1. As a firms expands, it enjoys some advantages called
2. Government can control inflation by
3. The gap between demand and supply curves below the equilibrium price Indicates
4. Development planning which takes an overall view of the economy is describes as
5. .Which of the following is not true about land?
6. In a capitalist system, the means of production are owned and controlled by
7. .Taxes levled on commodities are
8.
The percentage change in supply is
9. The reward for land as a factor of production is
10. .International trade is an application of the principle of
11. .Given the formula for the national income multiplier as k=1/1-MPC MPC = 0.75,and an increase in government expenditure from N 20 billion to N 35 billion. Calculate the charge in the level of national Income
12. The formula for calculating price index is
13. Which of the following Items is under the capital account of a balance of payments?
14. For both the monopolist and the perfectly competitive firm, profit maximizing output occurs as the point where the
15. Which of the following will be an effect of inflation?
16. .Which of the following best explains what to produce
17. One of the problems associated with the middleman in the distribution of goods Is that he
18. .When the general price level persistently falls, the rate of unemployment
19. .One disadvantage of direct taxes Is that
20. The value of money is best determined by
21. When a change in price does not affect the quantity demanded of a commodity,the price elasticity of demand is
22. .The type of production that involves the tapping and harnessing of natural resources is
23. The percentage change in price Is in
24. The market structure in which the operators are many and none of them can influence the price is
25. Which of the following cost curve is not u-shaped?The
26. .Open market operation (OMO) means the
27. .The number of people who are qualified to work and who offer themselves for employment are called
28. .The market consist of a network of dealers where currencies can be bought and sold is known as
29. .The act of selling goods in foreign markets of prices below those charged at home market is called
30. .One characteristic of labour is that it Is
31. A major effect of ageing population is
32. .The Economic community of West African states (ECOWAS) has been slow in achieving its objectives because of
33. .The reward which accrues to labour for participating in production is
34. .Which of the following is excluded when estimating national income?
35. .A policy by which government restrict the amount of foreign currencies bought and sold is known as
36. .Trade among West Africa countries is poor because the
37. One main benefit of partnership is
38. Mixed economy refers to a system in which the means of production are controlled by
39. .Labour can be efficient when there are
40. .The concept of opportunity cost is also referred to as
41. The elasticity of supply Is
42. The concept of opportunity cost Is Important to the firm because it
43. .Choice is necessitated by
44. .Division of labour is limited by
45. The distribution of goods is said to be completed when it reaches the
46. .The difference between Gross Domestic Product (GNP) and Gross National product (GNP} is
47. .The national income of a country can be estimated by the
48. Natural growth rate is
49. .Which of the following will ensure efficiency in the Industrial sector of your country?
50. An entrepreneur is likely to make more profits when
51. Joint ventures are partnerships involving
52. .Which of the following is an advantage of localization of industry?
53. The three broad categories of production are
54. The following are examples of economic goods except
55. Demand for inferior goods is an example of
56. Which of the following is an economic activity?
57. A carpenter’s consumer goods include I.a kilogram of rice of sacks II. 3pairsofshoes III.4pairsofsacks IV.3screw–drivers
58. An economic good is described as a good which
59. .A major achievement of the Organization of Petroleum Exporting countries (OPEC) is that
60. .An example of a producer good is a
Question 1 of 60
