If the demand for a commodity remains constant as price increases, the commodity is said to be
- A. perfectly price inelastic
- B. unit price elastic
- C. price elastic
- D. price inelastic
Which of the following items is not classified as working capital?
- A. Fuel
- B. Money to pay wages
- C. Semi-finished goods
- D. Equipment
When the marginal utility from the consumption of commodity X (Mux) is greater than the price commodity X (Px), a rational consumer should
- A. strive to remain in disequilibrium
- B. consume the same quantity of commodity X
- C. consume more of commodity X
- D. reduce consumption of commodity X
An economy system is mainly concerned with
- A. studying the relationship between ends and means
- B. the allocation of scarce resources between alternative ends
- C. handling situations of abudant resources
- D. the establishment of economic laws
Money is able to function more as a medium of exchange when
- A. there is a fall in production
- B. more prople engage in subsistence production
- C. individuals and nations are self-sufficient
- D. there is specialization of labour
Assisting members to solve temporary balance of payments problems is the reasons for the establishment of the
- A. International Monetary Fund
- B. Economic Commission for Africa
- C. World Bank
- D. African Development Bank
National income is calculated mainly to
- A. determine how income is to shared
- B. help firms generate more funds
- C. determine aid to to be received from other nations
- D. determine the level of sectoral performance
At what point on the total product curve shown above will marginal product be negative?
- A. Q
- B. S
- C. R
- D. P
To overcome the problem of double counting under the expenditure approach,
- A. spending on intermediate goods and inputs are considered
- B. valued added method is used
- C. proper accounting standards must be used
- D. only spending on final goods are considered
A government may cause a favourable change in her invisible trade account by
- A. developing tourism and other services
- B. imposing high tariff on exports
- C. encouraging people to go for medical treatment abroad
- D. increasing the export of her primary products
Industries are sometimes located in areas which are not profitable so as to
- A. encourage rural-urban migration
- B. be able to even-out development
- C. bring about external economies of scale
- D. be able to reap internal economies of scale
The supply of light could be met using a candle, lantern and gas lamp. This is an example of a
- A. complementary supply
- B. abnormal supply
- C. joint supply
- D. composite supply
A monopolist may enjoy abnormal profit only if its
- A. marginal cost exceeds marginal revenue
- B. demand curve is perfectly elastic
- C. expenditure on advertisement increases
- D. price exceeds average total cost
If the government stops subsidy on cocoa production, the supply curve of cocoa will
- A. become vertical
- B. remain unchanged
- C. shift to the left
- D. shift to the right
The demand for a factor input as a result of the demand for its output is known as
- A. market demand
- B. complementary demand
- C. competitive demand
- D. derived demand
Which of the following is a non-renewable natural resources?
- A. Rubber
- B. Oil palm
- C. Coal
- D. Cocoa
(a) What is economic integration?
(b) Outline any three short-comings of the Economic Community of West African States (ECOWAS)
(c) Highlight any three achievements of the Economic Community of West African State (ECOWAS)
(a) Distinguish between a:
→mortgage bank and a merchant bank
→commercial bank and a development bank
(b) Explain any four functions of commercial banks
(a) Explain the following types of taxes:
→specific tax
→value-added tax
(bi) With the aid of diagrams, describe the effects of an indirect tax on a commodity when demand is:
perfectly inelastic
(ii) With the aid of diagrams, describe the effects of an indirect tax on a commodity when demand is:
perfectly elastic
(a) What is a demand schedule?
(b)Explain each of the following terms:
→effective demand
→composite demand
→derived demand
(ci) Using appropriate diagrams, explain how a change in the price of a commodity would influence the demand of its:
substitute
(ii) Using appropriate diagrams, explain how a change in the price of a commodity would influence the demand of its:
complement
(a) Distinguish between labour force and efficiency of labour
(b) Describe five factors which determine the size of the labour force in a country