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 81: What is meant by labour supply?
Options:
A) Number of people in working population
B) Number of men and hours they work
C) Number of hours during which the middle aged persons work
D) Number of workforce multiplied by the hours they work
Show Answer
The correct answer is A .
-
Question 82: External economies are
Options:
A) The advantage accuring to a firm as a result of its expansion
B) The advantages accuring to one firm as a result of the existence of other firms in the same locality
C) Benefits derived by a firm as a result of its own individual policy
D) Reaped only by agricultural firms
E) Bound to increase the costs of production whatever the circumstances
Show Answer
The correct answer is B .
-
Question 83:
| Period 1 | Period 2 |
Family income | ₦1000 | ₦1500 |
Expenditure on clothing | ₦100 | ₦200 |
In the table, the income elasticity of clothing is
Options:
A) 0.5
B) 2.0
C) 2.5
D) 5.0.l
Show Answer
The correct answer is B .
-
Question 84: When interest rates are high and still rising the least-cost method used by public limited companies to obtain additional funds for their operations is by?
Options:
A) obtaining life-term loans from merchant banks
B) obtain short-term loans from commercial banks
C) selling floating-rate debenture stocks to the general public
D) selling new ordinary shares to the general public
Show Answer
The correct answer is D .
-
Question 85: Localization of industry is encouraged because of ________
Options:
A) low interest charges on loans
B) improvements in infrastructure
C) low foreign exchange rate
D) high standard of living
Show Answer
The correct answer is D .
-
Question 86: Given that demand and price remain unchanged an outward shift of the supply curve will lead to
Options:
A) hoarding
B) excess supply
C) excess demand
D) a blank market
Show Answer
The correct answer is B .
-
Question 87: Crude petroleum is a good example of a?
Options:
A) lasting asset
B) wasting asset
C) synthetic product
D) costless resources
Show Answer
The correct answer is B .
-
Question 88: The term of trade often measured by the ratio of the index of export
Options:
A) divided by the index of import prices multiplied by 100
B) multiplied by the index of import prices
C) plus the index of import prices multiplied by 100
D) minus the index of import prices
Show Answer
The correct answer is A .
-
Question 89:
External economies arises essentially from__________
Options:
A) a firm's individual policies
B) localisation of industry
C) government economic policy
D) free transferability of shares
Show Answer
The correct answer is B .
-
Question 90: Price control cannot work in Nigeria because
Options:
A) the population is too large
B) the policemen hate to arrest people
C) while it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled
D) control cannot work under military rule
E) too many things are produced in the country
Show Answer
The correct answer is C .