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Tambaya 1 Rahoto
The main concern of economists is to________
Economics seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Scarcity means resources are limited in relation to the ends. Economics therefore seek is concerned with allocating limited resources among the competing and unlimited wants.
Tambaya 3 Rahoto
In a capitalist economy, factors of production are owned and controlled by the _____?
Tambaya 4 Rahoto
The basic economic problems of society include___________
Tambaya 5 Rahoto
The need to construct a scale of preference is necessitated by____________
Tambaya 6 Rahoto
Tambaya 7 Rahoto
From the diagram shown, the optional point of production is_____________?
Bayanin Amsa
Tambaya 8 Rahoto
The different types of capital include: Fixed capital, which are assets not used up in the course of production. Circulatory or Working capitals are assets which are used up in the process of production Eg. Raw materials, fuel etc Social capital is the assets provided by the government that aid production. Examples include electricity, water etc.
Saving capital is not a type of capital
Tambaya 9 Rahoto
Which of the following is an invisible item?
Tambaya 10 Rahoto
Given the table, if the total budget of the country to be 100 million naira, what is the ratio of expenditure on manufacturing to agriculture
Total budget = N100,000,000
Portion of pie chart covered in degree = 360
Expenditure on manufacturing = x/N100,000,000 × 3600 = 360
3600x = 360 × N100,000,000
x = 360×N100,000,000/3600
x=N10,000,000
Therefore, the budget allocated to Manufacturing is N10,000,000
Total budget = N100,000,000
Portion of pie chart covered in degree = 720
Expenditure on Agriculture = x/N100,000,000 × 3600 = 720
3600x = 720 × N100,000,000
x = 720 × N100,000,000/3600
x = N20,000,000
Therefore, the budget allocated to Agriculture is N20,000,000
Ratio of expenditure on Manufacturing to Agriculture;
Ratio = 10,000,000:20,000,000
=1:2
Tambaya 11 Rahoto
Tambaya 12 Rahoto
Tambaya 13 Rahoto
When elasticity is zero, the demand curve is_____________
Tambaya 15 Rahoto
Tambaya 16 Rahoto
An economy in which both the public and private sectors contribute to economic growth is a__________?
Tambaya 17 Rahoto
A country's budget allocation to various sectors of the economy is shown in the pie chart.
If the budget of the country was $7,200.00, how much is allocated to education?
Tambaya 18 Rahoto
The diagram below represents a production function. At which of the points does diminishing returns set in __________
Tambaya 19 Rahoto
Tambaya 20 Rahoto
Tambaya 21 Rahoto
Tambaya 22 Rahoto
Tambaya 23 Rahoto
The effects on the demand for product A caused by a change in the price of product B is Called____________
Bayanin Amsa
Tambaya 24 Rahoto
In the long run, all production factors are____________
Tambaya 25 Rahoto
The factor of production that has the highest degree of mobility is__________?
Tambaya 26 Rahoto
Concentrating industries in one place is advantageous because there are gains in terms of_____________
External economies of scale are economies of scale which a firm enjoys by virtue of being in an industry or environment where for instance, similar firms are located, as this question asks about. They are still economies of scale though, so technically B could also be correct. This is one of those tricky questions.
Tambaya 27 Rahoto
The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as_____________
Bayanin Amsa
Tambaya 28 Rahoto
Tambaya 29 Rahoto
Tambaya 30 Rahoto
In the history of economics the concept of division of labour is usually associated With______________-
Tambaya 31 Rahoto
Tambaya 32 Rahoto
Tambaya 33 Rahoto
Tambaya 34 Rahoto
The minimum number of share holders for joint stock companies is_______________
Tambaya 35 Rahoto
Tambaya 36 Rahoto
From the table, Calculate the median___________
When a group data is involved, cumulative frequency is used. The formula will be:
Median=[(N+1)/2]th
For member of odd number items. That is, where N is odd
Median=([N/2[N/2+1]th)/2
For member of odd number items. That is, where N is odd
Solution:
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
| Cumulative Frequency | 2 | 3 | 7 | 10 | 13 | 14 | 20 |
When a group data is involved, cumulative frequency is used. The formula will be:
Median=[(N+1)/2]th
For member of odd number items. That is, where N is odd
Median=([N/2[N/2+1]th)/2
For member of odd number items. That is, where N is odd
Solution:
Tambaya 37 Rahoto
The coefficient of the price elasticity of supply is always_____________
Tambaya 38 Rahoto
Tambaya 39 Rahoto
Tambaya 40 Rahoto
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