If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?
- A. 0.5
- B. 0.8
- C. 1
- D. 1.5
- E. 1.8
Which of the following is NOT a feature of capitalism ?
- A. detailed economics planning
- B. Free enterprise
- C. competition
- D. private ownership of property
- E. Entrepreneurs and the pursuit of profit
Remuneration of labour based on number of hours worked is known as
- A. fees
- B. commission
- C. time-rates
- D. salary
- E. wages
When an economy is having a balance of payment surplus the best alternative opened to it is to
- A. borrow from abroad
- B. devalue its currency
- C. increase its foreign reserve
- D. promote imports into the country
- E. sell out its foreign assets
Which of the following is NOT a factor that brings about changes in demand?
- A. a change in real income
- B. government policy
- C. increase in population
- D. the price of the good or service
- E. taste and fashion
The willingness of an individual backed up with purchasing power at a given time is
- A. demand
- B. desire
- C. effective demand
- D. utility
- E. want
Which of the following factors will NOT account for an outward shift of production possibility curve?
- A. budgeting and planning based on expectations
- B. expansion in employment
- C. discovering and exploration of new resources
- D. introduction of improved production techniques
- E. skill improvement through education and training
If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?
- A. decrease in demand for commodity B
- B. decrease in price of commodity B
- C. demand for commodity B remain constant
- D. increase in demand for commodity B
- E. increase in the price of commodity B
The middle value of an array figure arranged in descending order is referred to as the
- A. equation
- B. mean
- C. Median
- D. mode
- E. Variance
What is the median term in the distribution below ;14, 13 29 ,15 ,13,17 ,12,
- A. 12
- B. 13
- C. 14
- D. 15
- E. 29
The comparison of the standard of living between Nigeria and Ghana is best down through the use of
- A. gross domestic product
- B. gross National incomes
- C. Net disposable income
- D. Net National income
- E. per capita income
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. African development bank
- C. economic bank for African
- D. recovery fund bank for Africa
- E. Africa currency board bank
The main disadvantages of deflationary policies is
- A. full employment in the country
- B. increasing cost of living
- C. improved standard of living
- D. unemployment in the country
- E. under employment in the country
In income determination theory, acceleration principles shows that
- A. income is the cause, while investment is the effect investment
- B. income and investment are both causes
- C. income and investment are both effects
- D. incomes is of on effect on investment
- E. investment is the causes, while income is the effects
A market situation with few sellers and many buyers is called
- A. monopoly
- B. duopoly
- C. oligopoly
- D. perfect competition
- E. monopsony
Which of these is NOT associated with the problem of internal trade?
- A. bargaining
- B. lack of specialization
- C. market trade unions
- D. natural barriers
- E. large number of middlemen
One of the fundamental economic problem of every society is
- A. allocation of scarce resource
- B. availability of market
- C. consumption pattern of inhabitant
- D. presence of middle man
- E. inadequate labour force
Transcationary motive implies, holding money
- A. for future investment
- B. for day to day expenses
- C. for unforeseen contingencies
- D. to settle previous debts
- E. to buy share in the stock exchange market
The Nigerian indigenization decree process involves
- A. 5 phases
- B. 6 phases
- C. 4 phases
- D. 3 phases
- E. 2 phases
The contribution of petroleum to the economy of nigerian is most prominent in the area of
- A. employment generation
- B. fuel provision
- C. infrastructural development
- D. revenue generation
- E. technical know-how
An economic system in which individual control the productive resources is known as
- A. capitalism
- B. communism
- C. freedomism
- D. socialism
- E. welfarism