What is meant by utility?
- A. amount of money derived by a manufacture
- B. A number of things a consumer will enjoy at a time
- C. amount of satisfaction derive from the consumption of a commodity at a particular time
- D. amount of satisfaction giving to a producer
- E. total profit producers will get at a particular time
Minimum price control is aimed at
- A. increasing the size of the market
- B. minimizing the profit level
- C. punishing the consumers
- D. protecting the consumer
- E. reducing the size of the market
Central bank of Nigerian started operation
- A. 1958
- B. 1959
- C. 1960
- D. 1963
- E. 1973
Which of the following is NOT a factor determining supply?
- A. cost of production
- B. climatic condition or weather
- C. income of the producers
- D. number of producers
- E. technological development
The central point of the Malthusian theory is that
- A. everybody should become a farmer
- B. government should provide enough accommodation and food
- C. increasing population will get enough food
- D. population increase in geometric progression while food arithmetic progression
- E. wages has nothing to do with cost of living
In the demographic transition theory, stage II represents a stage where
- A. declining birth rates with low death rates lead to little or no population growth
- B. high birth rate with low death rates lead to no population growth
- C. there is population growth due to high birth rates and low death rates at that stages
- D. there is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate
- E. there is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates
Economic growth is the
- A. growth in a nation’s life expectancy
- B. increase in a nation’s population
- C. rate of increase in aggregate demand in a country
- D. rate of increase in a country’s full employment and real output
- E. rate of increase
Which of these is NOT a basic economic problem of society?
- A. efficiency of resource use
- B. for whom to produces
- C. how to produce
- D. scale of production
- E. what to produce
Total revenue can be obtained by multiplying
- A. price by quantity sold
- B. averages revenue by the demand
- C. marginal revenue by marginal cost
- D. average revenue plus marginal revenue
- E. average cost by variable cost
For a monopolist, the demand curve is
- A. inelastic
- B. perfectly elastic
- C. perfectly inelastic
- D. elastic
- E. unitary elastic
Of what importance is a wholesaler in the chain of distribution?
- A. creation of artificial scarcity
- B. bulk breaking
- C. formation of trade unionism
- D. hoarding of goods
- E. making prompt payment to producers
In a free market economy, wages are determined by
- A. the employees
- B. the employers
- C. trade unions
- D. interaction of demand and supply forces
- E. the government
Which of the following is NOT a reason for the absence of an industry in the rural areas?
- A. Absence of financial institution
- B. restricted market
- C. inadequate power and water supply
- D. inadequate transportation
- E. presence of external economies
The law of variable proportion state that if the quantities of variable factor of production are used with fixed factor, after a certain point,
- A. each successive unit of the variable factor brings about a decreasing marginal product
- B. each successive unit of the variable factor bring about equal increase in marginal product
- C. each successive unit of the variable factor bring about an increasing marginal product
- D. each successive unit of the variable factor bring about four time increase in marginal product
- E. each successive unit of the variable factor bring about more than equal increase in marginal product
An economic system where both the public and individuals own and control means of production is known as ……… system
- A. capitalism
- B. communist
- C. mixed
- D. socialist
- E. welfarist
The first commercial oil well in Nigeria was discovered in
- A. 1938
- B. 1951
- C. 1956
- D. 1958
- E. 1961
The demand for a commodity for the sake of what it will yield is
- A. competitive demand
- B. composite demand
- C. effective demand
- D. joint demand
The most generally accepted definition of economics is
- A. an inquiry into the nature and causes of the wealth of nations
- B. the science of material welfare
- C. the science which studies human behavior as a relationship between ends and scarce means which have alternative use
- D. the science that treats phenomena from the stand point of price
- E. the practical science of production and distribution of wealth
A problem of price control is
- A. development of black-market
- B. increased earning and higher profit
- C. increase in employment
- D. increase investment
- E. redistribution of income
To finance a deficit balance of payment, a country may decide to
- A. borrow from abroad
- B. increase its foreign investment
- C. privatizes its economy
- D. reduce domestic consumption
- E. secure more factor of production
The per capita income is calculated as
- A. GNP- working age population
- B. GNP- real national income
- C. GNP- total capital expenditure
- D. GNP- dependency ratio
- E. GNP- population