43
one of the disadvantages of the division of labour is that it
- A. saves time
- B. makes work monotonous
- C. encourages full utilization of capital
- D. makes workers skilled at their work
- E. allows greater use of machinery
44
a shift in supply curve to the right will result in a
- A. fall in both the price and supply
- B. fall in price but an increase in supply
- C. rise in both price and supply
- D. rise in price and fall in supply
- E. no change in price and supply
45
when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product’s
- A. demand is elastic
- B. demand is inelastic
- C. demand is perfectly inelastic
- D. supply is not elastic
- E. demand has decline
46
The formula for calculating price elasticity of demand coefficient is
- A. Percentage change in price/percentage change in quantity demanded
- B. Absolute decline in price/absolute increase in quantity demanded
- C. Percentage change in quantity demanded/percentage change in price
- D. Absolute decline in quantity demanded/absolute increase in price
- E. Change in quantity demanded/decrease in price
47
Goods are said to be in competitive demand when they
- A. Are substitutes
- B. Are complementary to each other
- C. Are jointly demanded
- D. Have equal coefficient of elasticity
- E. Are identical
48
In Economics production is complete when
- A. Goods are manufactured in the factories
- B. are sold to the final consumer
- C. goods and services are distributed by the government
- D. producers fixed the price of goods produced
- E. goods and services gets to the retailer
49
which of the following has a derived demand?
- A. labour
- B. butter
- C. television set
- D. breads
- E. motor cars
50
Scarcity in Economics means that
- A. the economy can scarecely produce anything
- B. human wants are limitless
- C. the economy has very few resources
- D. human wants are limited, relative to resources
- E. resources are limited relative to wants
51
Economics is often described as a science because it
- A. adopts the use of laboratory experiments
- B. involves accurate predictions of human beings
- C. makes use of controlled experiment
- D. use scientific methods to explain observed phenomena
- E. deals with observation and field work