Output restriction, fixing of prices, creating obstacles to free entry into the market are features of?
- A. pure monopoly
- B. perfect monopoly
- C. perfect competition
- D. monopsonist competition
In the long run, a firm in a perfectly competitive market will make?
- A. normal profit
- B. adnormal profit
- C. marginal profit
- D. no profit
The basic idea behind brand differentiation under an imperfect market arrangement is to?
- A. stimulate demand for rival products
- B. create demand for the particular product
- C. enable the product penetrate the market
- D. enable the product to complete with others
Elasticity demand is an effective tool in the hands of a producer in that it enables him?
- A. raise his profit and lower his costs
- B. discourage buyers from cheating
- C. determine what he will produce
- D. set his price to maximize his profit
A demand which is positively related to price is true of?
- A. normal goods
- B. giffen goods
- C. ostentatious goods
- D. capital goods
An increase in the supply of labour in a factory while other things remain equal will lead to?
- A. an increase in the wage rate and an increase in the number of people employed
- B. a decreased in the wage rate and a decrease in employment
- C. an increase in the wage rate and an decrease in the employment
- D. a decrease in the wage rate and an increase in employment
A firm determines its profit when it studies its?
- A. Marginal Cost
- B. Average Cost
- C. Total Cost
- D. Average Cost relative to price in the market
The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?
- A. always reflects the cost of labour
- B. reflects the variable, but not the fixed cost of production
- C. does not rise above variable costs
- D. is determined by the cost of production and the current rate of inflation
A company’s expenditure on raw materials is regarded as?
- A. explicit cost
- B. implicit cost
- C. prime cost
- D. average cost
In the long run, all production factors are?
- A. fixed
- B. semi fixed
- C. variable
- D. semi-variable
When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are?
- A. zero and decreasing
- B. decreasing and zero
- C. negative and decreasing
- D. both at their maximum
Unemployment can be reduced by?
- A. restricting the productive base of the economy
- B. adopting capital-intensive techniques of production
- C. adopting labour-intensive techniques of production
- D. adopting a mixture of labour and capital-intensive techniques of production
If the actual population in a country is less than the optimum population, then?
- A. it is desirable to have a large population
- B. it is necessary to have an improved technology to sustain the population
- C. it is desirable to have a smaller population
- D. the available resources are inadequate to substain the population
The population of country X in 1990 was 35 million.
The births were 450,000 while it recorded 210,000 death. If in the year, its immigrants were 20,000 and 10,000 of its citizen left the country, calculate the total population of the country at the end of 1990.
- A. 24,250,000
- B. 25,350,000
- C. 34,750,000
- D. 35,250,000
Every economy requires an accurate census because it assist in?
- A. solving inflation problem
- B. providing a sound framework for policy formulation
- C. stimulating economic activities in the national economy
- D. solving unemployment problem
In a mixed economy, decisions to produce are taken by?
- A. men and women acting in their own best interest
- B. the government acting in the interest of the country
- C. the market women, the labour unions and the employers association
- D. private individuals, organization and the government
The necessity of choice is due to the fact that?
- A. human wants are insatiable
- B. consumers like to maximize satisfaction
- C. resources are abundant
- D. consumers are selective
The circular flow of income defines the?
- A. relationship between ends and means in the economic system
- B. allocation of income to various members of the household
- C. flow of goods, services amd money among the various micro-sectors of the economy
- D. micro-economic relationships in economic analysis
Opportunity cost is an economic concept which describes the?
- A. monetary equivalent of the utility of a commodity
- B. amount of time or money invested on a commodity
- C. sacrifice made for the satisfaction of a want
- D. cost of retaining an optimum level of production of commodities
The basic economic problems of the society include?
- A. what to produce, how and for whom
- B. how to produce and sell
- C. scarcity, when to produce and how
- D. scarcity, for whom to produce and where
The international Bank for Reconstruction and Development is important to developing countries because it?
- A. gives loans to member countries for legal proceedings
- B. offers grants and aid for defence
- C. offers loans to member countries for socio-economics activities
- D. offers grants and aid to finance luxury projects