the unemployment statistic
- B. Underemployed but do not contribute to the unemployment statistic
- C. Not part of the labour force and do not contribute to the unemployment statistic
- D. Cyclical unemployment
An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________
- A. Increase; decrease
- B. Decrease; decrease
- C. Increase; increase
- D. Decrease; increase
The type of price elasticity of demand for a commodity whose quantity demanded remain unchanged despite changes in the price is
- A. Perfectly elastic
- B. Infinitely elastic
- C. Inelastic
- D. Perfectly inelastic