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Question 1 Rapport
An economic system in which the decision on what and how to produce is determined by the individual is called
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Question 2 Rapport
If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?
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Question 3 Rapport
When an economy is having a balance of payment surplus the best alternative opened to it is to
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Question 4 Rapport
One of the function of united nation conference on trade and development (UNTAD) is to
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Question 5 Rapport
In income determination theory, acceleration principles shows that
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Question 7 Rapport
A market situation with few sellers and many buyers is called
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Question 8 Rapport
The formular used by the Expenditure approach to calculate National income is
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Question 9 Rapport
Government expenditure on universal basic education and subsidy on agriculture are aimed at
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Question 11 Rapport
The comparison of the standard of living between Nigeria and Ghana is best down through the use of
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Question 12 Rapport
The 1962-1968 development plan in nigerian failed because of
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Question 13 Rapport
Disposable income in national income accounting is an income which
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Question 14 Rapport
Which of the following factors will NOT account for an outward shift of production possibility curve?
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Question 16 Rapport
If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are
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Question 17 Rapport
When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as
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Question 18 Rapport
Which of the following measure will NOT serves as a control during inflation period?
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Question 19 Rapport
A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as
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Question 22 Rapport
One of the fundamental economic problem of every society is
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Question 23 Rapport
Remuneration of labour based on number of hours worked is known as
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Question 24 Rapport
The act of cultivating land and rearing of animal for man’s use is
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Question 27 Rapport
The contribution of petroleum to the economy of nigerian is most prominent in the area of
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Question 28 Rapport
If government in a fiscal year has its revenue receipts less than the expenditure, such country is having
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Question 29 Rapport
An economic system in which individual control the productive resources is known as
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Question 31 Rapport
The main function of retailer in the distribution channel is
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Question 32 Rapport
Which of the following is NOT a factor that brings about changes in demand?
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Question 33 Rapport
Which of these is NOT associated with the problem of internal trade?
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Question 35 Rapport
What is the median term in the distribution below ;14, 13 29 ,15 ,13,17 ,12,
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Question 37 Rapport
Which of these is a necessary condition for trade by barter?
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Question 38 Rapport
The bank established to finances project aimed at promoting economic and social development within the African continent is
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Question 40 Rapport
If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?
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Question 41 Rapport
The middle value of an array figure arranged in descending order is referred to as the
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Question 42 Rapport
The willingness of an individual backed up with purchasing power at a given time is
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Question 43 Rapport
To discourage the consumption of harmful commodities, government should tax such commodities if they have
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