Instruction:
1. First try your hands on by answering ALL questions for the objectives
2. Click the Submit Button to see how you performed and the correct answers.
1. Human wants are insatiable because wants are
2. Scale of preference is important for the following reasons except in
3. In a socialist economy, prices of commodities are determined by
4. Which of the following cannot be classified as land in economics
5. A country allocation to various sectors of the economy is shown in the pie chart below, use it to answer question 5 and 6. If the budget of the country was $7,200, how much is allocated to Education?
6. What is the ratio of expenditure on health to agriculture?
7. The demand curve for necessity is usually
8. What effect will an increase in price have on the total revenue of a firm whose product has inelastic demanding? Total revenue will
9. If the quantity of men's hat demanded per week is represented by the function Qd=20-1313P, where P is price, how many hats are demanded when the price is $9.00?
10. The demand for torch and batteries is an example of
11. Price elasticity of demand of supply measures how responsive
12. The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to
13. The supply of rice in tons is given by the fraction: Qs-80-0.7=0. Where Qs= Quantity supplied, P=price in naira.
14. How does producers’ expectation of a price fall affect the supply curve of a product? There will be
15. A price floor results in
16. An entrepreneur is encouraged to adopt division of labour in production because it
17. The long run is a period when
18. The necessary condition for a firm to be in equilibrium is that marginal revenue is
19. At which stage of production should a firm shut down? When
20. Charging different prices for the same commodity is a feature of a
21. In a partnership, the conduct of members is guided by
22. Indigenization policy is a measure aimed at
23. Which of the following measures will hinder efficient distribution of goods in West Africa
24. The type of unemployment that occurs as a result physical of mental disability of labour is known as
25. One relationship between marginal utility and total utility is when total utility
26. One feature of a growing population
27. Efficiency of labour in a country is determined by the following factor except the
28. Which of the following will encourage capital intensive farming
29. Which of the following best explains why more foreign investments are not attracted to West Africa
30. Location of firm in rural areas may
31. In international income accounting, double counting occurs when
32. The difference between GDP and GNP is
33. The difference between GDP and GNP
