Which of the following statements is not a feature of a monopoly?
- A. Seller is allowed to fix his own price
- B. Buyers and sellers are price takers
- C. New entrances are restricted
- D. There is only one seller of the commodity
Price fluctuation is a feature of
- A. common market
- B. imperfect market
- C. supermarkets
- D. market failure
If a commodity has a high marginal utility, its market price will be
- A. stable
- B. high
- C. zero
- D. constant
Physical productivity is affected by all the under listed factors except the
- A. state of technology
- B. quantity of inputs
- C. quality of inputs
- D. price of output
When the marginal product is negative,the total product will be
- A. constant
- B. at a maximum
- C. increasing
- D. decreasing
Exchange control is a weapon used in regulating
- A. barter trade
- B. stock exchange
- C. foreign trade
- D. internal trade
All rates of interest in a country are influenced by the
- A. bank rate
- B. population growth rate
- C. wage rate
- D. mortgage rate
In order to develop the banking habit of rural dwellers, the traditional money lenders should be
- A. proscribed
- B. legalized
- C. subsidized
- D. heavily taxed
Demand pull inflation can aptly be described as
- A. inflation induced by rising costs of production
- B. reduction in government expenditure
- C. persistent rise in prices due to increase in expenditure
- D. massive importation of goods from a country with hyper inflation
Which of the following is involved in the money market?
- A. Building society
- B. Development banks
- C. Commercial banks
- D. Stock exchange
A government that wants to get more revenue will increase the tax on commodities with a
- A. high price elasticity of demand
- B. low price elasticity of demand
- C. high income elasticity of demand
- D. low income elasticity of demand
The introduction of tariffs and quotas
- A. reduce th prices of imports
- B. increase the demand for locally made goods
- C. discourage domestic industries from becoming more efficient
- D. reduce the prices of locally made goods
Which of the following is the main outcome of a trade union’s interference with the wage rate? Wages are
- A. lowered but more employment opportunities are created
- B. lowered but employment level remains unchanged
- C. increased and employment levels are unchanged
- D. increased but employment levels are reduced
The demand for money is described as a
- A. competitive demand
- B. joint demand
- C. derived demand
- D. composite demand
Which of the following best explains what to produce?
- A. How much goods are to be produced
- B. The combination of resources to be used
- C. Which goods and services to be produced
- D. How many wants are to be satisfied
Post harvest losses in West African countries can be reduced if
- A. the land tenure system could be reformed
- B. more irrigation schemes could be provided
- C. better storage facilities could be provided
- D. erosion is controlled
Which of the following will enhance productivity in an economy?
- A. The use of obsolete capital
- B. Technological change
- C. Expansion of land under cultivation
- D. An increase in the labour force
In the long term run factors of production are considered to be
- A. at maximum
- B. fixed
- C. variable
- D. increasing
Goods are said to be in competitive demand when they are
- A. substitutes
- B. complementary
- C. jointly demanded
- D. identical
Goods which have to be paid for are known as
- A. physical goods
- B. economic goods
- C. free goods
- D. intangible goods
The type of monopoly that develops as a result of uneven distribution of resources is called
- A. legal monopoly
- B. natural monopoly
- C. state monopoly
- D. international monopoly