The fundamental problem of economics is
- A. Finding striking determinants between the forces of supply and demand
- B. The scarcity of productive resources relative to society's unlimited wants
- C. The establishment of a political framework to determine the what, how and for whom of production
- D. To establish an equitable distribution of income
………….is presently used in Nigeria to measure inflation
- A. GNP implicit price deflator
- B. Consumer price index
- C. Wholesale price index
- D. Real Gross Domestic Product
A major factor contributing to productivity is
- A. Immigration of young workers
- B. The labour force
- C. The baby boom of generation
- D. The rate of GDP per year
The development of an economic hypothesis through intuition, insight, or logic is associated with
- A. Deduction
- B. Policy economics
- C. Normative economics
- D. Induction
One major problem facing West African countries is
- A. Relations with Colonial Masters
- B. Joint Military operations in Member States
- C. Political integration
- D. Financial crunch of Member States
If a business’ total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn
- A. A normal profit of N750,000
- B. An economic profit of N750,000
- C. A normal profit o N1,750,000
- D. An economic profit of N250,000
The theory of …………… was propounded by ………………
- A. Comparative advantage; Mercantilists
- B. Absolute advantage; Adam Smith
- C. Comparative advantage; Adam Smith
- D. Absolute advantage; David Ricardo
The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is
- A. Structural unemployment
- B. Cyclical unemployment
- C. Seasonal unemployment
- D. Frictional unemployment
An industry is
- A. A group of firms producing differentiated products
- B. A group of firms producing distinct commodities
- C. A group of firms producing related goods
- D. A group of firms producing unrelated goods
The part of income after tax that is not consumed is defined as
- A. Wages and salaries
- B. Saving
- C. Capital investment
- D. Nondurable goods expenditure
The “velocity” of money is
- A. The real money supply divided by the real GDP
- B. The money supply multiplied by the price level
- C. The money supply divided by the price level
- D. The ratio of real GDP to the real money supply
The short run can be defined as the period of time during which
- A. All inputs are fixed
- B. At least one of the firm's input is fixed
- C. At least two inputs are fixed
- D. All inputs are variable
The marginal propensity to consume is
- A. Options A, B and C
- B. ฮC/ฮY
- C. The slope of the consumption function
- D. Coefficient c in the equation C = C + cYd
Which of the following is an example of free good?
- A. Free education
- B. Water in the ocean
- C. Dinner you did not pay for
- D. Your rented apartment
The demand for a good is price inelastic if
- A. The price elasticity is less than one
- B. The price elasticity is one
- C. The price elasticity is negative
- D. The price elasticity is greater than one
A tariff is a tax imposed on
- A. Consumer goods
- B. Domestic goods
- C. Imported goods
- D. Exported goods