From the diagram below, the equilibrium wage rate is
- A. L3
- B. L2
- C. W2
- D. W1
If the marginal utility of commodity is equal to its price, then
- A. the market is not in equilibrium
- B. more of the commodity can be consumed
- C. total utility is also equal to its price
- D. the consumer is in equilibrium
The formular used by the Expenditure approach to calculate National income is
- A. Y=C+I+X-M-G
- B. Y=C+I+G+X-M
- C. Y=C+X-M-I+G
- D. Y=C-I+X-M+G
The willingness of an individual backed up with purchasing power at a given time is
- A. effective demand
- B. demand
- C. desire
- D. utility
If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are
- A. inferior goods
- B. substitutes
- C. complements
- D. bought together
A price floor is usually fixed
- A. above the equilibrium and causes surpluses
- B. below the equilibrium and causes surpluses
- C. above the equilibrium and causes shortage
- D. at the equilibrium and causes no shortage
Which of the following is NOT a factor that brings about changes in demand?
- A. the price of the good or service
- B. a change in real income
- C. government policy
- D. increase in population
A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to
as
- A. duopoly
- B. monopolist
- C. monopsonist
- D. oligopoly
If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, wha is the price elasticity of demand for the commodity?
- A. 1
- B. 0.8
- C. 0.5
- D. 1.5
An exceptional demand curve can result from
- A. increase in price of raw materials
- B. change in taste of consumer
- C. increase in the size of the population
- D. expectation of future price increase
The middle value of an array figure arranged in descending order is referred to as the
- A. Variance
- B. mean
- C. mode
- D. median
Which of these is NOT associated with the problem of internal trade?
- A. bargaining
- B. market trade unions
- C. lack of specialization
- D. natural barriers
The diagram belwo, shows the relationship between
- A. minimum wage and unemployment
- B. equilibrium wage rate and philip curve
- C. W4 and W3
- D. wage rate and unemployment
The bank established to finances project aimed at promoting economic and social development within the African continent is
- A. African bank for commerce and industry
- B. economic bank for African
- C. recovery fund bank for Africa
- D. African development bank
A downward sloping demand curve means that
- A. price must be lowered to sell more
- B. total revenue declines as price is lowered
- C. demand falls as output increases
- D. demand falls as output falls
Economics problems arise in all societies because
- A. the services of economists are not employed
- B. resource are not in adequate supply
- C. there is no proper planning
- D. resources are mismanaged by leaders
Wholesalers play an important in the distribution of goods and services because they
- A. are located very close to consumers
- B. pass information on from retailers to consumers
- C. sell in small units to consumers
- D. finance both producers and retailers
One of the function of united nation conference on trade and development (UNTAD) is to
- A. transfer technology from developed to less developed countries
- B. increase share of less developed countries in world trade
- C. increase impact of developed countries over less developed countries
- D. make goods available in developed countries
When an economy is having a balance of payment surplus the best alternative opened to it is to
- A. devalue its currency
- B. borrow from abroad
- C. promote imports into the country
- D. increase its foreign reserve
Which of the following is NOT a feature of capitalism?
- A. Free enterprise
- B. private ownership of property
- C. competition
- D. detailed economics planning
The contribution of petroleum to the economy of Nigerian is most prominent in the area of
- A. revenue generation
- B. infrastructural development
- C. fuel provision
- D. employment generation