In a perfect market price and quantity to be bought are determined by the
- A. consumers and retailers
- B. producers and wholesalers
- C. forces of demand and supply
- D. interest of government and producers
Government imposes taxes mainly to
- A. punish the citizens
- B. provide social amenities
- C. donates to poorer countries
- D. execute white elephant projects
The establishment of industries in rural areas will help to reduce
- A. urban-rural migration
- B. urban-urban migration
- C. rural-urban migration
- D. rural-rural migration
income elasticity of demand is measurement of the responsiveness of
- A. price to change in income
- B. quantity demanded to change in income
- C. change in expenditure to change in income
- D. change in expenditure to change in price of the commodity
when all factor inputs are doubled , the production possibly curve will
- A. shift from left to right and return to its orignal position
- B. shift from left to right
- C. remain in its former position
- D. shift from right to left
The marginal revenue curve of a monopolist is
- A. upward sloping from the right to left
- B. downward sloping from left to right
- C. paralell to the quantity axis
- D. downward sloping from right to left
Profits can be calculated by
- A. subtracting total cost from total revenue
- B. subtracting average revenue from total cost
- C. dividing total revenue from total output
- D. dividing marginal revenue by marginal cost
A priority rating of aggregate individuals wants is called
- A. Scarcity
- B. choice
- C. A scale of preference
- D. opportunity cost
Per capita income in any West African country is measured by
- A. dividing the GNP by total population
- B. adding the total savings to the GNP
- C. multiplying the GNP by the total population
- D. subtracting the GNP fron the GDP
The benefits that result from concentrating similar firms in an area is referred to as
- A. external diseconomies of scales
- B. internal diseconomies of scales
- C. internal economies of scales
- D. external economies of scales
In long run, all factors inputs are
- A. variable
- B. diminishing
- C. constant
- D. fixed
The precautionary motive for holding money is to enable the holder to
- A. buy stocks when interest are high
- B. overcome unforseesn contigencies
- C. buy goods and services on daily basis
- D. buy fixed assets
In determining cost economics considers
- A. implicit cost only
- B. explicit cost only
- C. implicit and explicit costs
- D. explicit cost less implicit
Productivity , per worker, is best measured by
- A. total output less number of workers
- B. total output multiplied by number of workers
- C. number of workers less total output
- D. total output didvided by number of workers
The graph of the function X = a + bY is
- A. linear
- B. quadratic
- C. cubical
- D. exponential
The system whereby goods are exchanged for goods is known as
- A. stock exchange
- B. barter system
- C. banking
- D. co-operative system
which of the following best describes capital as a factor of production?
- A. a natural resources found everywhere
- B. a stock of physical assets used for production
- C. the organization of human and material resources for production
- D. resources used in training labour
every society strive to pursue all the following economic objectives except
- A. increase production
- B. price stability
- C. an inequitable distribution of income
- D. sustainable growth and income
The price elasticity of coefficient indicates
- A. how far business can reduce cost
- B. the degree of competition
- C. the extent to which curve shifts
- D. consumer responsiveness to price changes
- E. none of the above
The money payment made to owners of land and labour are
- A. rent and wages
- B. interst and profits
- C. wages and interest
- D. didvidends and salary
- E. tax