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Question 1 Report
One of the characteristics of an imperfect market is?
Question 2 Report
The most threatening problem for the less developed countries is?
Question 3 Report
The law of Diminishing Returns begins to operate when?
Question 4 Report
If in this demand-supply diagram, the quantity supplied is OQ, then
Question 5 Report
When a nation is experiencing balance of payment surplus, it is in a better position to?
Question 6 Report
Deficit financing is mostly facilitated by the existence of?
Question 8 Report
If technology becomes less capital-intensive, it means?
Question 9 Report
The average product of labour in a given period is obtained by dividing the?
Question 10 Report
Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?
Question 11 Report
Restriction on credit creation by commercial banks can be effected through?
Question 12 Report
A commodity is said to have a derived demand when the commodity
Question 13 Report
Localization of industries refers to the?
Question 14 Report
The Malthusian theory of population predicts that growth in food production will?
Question 15 Report
The most important limitation on the partner as a form of business enterprise is the?
Question 16 Report
Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called?
Question 17 Report
Which of the following is a good example of invisible item on balance of payments account?
Question 18 Report
One factor which influences the slope of a non-linear demand curve for a commodity is the?
Question 19 Report
Which of the following occurs in the circular flow of economic activities with no leakages
Question 20 Report
Which of the following items is subtracted when computing Gross National Product at factor cost, by the expenditure method?
Question 21 Report
A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by
Question 22 Report
Economic is often described as a science because?
Question 23 Report
Collectivism refers to the system of management of state enterprises in a?
Question 25 Report
Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is
Question 26 Report
Which of the following is a direct tax?
Question 27 Report
An increase in an economy's productive capacity implies?
Question 28 Report
When a variable is associated with time period, it is?
Question 29 Report
Scarcity in economics means that?
Question 31 Report
Total revenue is always equal to?
Question 32 Report
If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?
Question 33 Report
The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as
Question 34 Report
If goods were free, a rational consumer would consume?
Question 35 Report
Which of the following BEST describes the production function?
Question 36 Report
Which of the following factors enhances the ability of commercial banks to create money?
Answer Details
Reserve ratio is one of instrument that central bank use to control the activities of commercial banks across the nation. So, a reduction in this reserve ratio will make commercial banks to lend more to the public which in turn yield more interest for them.
Question 37 Report
The additional revenue obtained by using one more unit of a factor is called?
Question 38 Report
Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?
Question 40 Report
In estimating the national income of a country, the three approaches usually adopted are the?
Question 41 Report
The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?
Question 42 Report
In any economy, what is used as money is determined by?
Question 43 Report
The output at which total revenue equals total cost is known as?
Question 44 Report
Which of the following would most likely be considered an example of benefit taxation?
Question 45 Report
In a public company, enterpreneurial functions are performed by the?
Question 46 Report
If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?
Question 47 Report
Development outside a given firm which reduce the firm costs are called?
Question 48 Report
The rate at which money changes hands is known as the?
Question 49 Report
Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?
Question 50 Report
The assumption of profit maximization implies profit?
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