The responsiveness of demand to a change in income is the measurement of
- A. foreign exchange rate
- B. cross elasticity of demand
- C. income elasticity of demand
- D. price index elasticity
If the quantity demanded of a particular commodity is represented by the function Qd = 30 – 2p, what is the quantity demanded at a price of twelve Naira?
- A. 6 units
- B. 8 units
- C. 10 units
- D. 12 units
Which of the following is a luxury item?
- A. Petrol
- B. Textbook
- C. Pencil
- D. Gold
The demand for a commodity not directly for immediate consumption but for the production of another commodity is
- A. competitive demand
- B. derived demand
- C. composite demand
- D. joint demand
Consumer buy more of a commodity at a lower price than at a higher price because
- A. productions like to produce more
- B. in a given situation people like to buy more
- C. consumers like to show off
- D. with the same amount of money they will be able to buy more
The cost incurred by using both fixed and variable factors in production is called
- A. marginal cost
- B. fixed cost
- C. total cost
- D. average cost
Performance of one task in a production process is known as
- A. specialization
- B. standardization
- C. division of labour
- D. segmentation
Population growth can be controlled by all the following except
- A. legalizing abortion
- B. incentives on immigration
- C. family planning
- D. limiting number of children per family
In a country with ageing population , the total population
- A. comprises young school leavers only
- B. comprises mainly women
- C. is increasing at a low rate
- D. has reached the optimum level
The dispersal of people in a country is called
- A. mobility of people
- B. geographical distribution
- C. occupational distribution
- D. state distribution
In which of the following economic system is the consumer referred to as the king?
- A. Capitalist economy
- B. socialist economy
- C. communist economy
- D. Mixed economy
The difference between the highest and lowest in a set of data is
- A. range
- B. median
- C. variance
- D. mode
Which of the following is the function of an entrepreneur?
- A. Avoidance of risks
- B. decision making
- C. employment control
- D. Organizing unions
Reward for entrepreneurship is
- A. rent
- B. wages
- C. interest
- D. profit
Quasi-rent refers to
- A. payment made on aquisition of a firm's premises
- B. payment made for the procurement of tools and equipments
- C. returns on investment
- D. payments made on any factors of production that is temporaly fixed in supply
The economic system in which resource are privately owned dis known as
- A. Capitalism
- B. Socialism
- C. communism
- D. unitarism
Economic problems arises because
- A. resource are scarce relative to wants
- B. man is insatiable
- C. money is scarce
- D. man engages in too many economic activities