one of the factors determining price elasticity of demand for a commodity is the
- A. availability of close substitutes
- B. number of producers
- C. government policy
- D. price of other commodities
If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be
- A. less than quantity demanded
- B. equal to the qauntity demanded
- C. greater than quantity demanded
- D. equal to zero
At the equilibrium price, quantity demanded is
- A. greater than quantity supplied
- B. equal to quantity supplied
- C. less than quantity supplied
- D. equal to excess supply
amount of goods offered to the market at respective prices and presented in a table is called
- A. price schedule
- B. supply schedule
- C. scale of preference
- D. demand schedule
The desire for goods without the ability to pay is called
- A. choice
- B. effective demand
- C. joint demand
- D. wants
Price control refers to
- A. the way of making more goods available in the market
- B. a policy of ensuring stable price in the market
- C. a general reduction in the price level
- D. effective working of the forces of demand and supply
To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its
- A. marginal utility
- B. total utility
- C. average utility
- D. variable utility
a factor that has slowed down the rate of industrial development in West Africa is
- A. inadequate technology
- B. increasing rate of manpower production
- C. increased demand for local goods
- D. intervention of the government in business activities
A group of firm producing similar commodities for the same market constitute
- A. a cartel
- B. an industry
- C. a co-operative
- D. wholesaler
Age distribution is important because it helps the government to
- A. check rural-urban drift
- B. determines the number of foreigners
- C. determines the number of factories
- D. undertake effective planning
which of the following determines the size of a country’s population ? (I) Birth rate (II) Death rate (III) Migration rate (IV) Importation rate (V) Unemployment rate
- A. (I), (II) and (V)
- B. (II) and (IV)
- C. (I),(II) and (III)
- D. (IU) and (V)
when a worker changes from one tye of job to another, it is called
- A. geographical mobility of labour
- B. occupational mobility of labour
- C. immobility of labour
- D. rural-urban migration
when all factors input are reduced by half, the production possibility curve will shift
- A. outwards
- B. inwards
- C. downwards
- D. upwards
The production factor, whose entire world supply is fixed is
- A. land
- B. skilled labour
- C. capital goods
- D. entrepreneur
The remuneration of the entrepreneur as a factor of production is called
- A. wages
- B. salary
- C. interest
- D. profit
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
- A. Olu's real cost is 150.00 Naira
- B. Olu's opprtunity cost is the T-shirt he bought
- C. Olu's opportunity cost is the textbook
- D. Olu's money cost is also the real cost
A list of consumer’s wants arranged in order of priorities is known as
- A. a budget
- B. an opprotuniy cost
- C. A scale of preference
- D. choice
Farming, mining and fishing are
- A. primary production
- B. secondary production
- C. tertiary production
- D. intermediate production
Economic activities are undertaken to solve the problem of
- A. Desire to spend more income on consumption
- B. opprotuinity cost
- C. production
- D. scarcity