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.
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Question 61: Monetization refers to the ratio of?
Options:
A) total transactions to monetary transactions
B) monetary assets to total assets
C) monetary transactions to total transactions
D) money in circulation to total income
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The correct answer is D .
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Question 62: The liability of the sole trader is?
Options:
A) indeterminable
B) unlimited
C) transferable
D) limited
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The correct answer is B .
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Question 63: The role of the Central Bank in the economic development of Nigeria is to
Options:
A) give short-and medium-term loans to the public
B) give financial and technical advice to customers
C) use cheques and bankdrafts to faciliate business transactions
D) maintain a stable price system
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The correct answer is D .
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Question 64: A commodity is described as inferior when the
Options:
A) income effect is negative
B) income effect is positive
C) substitution effect is negative
D) substitution effect is positive
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The correct answer is A .
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Question 65: A change in demand for a normal goods implies that, there is a
Options:
A) change in the quantity demanded as price changes
B) shift in the demand curve
C) movement along a given demand curve
D) change in the price elasticity of demand
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The correct answer is D .
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Question 66: Devaluation is effective when?
Options:
A) demand for imports is price inelastic
B) demand for imports is neutral
C) production for export is low
D) demand for exports is price elastic
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The correct answer is D .
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Question 67:
The shape of the production possibility frontier is determined by the_________
Options:
A) law of returns to scale
B) law of diminishing returns
C) factors of productions
D) technology
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The correct answer is B .
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Question 68: Changing the structure of a commodity in order to increase its utility is called?
Options:
A) Time utility
B) form utility
C) marginal utility
D) place utility
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The correct answer is B .
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Question 69:
The type of unemployment found among workers who leave their jobs in search of other jobs is termed
Options:
A) seasonal unemployment
B) structural unemployment
C) frictional unemployment
D) cyclical unemployment
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The correct answer is C .
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Question 70: The most important factor ensuring economic development is the?
Options:
A) effective mobilization of domestic savings
B) presence of foreign capital
C) formulation of appropriate government policies
D) attraction of foreign aids and grants
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The correct answer is C .