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Question 1 Report
Average total cost can be expressed as
Question 2 Report
The following are the differences between domestic and international trade EXCEPT
Question 3 Report
A production possibility curve shows the
Question 7 Report
One of the roles of industrialization in economic development of Nigeria is
Question 8 Report
The correct relationship between income (Y), consumption (C) and savings (S) is
Question 10 Report
The International Monetary Fund (IMF) was set up mainly to
Question 11 Report
A firm is said to be a public joint-stock company when it
Question 13 Report
The amount of satisfaction per unit of the commodity consumed is called
Question 14 Report
The additional satisfaction derived from the consumption of one more unit of a good is called
Question 15 Report
The value of money is affected by
Question 16 Report
One of the positive contributions of the petroleum industry to Nigeria’s economic development is that it
Question 17 Report
Through membership of the Economic Community of West African States (ECOWAS) countries have achieved
Question 18 Report
When the demand for foreign exchange exceeds its supply, the value of the domestic currency
Question 20 Report
The concept of choice in Economics refers to
Question 21 Report
Taxes levied on locally manufactured goods are called
Question 22 Report
These are the objectives of industrial strategies in Nigeria EXCEPT
Question 23 Report
Entrepreneur is associated more with
Question 24 Report
Which of the following hinder(s) effective distribution of goods in Nigeria?
Question 25 Report
Disguised unemployment is the same thing as
Question 26 Report
Price elasticity of supply measures the responsiveness of quantity supplied to
Question 27 Report
Which of these factors causes a change in the quantity demanded of a commodity?
Question 28 Report
The purchasing power of the Naira will fall when
Question 29 Report
In a given set of data, if the variance is 25, what is the standard deviation?
Question 30 Report
Data presented in tables are usually arranged in ………… and …………
Question 31 Report
The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can
Question 33 Report
Which of the following is a determinant of elasticity of supply?
Question 36 Report
The growth of a country’s population is affected by
Question 37 Report
Which of the following is a function of the central bank?
Question 38 Report
Oil was first discovered in commercial quantity in ……….. State.
Question 39 Report
The unit for measuring changes in prices and output is called ………………. index
Question 40 Report
The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the
Question 41 Report
Inflation is a …………….
Question 42 Report
When the value of a country’s export exceeds her imports, there will be a
Question 43 Report
The mean of the following scores
30, 32, 34, 36, 38, 40 and 42
What is the mean deviation?
Question 44 Report
Using Expenditure Approach to estimate National Income, Y is equal to
Question 45 Report
Which of the following is NOT an advantage of tabular presentation of data?
Question 46 Report
The process of building up country’s capacity to process raw materials for the production of goods is known as
Question 47 Report
Which of the following is a form of business enterprise?
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