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Question 1 of 50
The study of economics is important to every society because it ______.
Question 2 of 50
A consumer with $10 needs a dress, a pair of shoes, a handbag and jewelry costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes is the _________.
Question 3 of 50
The distinguishing function of an entrepreneur is ___________.
Question 4 of 50
When a commodity market operates without government interference, commodities are distributed through __________.
Question 5 of 50
One way of obtaining the median of a given data is to _________.
Question 6 of 50
An increase in rice harvest, all things being equal, may cause _______.
Question 7 of 50
The demand for wood and labour is an example of _________.
Question 8 of 50
What will be the reaction of consumers in a market if there is a fall in the price of the substitute of commodity X ?
Question 9 of 50
An increase in market supply is caused by the following factors except __________.
Question 10 of 50
The coefficient of price elasticity of supply of land is usually _________.
Question 11 of 50
The price of soap rose from $10 to $20, causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply _________.
Question 12 of 50
A leftward shift in the supply curve for a commodity indicates _______.
Question 13 of 50
Market supply may increase if there is an increase in the _________.
Question 14 of 50
Governments can increase farmers’ incomes by __________.
Question 15 of 50
When market supply increases, the equilibrium price ________.
Question 16 of 50
The supply of mangoes is represented as P = 0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?
Question 17 of 50
The output of an extra unit of an input is referred to as __________.
Question 18 of 50
The law of diminishing returns is applicable to the _________.
Question 19 of 50
A firm incurred the following costs in production.
The fixed cost of production is ___________.
Question 20 of 50
A firm incurred the following costs in production.
Use the information in the table to answer the question below.
The average cost of producing 40 bags of rice is ________.
Question 21 of 50
The relationship between the marginal revenue (MR) and the average revenue (AR) of a monopolist is that the marginal revenue curve _________.
Question 22 of 50
A major source of finance to the Railway Corporation in West African countries is __________.
Question 23 of 50
Separation of ownership of resources and their control is mostly found in a ___________.
Question 24 of 50
By-passing the middlemen in the chain of distribution can lead to _________.
Question 25 of 50
Two factors which can improve the efficiency of labour are _______.
Question 26 of 50
The age distribution of a country’s population is shown below.
Use the information to answer the question below.
Age Group (Years) Population
0 – 15
30%
16 – 40
45%
41 – 60
15%
Over 60
10%
What is the percentage of the working population?
Question 27 of 50
The age distribution of a country’s population is shown below.
Use the information to answer the question below.
Age Group (Years) Population
0 – 15
30%
16 – 40
45%
41 – 60
15%
Over 60
10%
What is the dependency ratio?
Question 28 of 50
The supply of land for agricultural purposes can be increased through _________.
Question 29 of 50
Non-economic factors that influence the location of firms include _________.
Question 30 of 50
Which of the following is not an argument for the policy of privatization in West Africa?
Question 31 of 50
The following data relates to the national income of a country:
Gross domestic product
$2,800
Net factor income
$250
Depreciation
$700
Indirect taxes
$120
Use it to answer the question below.
What is the country’s Gross National Product (GNP)?
Question 32 of 50
The following data relates to the national income of a country:
Gross domestic product
$2,800
Net factor income
$250
Depreciation
$700
Indirect taxes
$120
Use it to answer the question below
What is the country’s Net National Product (NNP) at factor cost?
Question 33 of 50
The standard of living in two countries can be compared using the ___________.
Question 34 of 50
Government can curb inflation by __________.
Question 35 of 50
Functions of money do not include ________.
Question 36 of 50
Demand-pull inflation can be as a result of __________.
Question 37 of 50
An increase in cash ratio by the central bank will _________.
Question 38 of 50
When a government cuts down her expenditure to reduce inflation, she has embarked on __________.
Question 39 of 50
In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on _________.
Question 40 of 50
People who dispose of their assets are expected to pay _________.
Question 41 of 50
A floating exchange rate means that the exchange rate is fixed by the __________.
Question 42 of 50
A measure that can adopted to correct a country’s balance of payments deficit is to _________.
Question 43 of 50
Records of a country’s invisible trade are recorded in her _________.
Question 44 of 50
If a country’s import bill is high, she can encourage exports by _______.
Question 45 of 50
If a country imposes a barrier on trade, the resultant effect will be _________.
Question 46 of 50
A country may be able to earn more from exports if she ___________.
Question 47 of 50
A customs union is an economic grouping which has ___________.
Question 48 of 50
Balance of payments and trade problems that arose after the world wars were resolved by the ___________.
Question 49 of 50
Examples of land that are non-renewable include _________.
Question 50 of 50
Abundant natural resources do not contribute to economic growth in developing countries because of _________.
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