Loading....
|
Press & Hold to Drag Around |
|||
|
Click Here to Close |
|||
Question 1 Report
A supply curve slopes upwards from the left to the right indicating__________
Answer Details
A supply curve that slopes upwards from left to right indicates a positive slope. This means that as the price of a good or service increases, the quantity supplied by suppliers also increases. In other words, producers are willing to supply more of a good or service at higher prices. To understand why this is the case, think about it from the perspective of a supplier. If the price of a good or service goes up, it becomes more profitable for suppliers to produce and sell that good or service. As a result, suppliers are incentivized to increase their production in order to take advantage of the higher prices and earn more profits. This is why the quantity supplied by suppliers tends to increase as the price of a good or service increases. It's important to note that this explanation applies to the long run. In the short run, supply may be relatively fixed and a supply curve may be upward sloping or even backward sloping, indicating that the quantity supplied doesn't change much in response to changes in price. However, over the long run, suppliers have more time to adjust their production levels and the supply curve typically slopes upward.
Question 2 Report
John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________
Answer Details
Question 3 Report
The term "Money at call and short notice" in a bank's assets represents the bank's loans to______
Answer Details
The term "Money at call and short notice" in a bank's assets represents the bank's loans to the money markets. Money at call and short notice refers to loans that the bank has made to other financial institutions or borrowers that can be quickly repaid upon request or on short notice, typically within 24 hours or less. These loans are typically used to finance short-term funding needs, such as meeting daily operational expenses or managing cash flows. The money markets are where short-term borrowing and lending takes place, typically for a period of less than a year. This includes activities such as interbank lending, commercial paper, and repurchase agreements. By providing loans to the money markets, banks are able to earn interest income while also helping to facilitate the flow of funds between borrowers and lenders. In summary, "Money at call and short notice" represents the bank's loans to the money markets, which are a key part of the financial system for short-term borrowing and lending.
Question 4 Report
In the case of highly or close complementary goods, the indifference curve is_______
Answer Details
Question 5 Report
Let capital formation = CF, Production = P, C = consumption. Then CF =_______
Answer Details
Capital formation (CF) is equal to P minus C, where P is production and C is consumption. Capital formation refers to the process of creating new capital goods, such as factories, machines, and infrastructure, which are used to produce goods and services. This process requires investment in new capital goods and is therefore reflected as a reduction in consumption. So, CF = P - C, where P is the total amount of goods and services produced and C is the amount consumed by households, businesses, and government. This equation shows that the amount of new capital being formed is equal to the difference between what is produced and what is consumed. In simpler terms, capital formation is the amount of investment made in the economy to increase its productive capacity and support future economic growth.
Question 6 Report
The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________
Answer Details
The reason why the average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run is due to economies of scale. Economies of scale refer to the cost advantages that firms experience as they increase their production output. In the short-run, firms are often operating at less than their optimal capacity and therefore may experience diseconomies of scale as they increase output, which leads to higher average costs and a U-shaped average curve. Meanwhile, the marginal cost curve intersects the average cost curve at its minimum point, which is why it is also U-shaped in the short-run. However, in the long-run, firms have more time to adjust their inputs and can increase the scale of their operations. As they do so, they can experience economies of scale, which lead to lower average costs and a flatter average curve. This means that the marginal cost curve intersects the average cost curve at a lower point than in the short-run, making it flatter. Overall, this illustrates how economies of scale can affect a firm's production costs and how this can be reflected in the shape of the average and marginal cost curves.
Question 7 Report
Effective demand for a commodity is desire for that commodity backed by_______
Answer Details
Effective demand for a commodity is the desire or want for that commodity backed by the ability and willingness to pay for it. This means that a person not only wants the commodity, but also has the means to purchase it and is willing to part with their money in exchange for it. For example, if someone wants to buy a new car but does not have the money to pay for it, their desire for the car is not effective demand. Similarly, if someone has the money but is not interested in buying a car, their willingness to pay is not effective demand. Effective demand requires both the desire for the commodity and the ability and willingness to pay for it. It is the combination of these two factors that drives the demand for goods and services in the economy.
Question 8 Report
When a member's currency is declared "scarce", it is the duty of the IMF to______
Answer Details
Question 9 Report
The purchasing power of money depends upon the__________
Answer Details
The purchasing power of money depends upon the "price level". Price level refers to the general level of prices for goods and services in an economy. When the price level increases, the purchasing power of money decreases because it can buy fewer goods and services. Conversely, when the price level decreases, the purchasing power of money increases because it can buy more goods and services. For example, if a cup of coffee costs $2 and the price level remains the same, then $10 can buy 5 cups of coffee. However, if the price of coffee increases to $3, then the purchasing power of $10 decreases and can now only buy 3 and 1/3 cups of coffee. So, the purchasing power of money depends on the price level, because the price level determines how much goods and services money can buy.
Question 10 Report
The business risks of a public corporation are borne ultimately________
Answer Details
Question 11 Report
The demand for labour is a________
Answer Details
The demand for labor is a "derived demand". This means that the demand for labor is not a direct demand for labor itself, but rather it is derived from the demand for goods and services that labor can produce. In other words, businesses hire workers because they need them to produce the goods and services that they sell. For example, if a business sells pizzas, it will need workers to make the pizzas, deliver the pizzas, and serve the customers. The demand for labor in this case is derived from the demand for pizzas. If the demand for pizzas increases, the demand for labor to produce and deliver the pizzas will also increase. Therefore, the demand for labor is closely tied to the demand for the goods and services that labor produces, and it is derived from that demand.
Question 13 Report
Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.
Answer Details
The quantity demanded (Qd) of a commodity is related to its price (P) through the equation Qd = 80 - 2P. So, if we know the price of the commodity, we can use this equation to find the quantity demanded. In this case, the price is given as ₦3. So, we can plug in this value of price into the equation to find the quantity demanded: Qd = 80 - 2P Qd = 80 - 2 * 3 Qd = 80 - 6 Qd = 74 Therefore, the quantity demanded when the price is ₦3 is 74 units.
Question 14 Report
Most of the National debts is "dead weight" in the sense that is____
Answer Details
Most of the national debt is "dead weight" in the sense that it is not covered by any real asset. This means that the debt is not backed up by any tangible property or valuable resource. Instead, it is simply a financial obligation that the government owes to its creditors, who have loaned the government money. The government must pay back this debt with interest, which can add up over time and become a burden on the economy. This type of debt is sometimes referred to as "dead weight" because it does not contribute to the growth or development of the economy, but instead represents a financial obligation that must be met.
Question 15 Report
A retailer is distinguished by the nature of its sales, which is in___________
Answer Details
A retailer is distinguished by the nature of its sales, which is in units. Retailers sell products in small quantities directly to consumers for their personal or household use. They purchase products from wholesalers or manufacturers and sell them to the end-users at a markup. This type of retailing typically involves a physical store where customers can browse and purchase products, but it can also include online retailing. The focus of retailing is on selling individual units of products to the consumer, rather than selling in bulk to other businesses.
Question 16 Report
The lands that belong to the community is referred to as__________
Answer Details
The lands that belong to the community as a whole, rather than to individuals, are referred to as "communal land." Communal land is a type of property that is owned and managed collectively by a community, rather than by individual landowners. In many cases, communal land is held by a community as a shared resource that is used for various purposes, such as farming, grazing, or hunting. Communal land can be found in various forms, including indigenous lands, public lands, and lands held in common by small communities. These lands are often governed by customary or traditional rules and practices that have been developed over time by the community members. The use and management of communal land can be beneficial for communities that depend on the land for their livelihoods, as it allows for collective decision-making and sharing of resources. However, it can also present challenges when there are disputes over land use or when outside interests seek to exploit the resources on communal land.
Question 17 Report
Economics is a social science concerned with the proper use and______
Answer Details
Economics is a social science concerned with the proper use and allocation of resources for growth. Economics is the study of how society uses its limited resources to satisfy its unlimited wants and needs. It is concerned with how individuals, businesses, and governments make choices about how to use resources to produce goods and services, and how these goods and services are distributed among the members of society. The proper use and allocation of resources are essential for economic growth, which is the increase in the production and consumption of goods and services over time. This growth is achieved through the efficient use of resources to create more goods and services, which can then be distributed to meet the needs of society. Economics helps us to understand how resources are allocated and used in different economies and how these decisions affect the overall well-being of individuals and societies.
Question 18 Report
The last link in the channel of distribution is____________
Answer Details
The last link in the channel of distribution is the Consumer. The channel of distribution refers to the path that a product takes from the producer to the final customer. The producer creates the product, and it is then sold to a wholesaler, who sells it to a retailer, and finally, the retailer sells it to the consumer. The consumer is the end user of the product and is the last link in the chain of distribution. In other words, the consumer is the person who ultimately buys the product and uses it for their own purposes. The channel of distribution is important because it helps to ensure that the product reaches the end user in a timely and efficient manner.
Question 19 Report
The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______
Answer Details
The basic principle underlying the location of industry is the tendency for production of a commodity to be located on the basis of "relative costs and benefits." The location of industry is determined by a variety of factors such as access to raw materials, labor supply, transportation, energy, and infrastructure. However, the primary factor is the cost and benefit analysis of each potential location. Industries tend to locate where the benefits of the location outweigh the costs. For example, an industry that requires large quantities of water may locate near a river or lake where water is abundant and cheap. An industry that produces heavy goods may locate near a port or railhead to reduce transportation costs. An industry that produces high-value products may locate near a skilled workforce or a research and development center to take advantage of the availability of talent. In general, industries seek to minimize their costs and maximize their benefits by locating in areas that provide the best combination of factors. This is why certain industries tend to be concentrated in particular regions or countries where the relative costs and benefits of production are most favorable.
Question 20 Report
A contractionary monetary policy is used to control__________
Answer Details
A contractionary monetary policy is used to control inflation. Inflation is a sustained increase in the general price level of goods and services in an economy over time. It occurs when there is too much money chasing too few goods, leading to an increase in demand and upward pressure on prices. A contractionary monetary policy is a type of economic policy used by central banks to reduce the money supply and increase the cost of borrowing, with the aim of slowing down the economy and reducing inflationary pressures. This can be achieved through several measures, such as raising interest rates, increasing reserve requirements for banks, and selling government securities in the open market. By reducing the supply of money and making it more expensive to borrow, the central bank aims to reduce spending and investment in the economy, which can help to lower inflation. A contractionary monetary policy is the opposite of an expansionary monetary policy, which is used to stimulate economic growth by increasing the money supply and lowering interest rates.
Question 21 Report
A commodity is defined as normal when its demand changes in the same direction as______
Answer Details
A commodity is defined as normal when its demand changes in the same direction as income. This means that as income increases, demand for the commodity will also increase, and as income decreases, demand for the commodity will decrease. Normal goods are those goods for which demand increases as income increases, and decreases as income decreases. For example, as people's incomes increase, they may choose to buy more luxury items such as expensive cars, jewelry, or designer clothing, which would be considered normal goods. On the other hand, as people's incomes decrease, they may choose to cut back on these purchases and switch to more budget-friendly options, causing demand for normal goods to decrease.
Question 22 Report
External economies arises essentially from__________
Answer Details
External economies arise essentially from the localization of industry. External economies occur when an industry or group of firms in a specific geographical area experience benefits beyond what they could achieve individually. This can include access to specialized suppliers, a skilled labor force, and a larger market for their products or services. Localization of industry refers to the concentration of firms in a specific area. This can create a cluster of related industries and suppliers, allowing for easier collaboration, lower transportation costs, and increased efficiency. Government policies, such as subsidies or tax incentives, may encourage the localization of industries, but they do not create external economies themselves. Similarly, a firm's individual policies and the free transferability of shares do not create external economies as they are focused on the internal operations of the firm. Overall, external economies are a result of the benefits that arise from firms operating in close proximity to each other in a specific geographic location, which can lead to increased efficiency and productivity for all firms involved.
Question 23 Report
An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________
Answer Details
Question 24 Report
An example of a market which approaches fairly near to perfection is____________
Answer Details
Question 25 Report
A demand which gives rise to the reverse of the law of demand is__________
Question 26 Report
A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________
Answer Details
An import quota is a permit that allows an importer to bring a certain quantity of foreign goods into a country. It is a government-imposed limit on the quantity of a certain good that can be imported into a country during a specific period of time. The purpose of an import quota is to protect domestic producers and limit the amount of foreign competition in the domestic market. The government sets the quota to regulate the flow of goods into the country and to ensure that domestic producers are not overwhelmed by foreign competition.
Question 27 Report
In the short-run, the monopoly makes_______
Answer Details
In the short-run, a monopoly can make abnormal profit. Abnormal profit is a profit that is higher than the normal profit a company would make in a competitive market. This is because a monopoly has market power, meaning it has control over the price of its product and can set it higher than the market price, leading to higher profits. However, it's important to note that this situation is only temporary and in the long-run, competition and other factors can drive down prices and eliminate the abnormal profit.
Question 28 Report
Among the disadvantages of the one-man business is the fact that______
Answer Details
The main disadvantage of a one-man business is that the proprietor is personally liable for the firm's debts. This means that if the business is unable to pay its debts, the proprietor's personal assets, such as their savings, property, or other valuables, can be used to settle the debt. This can put the proprietor's personal financial stability at risk and may discourage them from taking on certain business ventures or expanding the business.
Question 29 Report
Which of the following persons is engaged in "Secondary Production"?
I - a bricklayer
II - an automobile assembly-line worker
III - an accountant
IV - a cinema projectionist
Answer Details
Secondary production refers to the process of transforming raw materials into finished goods, typically in a factory setting. Out of the four options, only one involves transforming raw materials into finished goods in a factory setting, and that is option II, an automobile assembly-line worker. A bricklayer (option I) works in construction and is not involved in transforming raw materials into finished goods in a factory setting. An accountant (option III) works in the service sector and is not involved in producing goods. A cinema projectionist (option IV) is also not involved in producing goods but rather in providing a service. Therefore, the answer is option II, an automobile assembly-line worker.
Question 30 Report
Given two substitute goods (X and Y) with demand and supply function;
Qd = 7p - 12
Qs = 4p + 9
Find the magnitude of excess demand when p = ₦18
Answer Details
Question 31 Report
An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________
Answer Details
Question 32 Report
ECOWAS was formed for the purpose of________
Answer Details
ECOWAS, or the Economic Community of West African States, was formed for the purpose of promoting co-operation and integration among its member countries. This means that the organization was created to help the countries work together and coordinate their efforts in areas such as trade, politics, and development. The goal of ECOWAS is to promote economic and social progress in the region and improve the lives of the people living in West Africa.
Question 33 Report
The oil boom between 1970 - 1980 caused the oil sector to become____________
Answer Details
The oil boom between 1970-1980 caused the oil sector to become the main source of government revenue. This is because during this time period, the demand for oil was high and the price of oil was high, which led to an increase in profits for oil companies and the countries that produced oil. As a result, the government received a significant portion of its revenue from the oil sector, which made it the main source of government funding. This allowed the government to fund various projects and initiatives, and also had a significant impact on the economy.
Question 34 Report
Which of the following is not a cause of unemployment_______
Answer Details
"Good government planning" is not a cause of unemployment. Unemployment refers to the situation where individuals who are actively seeking employment are unable to find work. The causes of unemployment can be complex and multi-faceted, but typically include factors such as a lack of available jobs, poor education and lack of relevant skills, and corruption. "Good government planning" is not a direct cause of unemployment, but it can have an indirect effect by helping to create a favorable economic environment that supports job growth and job creation. For example, good government planning can help to attract businesses to an area, provide funding for education and training programs, and reduce corruption, all of which can help to reduce unemployment over time.
Question 36 Report
The basic and essential economic problems in a community are related to choice and________
Answer Details
The basic and essential economic problems in a community are related to choice and scarcity. Scarcity refers to the limited availability of resources in any given community. These resources can include natural resources, such as land, water, and minerals, as well as human-made resources, such as factories, machines, and tools. Because these resources are limited, there is never enough of them to satisfy everyone's wants and needs. This scarcity means that individuals, businesses, and governments must make choices about how to allocate these resources in the most efficient way possible. This requires making trade-offs and decisions about what goods and services to produce, how to produce them, and who should receive them. , Freedom, and Politics, are not directly related to the basic and essential economic problems of choice and scarcity. Social class, may be related to economic problems, but is not a fundamental concept in economics.
Question 37 Report
Industrialization is the process of___________
Answer Details
Industrialization is the process of transforming an economy from primarily agriculture and handicrafts to one based on the manufacturing of goods. This process usually involves the development of new technologies, the growth of factories, and an increase in the production of goods. The goal of industrialization is to increase economic growth and improve the standard of living for a society. During industrialization, the production of goods becomes more efficient and large-scale, and people move from rural areas to cities to work in factories. In short, industrialization is the transformation of a society from traditional ways of making things to more modern and efficient methods of production.
Question 38 Report
The term M 33 comprises M 11 together with deposits on deposit account held by_______
Answer Details
The term M33 comprises M11 together with deposits on deposit accounts held by banks and discount houses. In economics, M33 refers to a measure of the money supply in an economy, which includes all of the components of M11 (i.e. notes and coins in circulation, and deposits held by banks and building societies), as well as the deposits held by discount houses. Discount houses are financial institutions that specialize in providing short-term loans to other financial institutions, such as banks. Because they hold deposits from these other financial institutions, their deposits are included in measures of the money supply like M33. , banks only, and banks, discount houses, and stock exchanges, are not complete answers because they do not include the role of discount houses in M33. discount houses only, is not a complete answer because it excludes the role of banks in M33. banks and discount houses, is the correct and complete answer.
Question 39 Report
The demand curve facing the monopolist in the foreign market is__________
Question 40 Report
A rise in the supply of a commodity cause__________
Answer Details
When the supply of a commodity increases, it means that there is more of that commodity available in the market than before. This increase in supply causes the market to shift, leading to a change in the equilibrium price and quantity of that commodity. As the supply of the commodity increases, sellers will want to sell more of the commodity, but buyers may not want to buy as much at the higher price. This creates a surplus, where there is more supply than demand, causing the price to decrease. As the price decreases, buyers are more willing to buy the commodity, and sellers may reduce the amount they are willing to sell, until the market reaches a new equilibrium. This new equilibrium will have a lower price and a higher quantity bought and sold than before the increase in supply. Therefore, the correct answer is: a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold.
Would you like to proceed with this action?