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Question 1 Rapport
When an increase in the price of a commodity lead to a fall In the demand for aNOTher, the demand for the two commodities are said to be
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Question 2 Rapport
Which of the following is the correct order in the chain of distribution?
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Question 4 Rapport
Which of the following will NOT bring about an increase in Labour force?
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Question 6 Rapport
If the population of a school is 600 and 60% are In JSS, how many students are in SSS?
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Question 8 Rapport
Production is said to be complete when goods and services gets to the
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Question 9 Rapport
Which of the following is NOT included in-measuring the National income through the income approach?
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Question 10 Rapport
The problem of “how to produce” in any economy is solved by
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Question 13 Rapport
Which of the following is NOT an objective of Economic planning?
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Question 14 Rapport
In the equation Q = a - bp + e; Q and P are .... Variables respectively.
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Question 16 Rapport
The use of tax and expenditure policy to regulate the economy is known as
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Question 18 Rapport
Range is NOT the best method of measuring dispersion because it considers only the
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Question 19 Rapport
An industry operating in a perfect competitive market situation will maximum profit when
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Question 20 Rapport
The following are the objectives of agricultural policies in Nigeria EXCEPT
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Question 21 Rapport
Which of the following is a disadvantage of localization of industries?
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Question 22 Rapport
A business formation with a minimum of two and maximum of twenty persons is called
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Question 23 Rapport
The recent revolution of Cassava from ordinary food crop to export crop will lead to
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Question 24 Rapport
If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is
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Question 25 Rapport
The following can be used to improve a country’s balance of payment EXCEPT
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Question 26 Rapport
Which of the following is NOT associated with minimum price legislation?
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Question 27 Rapport
The satisfaction derived from Die consumption of a commodity is referred o as
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Question 29 Rapport
The system of farming which involves the use of a large hectare of land planted with economic crops is known as
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Question 30 Rapport
An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.
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Question 31 Rapport
The following are problems of development planning in Nigeria EXCEPT
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Question 32 Rapport
Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds
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Question 33 Rapport
The following will occur when maximum price is fixed below the free market price EXCEPT that
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Question 34 Rapport
Which of the following is NOT a function of marketing boards in Nigeria?
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Question 36 Rapport
When the total product starts falling, then the marginal product is
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Question 37 Rapport
Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?
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Question 38 Rapport
An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.
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Question 40 Rapport
The trade-off between two commodities along the Production Possibility Curve (PPC) shows
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Question 41 Rapport
Which of the following is NOT a positive contribution a petroleum to Nigeria economy?
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Question 42 Rapport
A major characteristics of a firm operating at a long-run equilibrium position is that
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Question 43 Rapport
The following are rewards for factors of production EXCEPT
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Question 45 Rapport
If the standard deviation of a set of numbers is 3.6, what is the variance?
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