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