The demand and supply function of a commodity are given as follows:
Quantity demanded (Qd) = 20 – 2p
Quantity supplied (Qs) = 6P – 12 where P = price in naira
(a) Determine the equilibrium price and quantity bought and sold at that price.
(b) If the price of the commodity is fixed at N60.00, what is the magnitude of the excess supply?
How can the Nigerian National Petroleum Corporation achieve internal economies of scale?
What is inflation? What efforts have been made by the government to combat inflation in Nigeria?
Despite having about 75% of their labour force in agriculture, West African countries cannot meet their domestic food requirement Discuss.
Discuss the factors that should motivate a producer to supply more of a commodity.
(a) Distinguish briefly but clearly between opportunity cost and money cost.
The raw scores of 20 students of Utopia High School who took part in an examination in Economics are given below. The pass mark is 40%
38 28 70 43
39 20 64 66
12 46 52 53
20 34 48 69
18 20 64 34
(a) What is the mean score of the students’ marks?
(b) How many students passed the examination?
(c) What percentage of the students failed the examination?
(d) What is the range of the scores?
(e) How many students scored below the mean score?
The country that makes the largest contribution to the IMF is
- A. The USA
- B. Britain
- C. West Germany
- D. France
- E. Norway
The wholesale provides all the following services to the manufacturer except
- A. warehousing
- B. financing production
- C. marketing the product
- D. granting credit
- E. after-sales services
the headquarter of the Organization of Petroleum Exporting Countries (OPEC) is in
- A. Geneva, Switzerland
- B. Vienna, Austria
- C. Paris, France
- D. London , Britain
- E. New York, USA
Another name for the International Banks for Reconstruction and Development (IBRD) is
- A. International Monetary Funds
- B. International Development Bank
- C. World Bank
- D. International Bnak of Africa
- E. International Bank for West Africa
The amount of money to be created by commercial banks is actually influenced by the
- A. legal reserved ratio
- B. external reserve
- C. external borrowing
- D. availability of money and capital market
- E. bank deposits
The Nigerian economy can be best describe as a
- A. socialist economy
- B. capitalist economy
- C. mixed economy
- D. controlled economy
- E. domestic economy
Disguised unemployment
- A. is a statistical artifacts with no economic meaning
- B. can be eliminated if the capital output ratio is increased
- C. can be eliminated if the press is free
- D. calls for the implementation of five=year plans
- E. exist when manpower is not being utilized efficiently
Distribution involves the
- A. movement of raw materials to production centres
- B. transfer of goods and services from one market to another
- C. movement of goods and services by middlemen to urban centres
- D. transfer of goods and services from wholesalers to consumers
- E. transfer of goods and services from production centre to consumers
One major function of the Central Bank is to
- A. mint money
- B. hold demand deposit and honour cheques
- C. act as a medium of exchange
- D. create money
- E. control and regulate money supply
Which of the following is not done by the NNPC?
- A. production of crude oil
- B. Refining of crude oil
- C. Exploration for crude oil
- D. Exploitation of crude oil
- E. Pricing of crude oil
which of the following best describes the budget? A
- A. plan of government's needs and expenditure for a year
- B. detailed estimate of government financial operation for a year
- C. satisfactory balance between income and expenditure for one year
- D. plan for importation of essential goods and services for one year
- E. plan for control of government industries and corporations for one year