43
Other things being equal, an increase in supply will lead to
- A. a fall in price and an increase in quantity bought and sold
- B. an increase in price and increase in quantity bought and sold
- C. a fall in price and a fall in quantity bought and sold
- D. an increase in quantity supplied and demanded only
44
Which of the following agencies help to stabilize farmers’ income?
- A. Local government authorities
- B. Trade unions
- C. Marketing boards
- D. Co-operative organizations
45
A declining population is one in which the population is
- A. experiencing a high rate of emigration
- B. made up of large number of old people
- C. not producing enough goods
- D. not contributing enough to the national income
46
The components of a three-sector economy are
- A. banks, schools and hospitals
- B. workers, producers and marketers
- C. households, firms and the government
- D. producers, retailers and wholesalers
47
Livestock production in West Africa is hindered mainly by
- A. inadequate demand
- B. use of traditional implements
- C. land tenure system
- D. pests and diseases
48
Disposable income is the income earned
- A. by the nationals of a country resident within the country
- B. from prouctive activities of nationals of a country both at home and abroad
- C. when personal income tax is deducted from personal income
- D. when the gross income of an individual is added to person income tax
49
To control inflation, the central bank of a country may adopt
- A. an expansionary monetary policy
- B. a restrictive monetary policy
- C. an increased wage policy
- D. a deficit financing policy
50
A normal supply curve has a positive slope which indicates that
- A. sellers are willing to sell more at a lower price
- B. sellers are indifferent to prices
- C. sellers are willing to sell more at a higher price
- D. there is always a fixed supply
51
Households make economic decisions because they want to
- A. make more profit
- B. increase their salaries and wages
- C. increase their purchases
- D. maximize their satisfaction
52
Which of following is not a feature of socialism?
- A. Collective ownership of productive resources
- B. Freedom of enterprise
- C. production is not based on the profit motive
- D. Maximization of public welfare
53
In a centrally planned economy, what to produce is
- A. determined by the forces of demand and spply
- B. driven by profit motive
- C. determined by consumers
- D. the responsibility of state's bureaucrats
54
A basic economic problem of any society is
- A. high level of illiteracy
- B. irregular power supply
- C. population growth
- D. resource allocation
55
Human want are unlimited because
- A. production is inadequate
- B. resources have alternative uses
- C. new wants always rise
- D. resources are limited