Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.
-
Question 211: In a free market system, trading can only take place when the?
Options:
A) market is not working effectively
B) equilibrium price is attained
C) price of a commodity tends to attract consumers
D) consumers sovereignty is lacking
Show Answer
The correct answer is B .
-
Question 212: For an inferior good, a decreased in real income will lead to?
Options:
A) a lower equilibrium price
B) a change in quantity demanded
C) an outward shift of the demand curve
D) an inward shift of the demand curve
Show Answer
The correct answer is C .
-
Question 213:
In the diagram above what happens when the minimum wage is fixed at OW?
Options:
A) Unemployment is reduced
B) Unemployment results
C) The demand schedule will shift
D) the supply schedule will become steeper
Show Answer
The correct answer is B .
-
Question 214: Infant industries denote industries which?
Options:
A) are introducing new products
B) are too young to compete in the world market
C) produce baby food and mother care products
D) are allowed time enough to mature for recognition
Show Answer
The correct answer is B .
-
Question 215: A sustained increase in the production of goods and service in a country is called economic?
Options:
A) development
B) growth
C) diversification
D) planning
Show Answer
The correct answer is B .
-
Question 216:
Among the disadvantages of the one-man business is the fact that______
Options:
A) its capital may not be increased without government permission
B) the proprietor is personally liable for the firm's debts
C) the proprietor is not able to obtain credit
D) the proprietor may not sue for bad debts
Show Answer
The correct answer is B .
-
Question 217:
What happens when the central bank increases the bank rate in an economy
Options:
A) borrowing is discouraged
B) customers increase their borrowing
C) banks can increase their lending
D) money supply increases
Show Answer
The correct answer is A .
-
Question 218:
The average total cost when output is 200 units in the table aboveis
Options:
A) N1.00
B) N2.0
C) N1.40
D) N2.40
Show Answer
The correct answer is B .
-
Question 219: Which of the following statements bestdescribes the relationship between average product and marginal products?
Options:
A) Marginal product and average product curves rise and falls together
B) Marginal product equals average product at the minimum point of the latter
C) Average product curve will rise as product is greater than average product
D) Marginal product at the maximum point of the fomer
Show Answer
The correct answer is B .
-
Question 220:
An electrical engineer who is teaching physics in a secondary school is said to be
Options:
A) under-employed
B) unemployed
C) fully employed
D) technologically unemployed
Show Answer
The correct answer is A .