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Question 1 of 50
The study of economics is mainly concerned with how to
Question 2 of 50
Warehousing is an economic activity that falls under
Question 3 of 50
Which of the following items is not classified as working capital?
Question 4 of 50
An economic system is mainly concerned with
Question 5 of 50
The marks obtained by 9 students in a class test are recorded below:
9, 8, 7, 5, 7, 6, 8, 9 and 7.
What is the median mark?
Question 6 of 50
The demand for a factor input as a result of the demand for its output is known as
Question 7 of 50
If the demand for a commodity remains constant as price increase, the commodity is said to be
Question 8 of 50
When more of the tax on a product is borne by the buyer than the seller, the commodity involved has
Question 9 of 50
A fall in the price of a normal commodity which has elastic demand will result in
Question 10 of 50
The supply of light could be met using a candle, lantern and gas lamp. This is an
Question 11 of 50
Petrol and kerosene are jointly obtained from crude oil. If the supply of petrol increases, the
Question 12 of 50
If the government stops subsidy on cocoa production, the supply curve of cocoa will
Question 13 of 50
When the marginal utility from the consumption of commodity X (Mux ) isx ), a rational consumer should
Question 14 of 50
When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will
Question 15 of 50
The fixing of maximum prices by government is mainly on
Question 16 of 50
At what point on the total product curve shown below will marginal product be negative?
Question 17 of 50
A small scale firm located within an industrial estate will enjoy
Question 18 of 50
The total fixed cost curve is
Question 19 of 50
If a firm retrenches some of its factory workers, its
Question 20 of 50
A monopolist may enjoy abnormal profit only if its
Question 21 of 50
The average revenue curve of a firm in a perfect market is the same as the
Question 22 of 50
Resources are pooled for the mutual benefit of its members mainly in a
Question 23 of 50
A joint stock company enjoys perpetual existence because
Question 24 of 50
Consumers have access to a variety of goods through the activities of the
Question 25 of 50
The rate of growth of population is
Question 26 of 50
The Malthusian theory of population is best illustrated when
Question 27 of 50
The dependency ratio of a country is the
Question 28 of 50
When job vacancies are publicized, the government is mainly trying to solve the problem of
Question 29 of 50
Many workers are employed in the agricultural sector of developing countries because
Question 30 of 50
Industries are sometimes located in areas which are not profitable so as to
Question 31 of 50
One factor that may not promote industrial development is
Question 32 of 50
National income is calculated mainly to
Question 33 of 50
To overcome the problem of double counting under the expenditure approach.
Question 34 of 50
The Net National Product (NNP ) of a country is $50 m while the depreciation allowance is $10m. The Gross national product (GNP ) is
Question 35 of 50
The price level and the value of money are
Question 36 of 50
Money is able to function more as a medium of exchange when
Question 37 of 50
An indication that there is inflation in a country is that
Question 38 of 50
The most liquid asset among the following is
Question 39 of 50
Commercial banks help in economic development mainly by
Question 40 of 50
Taxes levied on goods and services by governments are called
Question 41 of 50
The curve labelled W shows the
Question 42 of 50
An example of government’s recurrent expenditure is
Question 43 of 50
A country is described as developing if
Question 44 of 50
Tariff’s, quotas and embargoes are examples of
Question 45 of 50
Trade protection will assist economic growth in developing countries if it can
Question 46 of 50
A government may cause a favourable change in her invisible trade account by
Question 47 of 50
Country M enjoys absolute advantage over country N in the production of commodities X and Y, if country M
Question 48 of 50
Which of the following is not a problem facing the Economic Community of West African States (ECOWAS)?
Question 49 of 50
Assisting members to solve temporary balance of payments problems is the reason for the establishment of the
Question 50 of 50
Which of the following is a non-renewable natural resource?
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