A demand curve slopes downwards because of ?
- A. an increase inthe money income of the consumer
- B. a decrease inthe money income of the consumer
- C. the substitution effect and the rise in real income of the consumer
- D. the rise in demand for the complementary goods
- E. the increase in the demand for factors and production
For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is
- A. equal to marginal cost
- B. greater than marginal cost
- C. greater than average total cost
- D. equal to marginal revenue
- E. equal to toal revenue
The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?
- A. Excess supply
- B. Favouritism
- C. Bribery and corruption
- D. Bllack marketing
- E. Hoarding
For two substitution goods, the cross elastic of demand is?
- A. greater than one but less than two
- B. zero
- C. negative
- D. positive
- E. infinity
If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?
- A. percentage change in the quantity of X divded by the percentage change in the price of Y
- B. percentage change in the quantity of X divided by change in the price of Y
- C. change in the quantity of X divided by change in the price of Y
- D. percentage change in the quantity of X divided by the price Y
- E. percentage change in the price of X divided by percentage change in the quantity of Y
The population level that yields the maximum output when combined with available resources is known as
- A. dependent population
- B. maximum population
- C. active population
- D. productive population
- E. optimum population
Which of the following is NOT a determinant of the size economically active population?
- A. Age structure
- B. Occupation of workers
- C. Proportion of men to women
- D. Average length of the working day
- E. Efficiency of the labour force
An aging population refers to the preponderance of?
- A. middle-aged people in the population
- B. young people in the population
- C. women in the the population
- D. old men in the population
- E. old people in the population
Which Of the following is NOT an obstacle to economic development?
- A. Low level of investment
- B. lack of modern technology
- C. High rate of population growth
- D. Low productivity
- E. Dedicated leadership
The advantages that accrue to a firm as the size of the firm increases are known as
- A. external diseconomies
- B. internal returns to scale
- C. internal economies
- D. internal diseconomies
- E. constant returns to scale
In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?
- A. Length and cost of training
- B. Demand and supply
- C. attractiveness of the job
- D. Influence of the trade union
- E. Government intervention
The production within the domestic territory of a country is called the
- A. net national product
- B. gross domestic product
- C. net income
- D. disposable income
- E. gross national product
Division of labour is limited by?
- A. the size of market
- B. the productivity of capital
- C. cost of production
- D. the factors of production
- E. government policy
Demand for a commodity by a consumer is the quantity of that commodity that the consumer
- A. demands at a given price at a point in time
- B. demand at a given price
- C. actually digests
- D. produces, given its price
- E. can store away during bnad weather
The main economic objective behind the production of goods and services in any economy is to?
- A. maximize profits
- B. satisfy human wants
- C. become self reliant
- D. create job opportunities
- E. make people wealthy
Nigeria is currently implementing the?
- A. third development plan
- B. second development plan
- C. fourth development plan
- D. fifth development plan
Differentiated product is the characteristic feature of?
- A. perfect competition
- B. pure competition
- C. monopolistic competition
- D. monopoly
- E. oligopoly
Demand for a factor of production is?
- A. a composite demand
- B. a joint demand
- C. a derived demand
- D. an elastic demand
- E. cross-elasticity of demand
Full employment is a situation in which?
- A. every adult is employed
- B. all adults who can work are employed
- C. all person who attained the age of 15 and above are employed
- D. only the disabled are not employed
- E. all those who are able and eligible can find employment
When demand is elastic, it means that consumers
- A. react more proportionately to price change
- B. are not sensitive to price changed
- C. will stop buying when price increases
- D. react less proportionately to price change
- E. react equally to price change
NEPA as a public corporation is?
- A. a power generating industry in Nigeria
- B. organized in a perfect competitive market
- C. a duopoly
- D. a monopolistically competitive industry
- E. a monopoly