Exam Subject General Instruction Question Answer YEAR Option1 Option2 Option3 Option4 Explanation

UTME ECONOMICChoose the appropriateMarginal propensity to consume can beC 2020 The proporThe proporThe proporThe proporMarginal propensity to consu
UTME ECONOMICChoose the appropriateFind the average of the mean, median an D 2020 A. 1 B. 0 C.-3 D. -2/3 D
UTME ECONOMICChoose the appropriateWhich of the following is an example ofA 2020 A. Stock B. Commerc C. MortgagD. Micro f Non-bank financial institutio
UTME ECONOMICChoose the appropriateWhich of the following is in correct ordD 2020 A. Opportun B. Scale of C. Wants Ch .D. Wants, Wants is the first concept th
UTME ECONOMICChoose the appropriateThe definition of economics as "an enqC 2020 A. Adam Sm B. Lionel R C. Adam Sm D. Paul SmiAdam Smith gave the definiti
UTME ECONOMICChoose the appropriateOne of the following is unlike a capitaliB 2020 A. Profit mB. Welfare C. Exploita D. CompetiA capitalist is more Concerne
UTME ECONOMICChoose the appropriateThe relationship between price and quD 2020 A. PositiveB. Positive C. NegativeD. NegativeThe relationship between pr
UTME ECONOMICChoose the appropriateMarket utility is maximized when B 2020 A. MarginalB. MarginalC. MarginalD. Price is Market utility is maximized w
UTME ECONOMICChoose the appropriateA decreasing total product indicates; C 2020 A. The concB. Law of vC. internal D. externalThe total product starts to d
UTME ECONOMICChoose the appropriateThe unemployment that is caused as res B 2020 A. Frictio B. Cyclica C. Structu D. undere Cyclical unemployment is th
UTME ECONOMICChoose the appropriateMoral suasion is a tool used by A 2020 A. Central B. Central C. Commerci D. Commerc Moral suasion is one of the t
UTME ECONOMICChoose the appropriatePick out the odd one A 2020 A. Interest B. Tax C. Budget D. GovernmTax, budget and governmen
UTME ECONOMICChoose the appropriateThe system of economy used in NigeriaC 2020 A. Capitali B. Socialis C. Mixed s D. None ofC
UTME ECONOMICChoose the appropriateGiven a demand function as D = 10 0.2P B 2020 A. 0.2 B. 0.25 C. 0.1 D. 0.15 B
UTME ECONOMICChoose the appropriateDouble counting is a problem in meas A 2020 A. Nationa B. PopulatiC. Nationa D. NationaDouble counting occurs whe
UTME ECONOMICChoose the appropriateOptimum population is C 2020 A. Maximum B. Optimum C. Equilibr D. Minimum Optimum population is the p
UTME ECONOMICChoose the appropriateThe full meaning of PPC is? A 2020 A. ProductiB. ProductiC. PopulatiD. PopulatiPPC means production possi
UTME ECONOMICChoose the appropriatePreferential treatment is a feature of B 2020 A. Perfect B. Imperfe C. A and B D. None ofPreferential treatment is an
UTME ECONOMICChoose the appropriateA period of time in which all factors of D 2020 A. Short-ruB. MediumC. ten yearD. long-runIn the long run, there is no fi
UTME ECONOMICChoose the appropriateIf price elasticity of demand is unitar D 2020 A. 100% B. 40% C. 50% D. 0% When the elasticity of dema
UTME ECONOMICChoose the appropriateThe invisible hand is? D 2020 A. The hanB. The handC. The equiD. The for The forces of demand and su
UTME ECONOMICChoose the appropriateThe slogan that "supply creates its ow B 2020 A. John M.B. Jean BapC. David RiD. Lionel RThe concept "supply creates
UTME ECONOMICChoose the appropriateThe difference between accountant's an C 2020 A. Rent B. Explicit C. Implicit D. Economis The economist takes into acc
UTME ECONOMICChoose the appropriateThe basic need of a social being is B 2020 A. Food B. Satisfac C. Clothes D. Life The basic need of a social be
UTME ECONOMICChoose the appropriate"quid pro quo" means D 2020 A. Four pluB. No four C. No two D. No speciD
UTME ECONOMICChoose the appropriateAt the point where supply curve is aboD 2020 A. Max-imuB. Minimum C. Excess D. Excess sD
UTME ECONOMICChoose the appropriateThe burden of an indirect tax is borne B 2020 A.The persoB. TransferC. The gov D. None ofA
UTME ECONOMICChoose the appropriateMoney can be defined as D 2020 A. Mediu oB. Means oC. Unit of D. All of t The burden of indirect tax is
UTME ECONOMICChoose the appropriateCapital market is the market for D 2020 A. Goods an B. Machiner C. Loens D. Long terMoney is anything that is ge
UTME ECONOMICChoose the appropriateShare refer to B 2020 A. Portion B. A unit o C. Money D. Loan Capital market is the market
UTME ECONOMICChoose the appropriateOPEC is C 2020 A. A monopB. A monopo C. An oligoD. A monoShares refer to a unit of own
UTME ECONOMICChoose the appropriateMining falls under A 2020 A. Primary B. SecondaC. Tertiary D. Semi-terOPEC is oligopoly because it
UTME ECONOMICChoose the appropriateGovernment capacity to raise tax revenD 2019 A. Trade UnB. Political C. Foreign D None of The trade union in most case
UTME ECONOMICChoose the appropriateGovernment proposed projects for 2013 Cf 2019 A. II only B. I and II C. I only D. II and IVD
UTME ECONOMICChoose the appropriateLocalization of industry is encouraged D 2019 A. low inteB. improvem C. low foreD. high staLocalization of industry is the
UTME ECONOMICChoose the appropriateInduction method of scientific reasoninB 2019 A. drawingB. making C. using th D. drawingInductive method involves d
UTME ECONOMICChoose the appropriateContractionary monetary policy is, usedC 2019 A. control iB. bridge t C. expand tD. deregul A contractionary monetary p
UTME ECONOMICChoose the appropriateThe export promotion strategy is aimedB 2019 A. consumeB. machinerC. more goo D. more goExport - promotion strategy
UTME ECONOMICChoose the appropriateA high rent on land will affect the cost D 2019 A. positivelB. negativeC. at early D. at the l When the land is rented at h
UTME ECONOMICChoose the appropriateGains from trade depend on D 2019 A. comparaB. absolut C. distribu D. absoluteThe absolute cost advantage
UTME ECONOMICChoose the appropriateThe most important factor in ensuring A 2019 A. effectiv B. presenceC. formulatD. attracti Government policies are the
UTME ECONOMICChoose the appropriate. In the long-run, all production factorsB 2019 A. fixed B. semi-fix C. variable D. semi-varA long-run is a period of time
UTME ECONOMICChoose the appropriateA stock variable is measured D 2019 A. Over a pB. at a poinC. consiste A stock
D.variable
intermittently
is measured
UTME ECONOMICChoose the appropriateLegal entity means D 2019 A. a compaB. Rationa C. Status fuD. utility Legal entity means that the c
UTME ECONOMICChoose the appropriateThe best index for international compari A 2019 A. Gross NaB. Net Nat C. Per CapiD. Gross N Per capital is the average inc
UTME ECONOMICChoose the appropriateA company's expenditure on raw materia C 2019 A. explicit B. implicit C. prime coD. average A
UTME ECONOMICChoose the appropriateThe main function of price mechanism Ai 2019 A. limit c B. enable C. allocat D. ensure The price mechanism allocat
UTME ECONOMICChoose the appropriateIn public company, shares are C 2019 A. sold to B. distributC. AdvertisD. disposedThe share of the public limite
UTME ECONOMICChoose the appropriatePopulation density refers to C 2019 A. densely B. the totaC. densely D. the tota D
UTME ECONOMICChoose the appropriateIn Economics, human wants are usuallyB 2019 A. many B. insatiablC. limited D. numeroHuman wants are unlimited
UTME ECONOMICChoose the appropriateThe amount by which government expend A 2019 A. public d B. budget dC. full empD. GDP gapWhen the government expe
UTME ECONOMICChoose the appropriateInvestment and savings are respectivelB 2019 A. income B. stocks a C. injectio D. leakagesInvestment is an inflow into
UTME ECONOMICChoose the appropriateIn economies, the pleasure, happiness Co 2019 A. MarginalB. RelationC. status fuD. utility Utility refers to the bundle o
UTME ECONOMICChoose the appropriateThe effect of an expansionary monetaryB 2018 A. Deflatio B. InflationC. BalancedD. Deficit B
UTME ECONOMICChoose the appropriateThe maximum amount of money a company C 2018 A. Paid up B. Issued c C. AuthorizD. Capital Authorized capital is the max
UTME ECONOMICChoose the appropriateThe value of money will appreciate if D 2018 A. GovernmB. Deficit C. Balance D. Surplus Surplus budget is a type of b
UTME ECONOMICChoose the appropriateIn Nigeria, government can ensure cont A 2018 A. ProvidingB. PromotinC. providingD. Go into Storage facility is the major f
UTME ECONOMICChoose the appropriateThe reduction of high fertility rate is B 2018 A. To increB. To reducC. To incre D. To redu Fertility is the rate of child b
UTME ECONOMICChoose the appropriateCapital accumulation for low income eaD 2018 A. Savings B. Investm C. Funds D. Loans Low incc.ne earners cannot s
UTME ECONOMICChoose the appropriateThe government of Nigeria can conservB 2018 A. Buying fB. ImprovinC. Employi D. Buying lForeign Exchange can be con
UTME ECONOMICChoose the appropriateThe minimum number of persons who D are 2018 A. Two andB. Seven anC. Two andD. Two andThe minimum number of pe
UTME ECONOMICChoose the appropriateGNP is not a good measure of social w B 2018 A. Social s B. EconomiC. AccountiD. EngineerMany economic services suc
UTME ECONOMICChoose the appropriateOne of the major goals of OPEC is to D 2018 A. Set inte B. Protect C. Protect D. Control OPEC is a cartel organization
UTME ECONOMICChoose the appropriateOne of the factors considered in the deA 2018 A. value ofB. Value ofC. All of t D. None ofThe values of output as well
UTME ECONOMICChoose the appropriateIf government expenditure exceeds its D re 2018 A. Surplus B. Deficit C. Surplus D. Deficit A deficit budget is a type of b
UTME ECONOMICChoose the appropriateThe demand curve for a firm operatingC 2018 A. Downwar B. Vertical C. HorizontD. Upward The demand curve of a perfe
UTME ECONOMICChoose the appropriateOne of the factors responsible for an ouA 2018 A. ImproveB. ReductioC. ReductioD. ImprovePPC is an enclosed curve and
UTME ECONOMICChoose the appropriateGiven that Qd=40 4p and Qd,= 12p -24D 2018 A. 2.25 B. 1 C. 2 D. 4 Profit maximization is the dis
UTME ECONOMICChoose the appropriatePetro chemical industries are located inD 2018 A. Rivers stB. Rivers stC. AvailabilD. ProximitEquilibrium price is at the po
UTME ECONOMICChoose the appropriateIn an imperfect market, the monopolistD 2018 A. Price anB. Price onlC. QuantityD. B and C The main reason for location
UTME ECONOMICChoose the appropriateIn the production process, the law of dC 2018 A. All inputB. Last var C. Last var D. All inpuThe monopoly has power to
UTME ECONOMICChoose the appropriateThe most unique quality of money is itsD 2018 A. DurabilitB. Value ofC. Standar D. RecogniDiminishing return set in wh
UTME ECONOMICChoose the appropriateThe U-shaped of the long run average cD 2018 A. Law of vB. Law of dC. Law of dD. Return tThe most improve quality of
UTME ECONOMICChoose the appropriateIn Nigeria import substitution industriaB 2018 A. Funding B. PreferenC. Politiciz D. Scarcity Return to scale shows the re
UTME ECONOMICChoose the appropriateA cosmetic dealer sourcing for capital A 2018 A. Commerc B Central bC. MortgagD. DevelopNigerians do not buy made i
UTME ECONOMICChoose the appropriateOne of the advantages of using Labour Ci 2018 A. Labour iB. Capital C. Labour iD. Capital iCommercial bank is the type
UTME ECONOMICChoose the appropriateA business organisation in which there A 2018 A. Limited B. Sole proC. Public e D. All of t If labour is cheap relative to
UTME ECONOMICChoose the appropriateRural-Urban migration is influenced by A 2018 A. AvailabilB. AvailabilC. Plenty a D. None ofLimited Liability Company is
UTME ECONOMICChoose the appropriateThe demand curve for a perfectly compet B 2018 A. Vertical B. HorizontC. Downwar D. Upward Availability of social infrastru
UTME ECONOMICChoose the appropriateThe most important determinant in theAs 2018 A. favourabB. Large n C. GovernmD. Mix numThe demand curve of a perfe
UTME ECONOMICChoose the appropriateThe marginal propensity to consume mD 2018 A. Consump B. ConsumpC. Change D. Change Weather is the main determ
UTME ECONOMICChoose the appropriateThe major problem confronting agricultu A 2018 A. Rural U B. Over funC. Under fD. Over d D
UTME ECONOMICChoose the appropriateIn Nigeria, export promotion strategy i C 2018 A. PromotinB. improvi C. EncouragD. DiscouraEveryone is migrating to the
UTME ECONOMICChoose the appropriateA distinguishing feature of free enterp A 2018 A. Profit mB. State owC. Private D. Social wExport promotion strategy is
UTME ECONOMICChoose the appropriateThe growth of private enterprise is conC 2018 A. GovernmB. Owners C. Market sD. CompetiThe main feature of a marke
UTME ECONOMICChoose the appropriateThe initial deposit of a deposit bankis D 2018 A. 100, 000B. 600, 000C. 400, 000D. 2, 500, Market size is the target of a
UTME ECONOMICChoose the appropriateWhich of the following represents the C 2018 A. Low per B. High perC. High liteD. High birD
UTME ECONOMICChoose the appropriateThe major factor to be considered in thA 2018 A. Availabi B. AvailabilC. ProximitD. None ofIn less developed countries,
UTME ECONOMICChoose the appropriateOne of the consequences of over-popula A 2018 A. High leveB. Low mort C. High leveD. Urban rThe major factors in determi
UTME ECONOMICChoose the appropriateThe price of a commodity increases froB 2018 A. 15/2 B. 2/15 C. 1/15 D. 0 If the population is too high,
UTME ECONOMICChoose the appropriateA principal factor that determines the A 2018 A. Price B. Face valC. Purchas D. All of t B
UTME ECONOMICChoose the appropriateGovernment capacity to raise tax revenA 2018 A. Trade unB. Political C. Foreign D. None ofThe price at which goods are
UTME ECONOMICChoose the appropriateExcess supply over demand will place aD 2018 A. governmB. foreign C. suppliersD. consumeIf the quantity supplied of a
UTME ECONOMICChoose the appropriateWhich of the following institution ope C 2018 A. Central B. MortgagC. Money dD. Insuran The money deposit banks ar
UTME ECONOMICChoose the appropriateThe national income of a country can A 2018 A. Out- pu B. Economic C. working D. Level of National income can be mea
UTME ECONOMICChoose the appropriateGiven a consumption function C = 10+0.6 B 2018 A. 36.6 B. 22.00 C. 30.60 D. 26.00 Since C= 10+0.6Y, if Y= 20, th
UTME ECONOMICChoose the appropriateThe population theory that is concerneB 2018 A. population density B. MalthusiC. NationalMalthusian population theor
UTME ECONOMICChoose the appropriateThe modal value of 3,8,4,6,3,5,2,7,3 and B 2018 A. 6 B. 3 C. 4 D. 5 The mode of a set of observa
UTME ECONOMICChoose the appropriateWhich of the factors of production is inA 2018 A. Land an B. Capital C. Labour D. Land An inelastic demand is the d
UTME ECONOMICChoose the appropriateThe production within domestic territory B 2018 A. net nati B. gross doC. net incoD. disposa Gross Domestic Product is th
UTME ECONOMICChoose the appropriateA well conducted census is important fC 2018 A. distribu B. revenueC. economiD. a providPopulation census is the per
UTME ECONOMICChoose the appropriateThe economic questions about what and D 2018 A. governmB. labour uC. private D. system The question of what to prod
UTME ECONOMICChoose the appropriateThe basic principle of cooperative societ B 2018 A. maintainB. protect C. ensure D. provide Cooperative society is mainly
UTME ECONOMICChoose the appropriateThe main aim of Economic Community Dof 2018 A. discour B. encouragC. establis D. liberat The ECOWAS is established w
UTME ECONOMICChoose the appropriateCost-push inflation occurs when A 2018 A. productiB. governme C. factor p D. there is Cost-push inflation is the typ
UTME ECONOMICChoose the appropriateGovernment proposed projects for 2013 Df 2018 A. II only B. I and II C. I only D. II and IVThe opportunity cost of any
UTME ECONOMICChoose the appropriateOne of the unique features that distingD 2018 A. profit mB. absenceC. price deD. number The o Perfect market is a mark
UTME ECONOMICChoose the appropriateA country's term of trade can be improB, D 2018 A. collecti B. imposingC. revaluatD. reducin Terms of trade is the rate at
UTME ECONOMICChoose the appropriateOne of the functions of the price system D 2018 A. encouraB. dictates C. discour D. regulat Price system is a mechanism
UTME ECONOMICChoose the appropriatePetro-chemical industries are located i C 2018 A. favourabB. coal de C. crude oiD. favourbaOne of the factors that deter
UTME ECONOMICChoose the appropriateGoods sold in perfectly competitive mar A 2018 A. homogeB. intermedC. durable D. heterogThe Perfect market is a mark
UTME ECONOMICChoose the appropriateThe storage of goods in order to deriveD 2018 A. marginalB. place utiC. form utilD. time utilWhen goods are stored for f
UTME ECONOMICChoose the appropriateThe most effective measure to reduce C 2018 A. use pop B. restruct C. diversif D. remove If the economy is diversified
UTME ECONOMICChoose the appropriateWhich of the following is an indirect taD 2018 A. Poll tax B. PersonalC. CompanyD. Excise dIndirect tax is tax that does n
UTME ECONOMICChoose the appropriateLocalization of industry is encouraged D 2018 A. low inteB. improvem C. low foreD. high staLocalization of industry is the
UTME ECONOMICChoose the appropriateDevelopment plans fail mainly becauseA 2017 A. corruptioB. over-de C. high cosD. shortageDevelopment is a set of writt
UTME ECONOMICChoose the appropriateOne of the major uses of national income D 2017 A. equally B. determinC. compareD. estimat With national income statisti
UTME ECONOMICChoose the appropriateThe major characteristic of an under- dA 2017 A. over-de B. dominanc C. high perD. efficientOne of the common charact
UTME ECONOMICChoose the appropriateWhich of the following is NOT among the D 2017 A. Federal B. Microfi C. Insuran D. Federal Financial institutions compri
UTME ECONOMICChoose the appropriateGiven 0.25, 1.25, 1.80, 1.10, 10.20, 5 D 2017 A. 0.25 B. 10.00 C. 1.55 D.9.95 The range is the difference in
UTME ECONOMICChoose the appropriateOne of the problems facing the Nigerian C 2017 A. over-capaB. the disc C. shortag D. the exc Shortage of indigenous man
UTME ECONOMICChoose the appropriateThe demand curve faced by a monopolis D 2017 A. positive B. vertical C. horizontD. negativeThe demand curve of a mon
UTME ECONOMICChoose the appropriateThe rate of interest charged on loans i C 2017 A. exchange B. fiscal polC. risk ass D. rate of Interest rate is associated wi
UTME ECONOMICChoose the appropriateA country that is over-populated will f B 2017 A. low birthB. low perC. high waD. full em The per capital income will b
UTME ECONOMICChoose the appropriateIf additional unit of a variable face for C 2017 A. total pr B. average C. diminishD. increasi Diminishing return causes ad
UTME ECONOMICChoose the appropriateIf Mr. Wale took a loan for the purpos C 2017 A. precautiB. transactC. speculatD. speculatSpeculative motive for holdin
UTME ECONOMICChoose the appropriateThe overall demand for crude oil for vaC 2017 A. derived B. competiC. compos D. comple When a commodity is deman
UTME ECONOMICChoose the appropriateOne of the factors limiting the effectiv D 2017 A. prevaili B. level of C. unemploD. populatiIf the population size is smal
UTME ECONOMICChoose the appropriateOne of the important features of perfecA 2017 A. adequate B. the inf C. the rest D. the admiIn a perfect market, the ope
UTME ECONOMICChoose the appropriateWhat effect would a change in price ofD 2017 A. An increB. No changC. A decreaD. A changeThe effect of a change in pric
UTME ECONOMICChoose the appropriateAll pairs of quantities from which a co A 2017 A. an indif B. an exce C. a budgetD. an isoq An indifference curve is a cu
UTME ECONOMICChoose the appropriateWhich of the following is a major deterA 2017 A. The pricB. AvailabilC. The pric D. Income The price of a commodity is
UTME ECONOMICChoose the appropriateIf Nigeria has comparative advantage A 2017 A. Nigeria B. Nigeria C. Ghana pD. Nigeria Comparative cost advantage
UTME ECONOMICChoose the appropriateOne of the ways of improving the market D 2017 A. reviewinB. ensuringC. embarkinD. establis Options A and C are ways of
UTME ECONOMICChoose the appropriateIf price of yams decreases from #15.00A 2017 A. 2.00 B. 0.50 C. 1.50 D. 1.00 Elasticity of supply is the rati
UTME ECONOMICChoose the appropriateWhich of the following is NOT a sourc B 2017 A. Taxes, feB. PersonalC. Interest D. Grants, Personal income, transfer ea
UTME ECONOMICChoose the appropriatePublic limited liability companies are B 2017 A. the fed B. private C. the sta D. the fed Private and individual organi
UTME ECONOMICChoose the appropriateThe type of inflation that emanates fr C 2017 A. gallopingB. importedC. demand-p D. cost-pusDemand - pull inflation is the
UTME ECONOMICChoose the appropriateThe price elasticity of supply of perish C 2017 A. elastic B. unitary C. inelasticD. zero Supply of perishable goods a
UTME ECONOMICChoose the appropriateIn Nigeria, most agricultural policies ar D 2017 A. ensuringB. liberali C. encouraD. achievinOne of the major goals of ag
UTME ECONOMICChoose the appropriateOne major problem encountered by ECA 2017 A. conflict B. increasi C. weakness D. languageThough language barrier is a
UTME ECONOMICChoose the appropriateOne of the characteristics of private entD 2017 A. provisioB. that tax C. public o D. individuPrivate enterprises are owne
UTME ECONOMICChoose the appropriateThe concept of marginal utility indicateA 2017 A. price B. satisfactC. cost D. revenueConsumers try to equate ma
UTME ECONOMICChoose the appropriateIn Nigeria, unemployment can be mini A 2017 A. diversif B. strict i C. paying D. restricti Unemployment problem in N
UTME ECONOMICChoose the appropriateThe demand for two or more commodities D 2017 A. derived B. composiC. competitD. joint An example is the demand fo
UTME ECONOMICChoose the appropriateOne of factors affecting change in demC 2017 A. supply B. availabilC. price of D. technic Change in demand in commo
UTME ECONOMICChoose the appropriatePublic ownership of productive factors A 2017 A. socialis B. capitali C. feudalis D. mixed In a socialist economy, other
UTME ECONOMICChoose the appropriateIf the marginal propensity to save is 0.8A 2017 A. 1.25 B. 5.00 C. 1.30 D. 2.25 A
UTME ECONOMICChoose the appropriateWhich of the following is a set measureC 2017 A. mean anB. Mean anC. Range a D. Mode a Mean, median and mode are
UTME ECONOMICChoose the appropriateThe slow pace of industrial growth in D 2017 A. lack of B. lack of C. inadequaD. overdepe The focus on oil at the expen
UTME ECONOMICChoose the appropriateConsumers allocate their resources basA 2017 A. law of diB. value in C. law of reD. diamondThe goal of consumers is util
UTME ECONOMICChoose the appropriateA country's terms of trade can be imprC,D 2017 A. revaluatB. collecti C. reducingD. imdeman A decrease in demand for im
UTME ECONOMICChoose the appropriateA government budget proposing to spend D 2017 A. opportun B. depress C. shortageD. opportun When government expendit
UTME ECONOMICChoose the appropriatePopulation growth is determined by D 2017 A. dependeB. labour f C. per capi D. net migrNet migration, which is the d
UTME ECONOMICChoose the appropriateWhich of the following can cause oil gl A 2017 A. Excess B. Under-caC. Excess D. EconomOil glut is a situation of exce
UTME ECONOMICChoose the appropriateLocalization of industry is encouraged B 2017 A. low inteB. high stanC. low foreD. improveElasticity of supply is the rati
UTME ECONOMICChoose the appropriateA company's expenditure on raw materi B 2017 A. prime coB. explicit C. average D. implicit Concentration of firms in a g
UTME ECONOMICChoose the appropriateThe supply of cola nuts is influenced byB 2016 A. rate of i B. weatherC. populatiD. taste of Weather condition is a majo
UTME ECONOMICChoose the appropriateCalculate the mean of 9, 7, 6, 9, 10, 12 B 2016 A. 10 B. 11 C. 12 D. 9 B
UTME ECONOMICChoose the appropriateThe equilibrium output of an oligopolistC 2016 A. AR MC =B. MR = M C. MR= MCD. MR = AC Equilibrium of oligopolist is
UTME ECONOMICChoose the appropriateThe problem of food shortages in NigerB 2016 A. practici B. practici C. increasi D. re-estabMechanical farming is an int
UTME ECONOMICChoose the appropriateThe major factor that influenced the siD 2016 A. nearnessB. the avai C. the avai D. the avaiAvailability of raw materials
UTME ECONOMICChoose the appropriateA country is said to attain optimum p B 2016 A. resourceB. output pC. total pr D. nationalOptimum population is the o
UTME ECONOMICChoose the appropriateOne of the factors responsible for the D 2016 A. increasinB. the pric C. marginalD. diminishDiminishing marginal utility s
UTME ECONOMICChoose the appropriateThe shutdown point for a firm in a comD 2016 A. MR = MCB. AR = MCC. P= AC D. P = AVC P = AVC: When the price is l
UTME ECONOMICChoose the appropriateThe physical factor affecting the geograA 2016 A. relief B. industriaC. birth ratD. death raRelief of a place refers to the
UTME ECONOMICChoose the appropriateDeveloping countries can improve theirD 2016 A. producinB. importi C. fully de D. exportinBalance of trade is concerne
UTME ECONOMICChoose the appropriateIf the price of commodity T changes, thisA 2016 A. a movemB. a new eqC. an inwarD. an outwA change in commodity's pri
UTME ECONOMICChoose the appropriateIf Mr. T changes the monthly quantity A 2016 A. an incr B. an incr C. an incre D. a decre An increase in demand mean
UTME ECONOMICChoose the appropriateThe major reason why government influe C 2016 A. enhanceB. encouraC. reduce rD. increaseGovernment can influence th
UTME ECONOMICChoose the appropriateThe GDP of a country is calculated as D 2016 A. gross naB. gross naC. net dome D. net dome Gross Domestic Product is th
UTME ECONOMICChoose the appropriateOne of the problems faced by OPEC as Ca 2016 A. languageB. differen C. fluctuatiD. over-relThe volatility of oil price (tha
UTME ECONOMICChoose the appropriateThe indigenization policy in Nigeria wa A 2016 A. eliminatB. providinC. enhanci D. eliminatThough indigenization policy
UTME ECONOMICChoose the appropriateThe reward that accrues to a proprietorB 2016 A. wages B. profit C. rent D. interest An entrepreneur gets profit
UTME ECONOMICChoose the appropriateA perfect competitor is at equilibrium D 2016 A. total re B. average C. average D. marginaWhen the MC = MR. The firm
UTME ECONOMICChoose the appropriateGiven that Qd = 34 2P and Qs = 20+ 5P,B 2016 A. #7 B. #2 C. #32 D. #14 The condition for market equ
UTME ECONOMICChoose the appropriateDeflation will occur in an economy when C 2016 A. decreaseB. rise in n C. fall in t D. rise in t Persistence fall in the genera
UTME ECONOMICChoose the appropriateWhich of the following commodities has B 2016 A. Honey B. MedicatC. Maggi D. Rice B
UTME ECONOMICChoose the appropriateIn a monopolistic competition, if the dB 2016 A. shutdowB. charge hC. give dis D. charge lWhen demand is inelastic, a
UTME ECONOMICChoose the appropriateA major contribution of oil to the NigerC 2016 A. manpowB. technol C. revenueD. employm Crude oil has been a major s
UTME ECONOMICChoose the appropriateAn economy in which government makes D a 2016 A. market B. subsist C. feudal D. planne In a planned economy, the g
UTME ECONOMICChoose the appropriateThe achievement of efficient fuel distr A 2016 A. the acti B. low leveC. poor ro D. inadequThe middle men through hoa
UTME ECONOMICChoose the appropriateA country can correct balance of paymen A 2016 A. increasi B. revaluinC increasinD. banningA
UTME ECONOMICChoose the appropriateIncrease in per capita GNP of a countryB 2016 A. exchange B. economiC. high costD. economiEconomic growth is an incre
UTME ECONOMICChoose the appropriateA market structure in which there are B m 2016 A. perfect B. monopolC. monopoD. duopolyIn monopolistic competition
UTME ECONOMICChoose the appropriateOne of the features of an underdevelo B 2016 A. absenceB. high le C. high leveD. even disHigh level of unemployment
UTME ECONOMICChoose the appropriateA joint stock company is an example ofA 2016 A. limited B. partnerC. sole-proD. cooperatA
UTME ECONOMICChoose the appropriateGovernment deficit financing of a countD 2016 A. a reductB. a contraC. a decreaD. an increD
UTME ECONOMICChoose the appropriateIn a free enterprise economy, economiD 2016 A. a plann B. governmC. both theD. the pri D
UTME ECONOMICChoose the appropriateWhich of the following is a normative D 2016 A. The highB. A rise in C. The highD. firms shD
UTME ECONOMICChoose the appropriateA distinguishing characteristic of a perfD 2016 A. the abseB. preferenC. presenc D. the abseB
UTME ECONOMICChoose the appropriateOne of the instruments used by the CenB 2016 A. developB. the reseC. taxi D the exchB
UTME ECONOMICChoose the appropriateThe economic problem of how to prod D 2016 A. number B.o availabl C. system D. availabl D
UTME ECONOMICChoose the appropriateA monopolist attains the optimum leveA 2016 A. MR = MCB. MR < MCC. MR = ACD. MR >MCA
UTME ECONOMICQuestion Paper Type EWhich Question Paper Type of Economic B 2015 A. Type F B. Type E C. Type L D. Type S B
UTME ECONOMICChoose the appropriateThe choice of how to produce in all B 2015 A. labour uB. governmC. consumeD. industriaGovernment through centra
UTME ECONOMICChoose the appropriateIn capitalist economy, questions aboutA 2015 A. spendingB. income lC. availabl D. output dWhat to produce in a capital
UTME ECONOMICChoose the appropriateThe best measure of dispersion to determ B 2015 A. mean deB. range C. varianceD standardRange is the difference betw
UTME ECONOMICChoose the appropriateGiven that Qd=40-2p and Os = 6P +24, C c 2015 A. #16 B. #4 C. #2 D. #36 C
UTME ECONOMICChoose the appropriateA change in demand for a normal goodCi 2015 A. change iB. change C. shift in D. movemen A change in demand means
UTME ECONOMICChoose the appropriateIf a 10% rise in price causes a 5% decr A 2015 A. inelasticB. unitary eC. zero elasD. elastic For inelastic demand, the pe
UTME ECONOMICChoose the appropriateIf the production cost of a large firm is A 2015 A. internal B. externalC. externalD. internal Internal diseconomy of scale
UTME ECONOMICChoose the appropriateDivision of labour requires that, the ta B 2015 A. by unskiB. by speciaC. in stagesD. by all w Division of labour is the brea
UTME ECONOMICChoose the appropriateGiven that FC = #500, VC = #1500 and QC 2015 A. #20 B. #30 C. #40 D. #10 C
UTME ECONOMICChoose the appropriateRent and administrative expenses are D 2015 A. variableB average fC. average D. fixed co Fixed costs are expenses on
UTME ECONOMICChoose the appropriateA perfect competitor will continue to A 2015 A. MC > M B. TC > TR C. MR = ARD. MC < MExpansion of output stops at
UTME ECONOMICChoose the appropriateOne of the characteristics of a monopoli A 2015 A. price or B. quantit C. price ch D. both priA monopolist can influence e
UTME ECONOMICChoose the appropriateA monopolist can boost his revenue byD 2015 A. reducingB. adjustin C. reducingD. increasi The monopolist will boost hi
UTME ECONOMICChoose the appropriateWhich of the following can be used to A 2015 A. C+|+| GB. C+I+ G+ C.| C+I+G+D. C+[+ G GDP in an open economy (an
UTME ECONOMICChoose the appropriateIf MPC = 2/3 and investment is 100 millA 2015 A. #300 milB. #100 milC. #10 mill D. #303 milNational Income = Multiplier
UTME ECONOMICChoose the appropriateAn inflation that co-exists with high r C 2015 A. cost-pusB. hyperinfC. stagflati D. demand-p When inflation co-exist with
UTME ECONOMICChoose the appropriateOne of the challenges facing the banking B 2015 A. creatin B. ensuringC. providi D. providinEnsuring technological secur
UTME ECONOMICChoose the appropriateShort-termed loans for investment are D 2015 A. capital B. stock maC. develop D. money The money market is the on
UTME ECONOMICChoose the appropriateGiven a base year and the price index oA 2015 A. The valuB. The costC. The costD. The val If the price index is 175%, it
UTME ECONOMICChoose the appropriateWage freeze is a policy measure aimedA 2015 A. curbing iB. regulati C. curbing D. encourag Wage freeze is the situation
UTME ECONOMICChoose the appropriateA major obstacle to the development oD 2015 A. rural-ur B. overdepC. poor devD. low capiLow capital formation is one
UTME ECONOMICChoose the appropriateA major feature of an underdevelopedC 2015 A. low rateB. low levelC. low lev D. excess cThe standard of living in an u
UTME ECONOMICChoose the appropriateAn important role of agriculture in Ni C 2015 A. regulati B. provisio C. provisi D. processiAgricultural sector provides
UTME ECONOMICChoose the appropriateAn advantage of large-scale farming ove D 2015 A. redistri B. encouragC. encouragD. providi The peasant farming is a sma
UTME ECONOMICChoose the appropriateA major disadvantage of localization ofD 2015 A. over-utilB. the ris C. under-utiD. the risk Structural unemployment ca
UTME ECONOMICChoose the appropriateOne major factor that determines the lo A 2015 A. its prox B. the capi C. the sociaD. tax exe Proximity to the market is on
UTME ECONOMICChoose the appropriateThe major contribution of OPEC to the B 2015 A. grantingB. stabilizaC. building D. provisioOPEC has achieved some lev
UTME ECONOMICChoose the appropriateThe loading of crude oil at the terminalB 2015 A. upstrea B. upstream C. midstreaD. downstre The upstream sectors of oil i
UTME ECONOMICChoose the appropriateThe short-run average variable cost of aB 2015 A. the bui B. an incre C. an incre D. the expaCost of labour is a variable co
UTME ECONOMICChoose the appropriateFirms embark on vertical integration inA 2015 A. enjoy ecB. take oveC. prevent D. reduce Vertical integration is the typ
UTME ECONOMICChoose the appropriateThe voting power in co-operative societD 2015 A. members B. the manC. membersD. the sha In a cooperative society, eac
UTME ECONOMICChoose the appropriateAn accurate census figure is an importaA 2015 A. allocati B. providi C. sitting i D. providinPopulation census is used to
UTME ECONOMICChoose the appropriateAn accurate population census is imporD 2015 A. fast tra B. produceC. provide D. estimateTo determine the per capita
UTME ECONOMICChoose the appropriateA major determinant of a floating exchA 2015 A. the forc B. the highC. an Act oD. the sys A floating exchange rate is th
UTME ECONOMICChoose the appropriateIf the importation of a commodity is li D 2015 A. tariff B. excise duC. import dD. quotas Quotas as a term used in int
UTME ECONOMICChoose the appropriateThe main objective of WTO is to C 2015 A. assist d B. ensure aC. provide D. assist c WTO is the World Trade Org
UTME ECONOMICChoose the appropriateThe major determinant of the total volB 2015 A. size of B. level of C. composiD. number There are many factors that
UTME ECONOMICChoose the appropriateThe labour force of a country is determB 2015 A. number B.o age struC. geographD. sex dist The labour force of a countr
UTME ECONOMICQuestion Paper Type: Which Question Paper of Economics isD 2014 A. Type D B. Type I C. Type B D. Type U D Type U
UTME ECONOMICChoose the appropriateAn economy in which both the public aD 2014 A. feudal B. capitali C. social D. mixed A mixed economy is the one
UTME ECONOMICChoose the appropriateIf the standard deviation of a given datB 2014 A. 2082 B. 2809 C. 2808 D. 2209 The standard deviation is the
UTME ECONOMICChoose the appropriateWhich of the following set of statistica C 2014 A. The medB. The meaC. The meaD. The modThe mean can be used for th
UTME ECONOMICChoose the appropriateAn advantage of the range as a mea sure D 2014 A. can be uB. makes usC. takes al D. is usefulThe only correct option that
UTME ECONOMICChoose the appropriateFind the median of the following set ofD 2014 A. 10 B. 38 C. 35 D. 22 To find the median, we first
UTME ECONOMICChoose the appropriateAn increase in demand without a corresB 2014 A. a decreaB. an incre C. a decreaD. an increase
B in equilibrium price and
UTME ECONOMICChoose the appropriateAn increase in the price of a commodityA 2014 A. a decre B. an incre C. an incr D. a decre A decrease in quantity dema
UTME ECONOMICChoose the appropriateIf the price of a bicycle changes from D 2014 A. 66.7 B. 0.5 C. 1.5 D. 2.0 D
UTME ECONOMICChoose the appropriateOne of the assumptions of the cardinaliC 2014 A. diminishB. the ConsC. the tota D. unstableOptions A and B are assump
UTME ECONOMICChoose the appropriateUtility is the satisfaction derived from B 2014 A. distribu B. use of g C. demandD. productiSatisfaction is derived only w
UTME ECONOMICChoose the appropriateOne of the major factors that bring aboD 2014 A. market dB. availabilC. the cost D. incentivIncentive granted to workers
UTME ECONOMICChoose the appropriateIf P= % (Qs + 10), what is the quantity C 2014 A. 14 B. 60 C. 46 D. 32 C
UTME ECONOMICChoose the appropriateIf the supply of a product is elastic, a s C 2014 A. reduce tB. reduce tC. increaseD. lead to When demand is elastic, it m
UTME ECONOMICChoose the appropriateThe supply of beverage by firms in a mB 2014 A. derived B. competitC. composiD. joint d Firms in a monopolistic comp
UTME ECONOMICChoose the appropriateIf the price of a commodity is fixed beloB 2014 A. excess B. a decreaC. an increaD. excess sWhen the price of a commod
UTME ECONOMICChoose the appropriateOne of the criticisms of the price mechC 2014 A. producerB. it provi C. it widenD. consumeOne of the disadvantages or
UTME ECONOMICChoose the appropriateIn Nigeria, government can reduce the D 2014 A. at the prB. at the e C. above thD. below thBy fixing rent below the equ
UTME ECONOMICChoose the appropriateIf refinery achieves a reduction in cost A 2014 A. economie B. specializC. division D. diseconoEconomies of scale is a cost
UTME ECONOMICChoose the appropriateAn isoquant lying above to the right of B 2014 A. a higherB. constantC. cover-cap D. a lower The graph labelled R represe
UTME ECONOMICChoose the appropriateA measure of national income used as cD 2014 A. net nati B. gross d C. gross naD. per capiThough GDP is also used as a
UTME ECONOMICChoose the appropriateThe speculative demand for money is inD 2014 A. interest B. level of C. exchangD. inflationSpeculative demand for mon
UTME ECONOMICChoose the appropriateWhich of the following is used by the Ce D 2014 A. Tariffs B. Tax rate C. ExchangeD. DiscountDiscount rate is the interest
UTME ECONOMICChoose the appropriateIf CBN reduces money supply, the intere B 2014 A. fluctuat B. rise C. fall D. remain A decrease in money supply
UTME ECONOMICChoose the appropriateAn example of an expansionary fiscal pol A 2014 A. decreaseB. decreas C. purchas D. decreaseA
UTME ECONOMICChoose the appropriateA tax on land will ultimately fall B 2014 A. partly o B. entirely C. entirely D. partly o The tax on land will fall entir
UTME ECONOMICChoose the appropriateOne of the goals of development plansCi 2014 A. increaseB. improveC. achieve D. deregul Goals of development plans
UTME ECONOMICChoose the appropriateLife Assurance companies contribute toA 2014 A. long ter B. money mC. cash an D. short-teInsurance companies invest
UTME ECONOMICChoose the appropriateIn order to add value to Nigeria agriculB 2014 A. cultivat B. process C. adopt mD. adverti Processing agricultural produ
UTME ECONOMICChoose the appropriateThe main reason for low agricultural prD 2014 A. the presB. high depC. over depD. the use D
UTME ECONOMICChoose the appropriateThe most important determinant for the Al 2014 A. market B. power s C. water D. raw mate A
UTME ECONOMICChoose the appropriateIn Nigeria, efficiency in public corpora C 2014 A. Public ofB. indigeni C. privatizaD. nationalC
UTME ECONOMICChoose the appropriateGovernment participation in the oil indB 2014 A. annual iB. formati C. high demD. huge in B
UTME ECONOMICChoose the appropriateThe deregulation of the petroleum secto A 2014 A. efficien B. an end tC. an end tD. fixing a Deregulation is the situation
UTME ECONOMICChoose the appropriateA distinguishing characteristic of consuB 2014 A. the maxB. members C. membersD. the min Consumers cooperative soci
UTME ECONOMICChoose the appropriateA major disadvantage of partner ship bB 2014 A. difficult B. distrus C. limited lD. large ca Partnership business does no
UTME ECONOMICChoose the appropriateThe quality of labour force in Nigeria D 2014 A. establis B. creatingC. encouragD. establis Efficiency of labour can be im
UTME ECONOMICChoose the appropriateThe effect of emigration on a country'sA 2014 A. decreaseB. decreaseC. increaseD. increaseEmigration is the movement
UTME ECONOMICChoose the appropriateA measure for preventing the external D v 2014 A. increaseB. sell its C. reduce iD. buy its A decrease in demand for Na
UTME ECONOMICChoose the appropriateA fiscal policy instrument that can in D 2014 A. governmB. interest C. income D. tariff Government spending is the
UTME ECONOMICChoose the appropriateOne of the main achievements of the EA 2014 A. eliminatB. encouraC. guaranteD. providinEconomic Commission for Af
UTME ECONOMICChoose the appropriateThe rate of interest change on loans deC 2014 A. the prevB. marginalC. the risk D. the prevThe risk associated with loan
UTME ECONOMICChoose the appropriateA valid explanation for real wage growtA 2014 A. an increB. the risi C. a contraD. an increThe valid argument to suppo
UTME ECONOMICChoose the appropriateIf Mr. X lost his clerical job at a store B 2014 A. structurB. fictiona C. seasonaD. cyclical Frictional unemployment is t
UTME ECONOMICQuestion Paper Type: Which Question Paper Type of Economic C 2013 A. Type GrB. Type Pu. C. Type RD. Type YeC
UTME ECONOMICChoose the appropriateA major disadvantage of a socialist ecoB 2013 A. corruptiB. consumer C. income iD. there is Consumer sovereignty is the
UTME ECONOMICChoose the appropriateThe privatization of public enterprises D 2013 A. normatiB. inductiv C. deducti D. positivePositive economic reasoning
UTME ECONOMICChoose the appropriateThe sign of the slope of a graph in eco B 2013 A. shows wh B. shows thC. reveals D. help to The sign of the slope of a gra
UTME ECONOMICChoose the appropriateIf the GDP is N 60 billion, what is the D 2013 A. #11.7 bilB. #13.3 bilC. 1421.7 biD. 1426.6 bIf the GDP = 60 billion, the d
UTME ECONOMICChoose the appropriateIf the quantity of rice bought decrease D 2013 A. consumeB. demandC. consumer D. quantit Since the change in quantity
UTME ECONOMICChoose the appropriateA rise in income will, ceteris paribus, b C 2013 A. a movemB. a leftwa C. a rightwD. no effe Whenever there is an increa
UTME ECONOMICChoose the appropriateIf the price of an item increases by 8% B 2013 A. perfectlyB. inelasticC. elastic D. perfectlyB
UTME ECONOMICChoose the appropriateComparison of interpersonal utility is C 2013 A. utility i B. marginalC. utility i D. individuUtility is subjectively determ
UTME ECONOMICChoose the appropriateWhen the slope of the total utility curveB 2013 A. stops c B. reduces C. increas D. consumeIf marginal utility diminishes
UTME ECONOMICChoose the appropriateThe supply of cocoa is influenced by A 2013 A. seasonalB. the efficC. the demD. the availSeason and weather conditio
UTME ECONOMICChoose the appropriateThe cost elasticity of supply is a usefu B 2013 A. profit B. productiC. nationa D. price in The difference between the
UTME ECONOMICChoose the appropriateThe invisible hand promotes the interesD 2013 A. consumeB. society C. governmD. produceThe invisible hands which ar
UTME ECONOMICChoose the appropriateFixing price above equilibrium will causB 2013 A. demandB. an incre C. an incre D. a decreaAn increase in quantity supp
UTME ECONOMICChoose the appropriateAn important function of the price syste C 2013 A. ensure tB. guarant C. allocate D. protect Resources are best allocated
UTME ECONOMICChoose the appropriateIf all factors are variable in the long ru D 2013 A. decreasiB. increasi C. diminishD. economiIf firms vary all inputs in the
UTME ECONOMICChoose the appropriateThe equilibrium point of a firm is at th C 2013 A. is great B. less thanC. tangent D. greater When the isoquent is tangen
UTME ECONOMICChoose the appropriateThe long-run average cost curve toucheC 2013 A. minimum B. declinin C. minimum D. rising p The long run Average cost cu
UTME ECONOMICChoose the appropriateIf a firm doubles all inputs in the long D 2013 A. diminishB. constantC. increasi D. decreasiWhen all inputs are doubled
UTME ECONOMICChoose the appropriatePatents and copyrights enable monopolD 2013 A. determinB. determinC. restrict D. restrict The major characteristic of m
UTME ECONOMICChoose the appropriateA discriminatory monopoly is characterB 2013 A. a common B. differentC. a finite D. zero elasA discriminatory monopolist
UTME ECONOMICChoose the appropriateNet National Product is derived by dedD 2013 A. net exp B. subsidieC. taxes f D. depreci Net National Product GNP-d
UTME ECONOMICUse this information What is the change in income? D 2013 A. #0.5m B. #1.5m C. #2.6m D.#8.0m D
UTME ECONOMICUse this information The multiplier is B 2013 A. 8 B. 4 C. 3 D. 2 B
UTME ECONOMICChoose the appropriateThe money that commands a higher marke C 2013 A. paper mB. standar C. commodD. fiat mo The value of the material itse
UTME ECONOMICChoose the appropriateIf a basket of commodities cost #120 inB 2013 A. 100 B. 200 C. 240 D. 300 Scarcity is the central proble
UTME ECONOMICChoose the appropriateThe minimum amount which banks areBre 2013 A. liquidityB. cash resC. minimum D. aggregatProduction possibility curve
UTME ECONOMICChoose the appropriateThe major function of the money markeB 2013 A. provide B. provide C. stabilizeD. stabiliz Without human effort, land
UTME ECONOMICChoose the appropriateAn ad valorem tax is imposed on D 2013 A. special B. exports C. imports D. the val Price mechanism is the force
UTME ECONOMICChoose the appropriateA huge national debt is an indication| tB 2013 A. appreci B. decreaseC. depreciaD. stagnat A good is consider inferior if
UTME ECONOMICChoose the appropriateRapid economic development in NigeriaD 2013 A. continu B. ConcentC. developiD. diversi B
UTME ECONOMICChoose the appropriateThe primary reason for desiring econom D 2013 A. control iB. reduce pC. redistri D. raise staIf goods are in abundant sup
UTME ECONOMICChoose the appropriateAn emerging agricultural export crop inA 2013 A. cassava B. cotton C. cocoa D. soya beaB
UTME ECONOMICChoose the appropriateA strategy for improving agriculture in B 2013 A. controll B. ensuringC. establi D. reducingWhen two goods moves in th
UTME ECONOMICChoose the appropriateA sugar industry is best located near t B 2013 A. labour B. raw mate C. power D. capital. Percentage change in quanti
UTME ECONOMICChoose the appropriateAn important contribution of small-scalD 2013 A. technol B. foreign C. raw mate D. labour When two goods moves in th
UTME ECONOMICChoose the appropriateA change in the pump price of petrol inD 2013 A. prices o B. prices o C. cost of D. cost of A:
UTME ECONOMICChoose the appropriateLong-term funds for investment projectD 2013 A. money m B. commodiC. foreign D. capital If there are too much specia
UTME ECONOMICChoose the appropriateA policy aimed at enhancing globalizatiB 2013 A. indigeniB. deregulaC. commercD. privatiz Increasing return to scale me
UTME ECONOMICChoose the appropriateThe Malthusian theory was concerned C 2013 A. populatiB. populatiC. populatiD. age dist The fixed cost continue to fa
UTME ECONOMICChoose the appropriateIn a village of 50 persons, 10 immigrat C 2013 A. 10 B. 20 C. 30 D. 50 In a public company, the ow
UTME ECONOMICChoose the appropriateA deficit balance of payment is measure B 2013 A. current B. current C. current D. capital A
UTME ECONOMICChoose the appropriateOne of the functions of ECOWAS is to D 2013 A. provide B. determinC. redistri D. provide the wholesaler provide stora
UTME ECONOMICChoose the appropriateThe reward on machinery and equipment B 2013 A. profit B. interest C. rent D. wages As wages increases in the lab
WAEC ECONOMICChoose the appropriatWhich of the following is central to thC 2020 A. ResourcB. Wants C. Scarcity D. Capital Population growth rate is ne
WAEC ECONOMICChoose the appropriateWhen the production possibility Curve A 2020 A. growth. B. over-proC. inefficie D. under-pNet natural growth rate = bir
WAEC ECONOMICChoose the appropriateLand as a factor of production is made A 2020 A. applicatB. acts of C. applicatiD. use of mThus, the overall = birth rate
WAEC ECONOMICChoose the appropriateIn a free market economy, resources arB 2020 A. governmB. price m C. trade unD. state p the productivity of labour is
WAEC ECONOMICChoose the appropriateGoods are described as inferior If the C 2020 A. decreases B. increaseC. decreaseD. increaseImport substitution strategy
WAEC ECONOMICChoose the appropriateA consumer is in equilibrium when B 2020 A. his markB. he maxim C. the markD. he has cIntermediate goods are good
WAEC ECONOMICChoose the appropriateGoods that are abundant in supply usuaB 2020 A. total utilB. marginalC. average D u. time utilB:
WAEC ECONOMICChoose the appropriateAn increase in supply means that B 2020 A. more is sB. more is C. there is D. there is in most cases,
WAEC ECONOMICChoose the appropriateIf an increase in the price of crude oil A 2020 A. joint supB. competitC. market sD. composiWhen wage incr
WAEC ECONOMICChoose the appropriateA seller increased the quantity he offerA 2020 A. 2.00 B. 1.50 C. 1.00 D. 0.50 when prices ris
WAEC ECONOMICChoose the appropriateIf an increase in the supply of beef inc B 2020 A. competiB. joint supC. composiD. joint d When they sell
WAEC ECONOMICChoose the appropriateIf a beef market is in equilibrium at 5. A 2020 A. surplus B. shortageC. black maD. rationinWhen bank rate is increased
WAEC ECONOMICChoose the appropriateA large firm may experience diseconomie C 2020 A. difficult B. division C. employme D. decreaseTax and public
WAEC ECONOMICChoose the appropriateIncreasing returns to scale suggests thaB 2020 A. a firm c B. a firm c C. as the p D. as the pIf direct tax i
WAEC ECONOMICChoose the appropriateIncreasing returns to scale suggests thaA 2020 A. a firm c B. a firm c C. as the p D. as the pPercentage pai
WAEC ECONOMICChoose the appropriateIf the average fixed cost (AFC) of produC 2020 A. $2.00 B. $4.00 C. $10.00 D. $20.00 in developing
WAEC ECONOMICChoose the appropriateThe public sector in a mixed economy isA 2020 A. bureaucrB. the desi C. annual plD. the acti Development pl
WAEC ECONOMICChoose the appropriateWhich function of the wholesaler enable A 2020 A. WarehouB. AdvertisC. GrantingD. TranspoSource because
WAEC ECONOMICChoose the appropriateIn the long run, as individuals receive D 2020 A. demandB. f demandC. f supply oD. supply oWhen the gover
WAEC ECONOMICChoose the appropriatePopulation growth rate can be calculatB 2020 A. birth ra B. birth ra C. birth ratD. birth ra Dumping is the
WAEC ECONOMICChoose the appropriateLabour productivity is defined as A 2020 A. output B. average C. the maxD. total ouThe principle
WAEC ECONOMICChoose the appropriateWhich of the following problems has the B 2020 A. IncidencB. unfavouC. urban ruD. illiterac import substit
WAEC ECONOMICChoose the appropriateThe location of iron and steel industry aA 2020 A. easy accB. access C. governme D good infrC
WAEC ECONOMICChoose the appropriateImport substitution as a strategy of induB 2020 A. replace B. developm C. establis D. act of u Primary produc
WAEC ECONOMICChoose the appropriateWhich of the following are intermediatA 2020 A. Cement B. FurniturC. HandkerD. Table a Scarcity is th
WAEC ECONOMICChoose the appropriateHow is NNP at factor cost derived fromB 2020 A. GNP Depr B. GNP - DeC. GNP +Dep D. GNP+ Dep A point inside the PPC curve
WAEC ECONOMICChoose the appropriateWhich of the following factors may leaD 2020 A. AvailabilB. High volC. EmigratiD. Subsist Primary sector
WAEC ECONOMICChoose the appropriateInflation may occur if C 2020 A. rate of B. prices f C. wage incD. the goveThe market eco
WAEC ECONOMICChoose the appropriateMoney would cease to be a good storeC 2020 A. prices o B. there is C. prices o D. prices o B
WAEC ECONOMICChoose the appropriateGovernments in West Africa can curtailB 2020 A. purchasiB. selling C. encouragD. encouraWhen they sell
WAEC ECONOMICChoose the appropriateThe central bank can reduce the abilityA 2020 A. raising tB. reducingC. reducingD. issuing When bank rate
WAEC ECONOMICChoose the appropriateTools of monetary policy do not includeD 2020 A. open maB. reserve C. bank ratD. tax and Tax and public
WAEC ECONOMICChoose the appropriateDuring inflation, the appropriate fiscal B 2020 A. increaseB. increaseC. reduce pD. increas An inferior go
WAEC ECONOMICChoose the appropriateMr. X and Mrs. Y pay $500.00 and $1,40D 2020 A. specific B. proportiC. regressivD. progressCoffee and tea
WAEC ECONOMICChoose the appropriateExpenditure on food takes a large propC 2020 A. industri B. advanced C. developiD. capitalisFish and meat a
WAEC ECONOMICChoose the appropriateA country should embark on developmen C 2020 A. it becomB. it also C. its scarc D. the nati Government tax
WAEC ECONOMICChoose the appropriateA country is allowed to import just 50,0D 2020 A. devaluatB. tariff. C. embargoD. quota. In the short ru
WAEC ECONOMICChoose the appropriateDumping is selling goods in a foreign mA 2020 A. below wh B. above whC equal to D. equal toThe table illus
WAEC ECONOMICChoose the appropriateThe principle of comparative advantag B 2020 A. produceB. engage iC. speciali D. try as mWhen price of
WAEC ECONOMICChoose the appropriateIn order to discourage the importationD 2020 A. import pB. export l C. liberal D. import sMinimum price i
WAEC ECONOMICChoose the appropriateA free trade area is one in which C 2020 A. each meB. factors C. membersD. members When the outpu
WAEC ECONOMICChoose the appropriateThe foremost objective of the Internat A 2020 A. help proB. assist m C. grant lo D. maintainTotal cost = fixed cost+ varia
WAEC ECONOMICChoose the appropriateThe exploitation of mineral resources A 2020 A. Primary B. SecondaC. Tertiary D. ServicesThe variable co
WAEC ECONOMICChoose the appropriateThe fundamental economic problem inDe 2019 A. the lar B. inadequC. corrupt D. limited In a perfect c
WAEC ECONOMICChoose the appropriateA point X inside a production possibilit C 2019 A. resources B. the counC. some resD. resourcePlough back of
WAEC ECONOMICChoose the appropriateThe major employer of labour in develoC 2019 A. tertiary B. secondarC. primary D. industri The government
WAEC ECONOMICChoose the appropriateThe desire for profit is a major feature C 2019 A. traditio B. mixed e C. market D. commanThe producers
WAEC ECONOMICChoose the appropriateThe wages of a group of workers in dollB 2019 A. $35 B. $ 36 C. $ 37 D. $ 38 The Malthus theory is myopi
WAEC ECONOMICChoose the appropriateIf the coefficient of price elasticity of C 2019 A. parallel B. parallel C. negativeD. positiveHuman development has to
WAEC ECONOMICChoose the appropriateIf the demand function is Qd =-0.5p +2C 2019 A. -$ 27.50B.-$ 12.50 C. $ 12.50 D. $ 27.50 If the facilities that are enjoy
WAEC ECONOMICChoose the appropriateIf less of a good is bought as one's inc B 2019 A. normal B. a luxury C. a necessiD. an infer A country is industrialized if
WAEC ECONOMICChoose the appropriateThe demand for coffee and tea is D 2019 A. joint B. competitC. composiD. derived When a local i
WAEC ECONOMICChoose the appropriateWhat effect will an increase in the sup B 2019 A. a fall in B. An increC. an incre D. Both eqThe value of a
WAEC ECONOMICChoose the appropriateWhich of the following factors is not a B 2019 A. improveB. cost of C. the pric D. Governmtransfer payme
WAEC ECONOMICChoose the appropriateSupply of agricultural product is likely tA 2019 A. intermedB. long runC. market pD. short-ruServices not p
WAEC ECONOMICChoose the appropriateTwo commodities X and Y are in joint D 2019 A. X is a byB. X and Y C. increaseD. X and Y The value of m
WAEC ECONOMICChoose the appropriateWhen the price of a good is above the eC 2019 A. a shortaB. a surplusC. unempl D. inflationThe precaution
WAEC ECONOMICChoose the appropriateWhat happens when a minimum price A is 2019 A. shortageB. surplus C. the markD. Many firWhen the prices
WAEC ECONOMICChoose the appropriateWhen an increase in inputs leads to a mB 2019 A. decreasiB. increaseC. increasi D. constantFinancial inst
WAEC ECONOMICChoose the appropriateThe short-run in production is the is t C 2019 A. techniquB. all fact C. at least D. variableWhen bank rate
WAEC ECONOMICChoose the appropriateA cost of production that is positively rB 2019 A. total fix B. average C. variable D. social coOne of the can
WAEC ECONOMICChoose the appropriateIn perfect competition, the average revC 2019 A. below t B. downwarC. the margD. convex tAgriculture is
WAEC ECONOMICChoose the appropriateWhich of the following means of funding C 2019 A. Bank loaB. Loans fr C. Plough bD. DebentuUrban-rural mi
WAEC ECONOMICChoose the appropriateGovernment in most cases influences loc C 2019 A. discouraB. ensure eC. reduce cD. make thbalance of tra
WAEC ECONOMICChoose the appropriateMiddlemen are made up of B 2019 A. manufacB. manufact C. wholesalD. wholesalTerms of trade
WAEC ECONOMICChoose the appropriateThe Malthusian theory of population C 2019 A. the pracB. developiC. new andD. MalthusIf export is pe
WAEC ECONOMICChoose the appropriateHuman development can be improved Ci 2019 A. banks g B. large fa C. general D. It is ha Borrowing from
WAEC ECONOMICChoose the appropriateAgricultural productivity may be increasC 2019 A. educatioB. commerci C. more infD. labour i The ECOWAS has
WAEC ECONOMICChoose the appropriateA country is described as industrializedC 2019 A. the contB. traditio C. the counD. primary ECA aimed at e
WAEC ECONOMICChoose the appropriateWhich of the following is a major advanA 2019 A. local co B. more unsC. foreign D. it will a A
WAEC ECONOMICChoose the appropriateThe total value of goods and services aC 2019 A. net nati B. net dome C. gross D. gross naThe major prob
WAEC ECONOMICChoose the appropriateWhich of the following items is not co C 2019 A. pension B. GovernmC. studentsD. Doctor'sEconomic devel
WAEC ECONOMICChoose the appropriateWhich of the following factors will no D 2019 A. rapid deB. increaseC. practice D. increaseEntrepreneur i
WAEC ECONOMICChoose the appropriateWhich of the following is true of the vaD 2019 A. is positi B. dependsC. is dete D. is inversCompetition is
WAEC ECONOMICChoose the appropriateThe motive for holding money to meetD 2019 A. precaut B. transac C. liquidit D. specula 45% of 10,000,
WAEC ECONOMICChoose the appropriateAn increase in the prices of factor inpuA 2019 A. demand-p B. stagflati C. open infD. cost-pusDown warding s
WAEC ECONOMICChoose the appropriateInsurance companies are similar to comD 2019 A. compensa B. act as leC. help in D. help in When, as a re
WAEC ECONOMICChoose the appropriateWhat happens when the central bank in C 2019 A. amount B. amount C. supply oD. commerc Normal goods a
WAEC ECONOMICChoose the appropriateCitizens are protected from government' B 2019 A. elasticityB. flexibilit C. economyD. certaint Expectation of
WAEC ECONOMICChoose the appropriateIn a period of unemployment and fallinB 2019 A. zero-ba B. budget dC. balance D. surplus When palm kern
WAEC ECONOMICChoose the appropriateIn most underdeveloped countries, deve C 2019 A. poor co B. exporta C. lack of D. Urban-ruOne of the main
WAEC ECONOMICChoose the appropriateBalance of trade involves exchange of D 2019 A. goods onB. services C. goods anD. good and No answer
WAEC ECONOMICChoose the appropriateAn improvement in a country's term ofA 2019 A. nation cB. nation's C. value of D. visible eB
WAEC ECONOMICChoose the appropriateDevaluation of currency may not correct C 2019 A. perfectlyB. perfectlyC. fairly elaD. unitary eThe equilibriu
WAEC ECONOMICChoose the appropriateOne measure for financing a country's B 2019 A. export diB. import sC. short t D. interna Price flooring
WAEC ECONOMICChoose the appropriateThe major achievement of the Economic C 2019 A. made caB. made poC. increaseD. widenedA market is sa
WAEC ECONOMICChoose the appropriateWhich of the following institutions is D 2019 A. World TB. United C. EconomiD. African In the long-run
WAEC ECONOMICChoose the appropriateExploitation of forest resources beco C 2019 A. communi B. they ar C. they areD. the suppEconomics of s
WAEC ECONOMICChoose the appropriateNatural resources that are renewable aA 2019 A. mining sB. traditio C. agricultuD. secondaIn the long- run, no fixed cos
WAEC ECONOMICChoose the appropriateEconomic problems arise in all societieC 2018 A. resourc B. there is C. resourceD. the servThe board of d
WAEC ECONOMICChoose the appropriateWhich of the following is not emphasize B 2018 A. scarcity B. economiC. ineffici D. unemploJoint stock co
WAEC ECONOMICChoose the appropriateThe organization of productive factors B i 2018 A. manageB. entrepreneur C. product Wholesalers in
WAEC ECONOMICChoose the appropriateProducers operating in a free market eA 2018 A. the exis B. the veryC. the comD. governmThey provide tr
WAEC ECONOMICChoose the appropriateRegulation of their activities In a pie c B 2018 A. 0.0045 mB. 4.56.millC. 1.25 millD. 16 milli Seasonal unemp
WAEC ECONOMICChoose the appropriateA download sloping demand curve meaD 2018 A. total re B. demandC. f demandD. f price muD
WAEC ECONOMICChoose the appropriateIf the price of commodity X rises and A 2018 A. SubstituB. complemC. inferior D. bought Farmers' depen
WAEC ECONOMICChoose the appropriateGoods whose demands vary directly wiD 2018 A. inferior B. complemC. substitu D. normal By reducing im
WAEC ECONOMICChoose the appropriateAn exceptional demand curve can of reA 2018 A. increaseB. increaseC. expectatD. change IAn industry is
WAEC ECONOMICChoose the appropriatePalm oil and palm kernel are in A 2018 A. joint supB. competiC. competitD. comple Wages and sala
WAEC ECONOMICChoose the appropriateWhich of the following is true about sup D 2018 A. is highe B. varies wC. rises wi D. is fixed. Value added is
WAEC ECONOMICChoose the appropriateThe backward bending supply curve of Al 2018 A. an abnorB. the law C. that lab D. that theThe figures will be under-sta
WAEC ECONOMICChoose the appropriateA supply curve parallel to the x – axis i B 2018 A. fairly el B. infinitel C. fairly in D. perfectlyBudget deficit will increase t
WAEC ECONOMICChoose the appropriateIf the marginal utility of a commodity isA 2018 A. the consB. more of C. total uti D. the markPrecautionary
WAEC ECONOMICChoose the appropriateA price floor is usually fixed B 2018 A. at the e B. above t C. below thD. above thThe concept of
WAEC ECONOMICChoose the appropriateA market is in equilibrium when B 2018 A. there is B. the dema C. buyers aD. there is The stock exch
WAEC ECONOMICChoose the appropriateA firm's average cost decreases in the A 2018 A. increasi B. diminishC. decreasiD. decreasiWhen bank rate
WAEC ECONOMICChoose the appropriateThe larger a firm, the lower its cost of B 2018 A. Law of B. concept C. law of c D. theory oWhen the taxes
WAEC ECONOMICChoose the appropriateIn the long-run. A firm must shut- down B 2018 A. greater B. less tha C. equal t D. equal toWhen the price
WAEC ECONOMICChoose the appropriatePublic limited liability companies are D 2018 A. governmB. they areC. electoraD. shareholImportation of
WAEC ECONOMICChoose the appropriateIn the event of bankruptcy, owners of C 2018 A. their pr B. both co C. only theD. only theAgriculture is
WAEC ECONOMICChoose the appropriateWholesalers play an important role in tB 2018 A. are loca B. finance C. pass inf D. sell in To stabilize d
WAEC ECONOMICChoose the appropriateIf workers at the school canteen cannotC 2018 A. structu B. frictio C. seasonaD. residua If tariffs are
WAEC ECONOMICChoose the appropriatePositive checks as envisaged by ThomasD 2018 A. death raB. marriageC. more hosD. moral reComparative ad
WAEC ECONOMICChoose the appropriateWhich of the following factors is not a A 2018 A. dependeB. poor storC. adverseD. recessi International trade makes it
WAEC ECONOMICChoose the appropriateLocal firms can help in reducing unem B 2018 A. land acqB. imports C. waste inD. subsidieD
WAEC ECONOMICChoose the appropriateAn industry is described as a group of C 2018 A. that proB. which u C. which prD. that proIBRO is concer
WAEC ECONOMICChoose the appropriateThe largest component of national incoD 2018 A. profits B. profit anC. rent D. wages an To teach Physi
WAEC ECONOMICChoose the appropriateA baker bought flour and other ingredieB 2018 A. $302.00B. S52.00 C. $18.00 D. $622.00Extraction of c
WAEC ECONOMICChoose the appropriateIn a country with large population of f D 2018 A. will be B. figures wC. statistic D. figures Any subject wil
WAEC ECONOMICChoose the appropriateDemand-pull inflation is likely to be ca C 2018 A. an increB. increaseC. increaseD. increasi If a worker ch
WAEC ECONOMICChoose the appropriateHolding money to lake care of contingeD 2018 A. a speculB. a transaC. a precauD. an expa Machinery is a
WAEC ECONOMICChoose the appropriateIf a housewife has meat and wants tomD 2018 A. scale of B. opportunC. comple D. double cA market econo
WAEC ECONOMICChoose the appropriateThe stock exchange is an example of thA 2018 A. labour mB. money. C. commodiD. capital B
WAEC ECONOMICChoose the appropriateWhat happens when the central bank C i 2018 A. borrowinB. customerC. banks caD. money sIf the coeffici
WAEC ECONOMICChoose the appropriateIncome is redistributed when the rich aA 2018 A. more priB. subsidy C. more pub D. farmers C
WAEC ECONOMICChoose the appropriateIn order to increase revenue, governm D 2018 A. perfectlyB. price in C. price elaD. unitary eC
WAEC ECONOMICChoose the appropriateWhich of the following activities will A 2018 A. massive B. intensiv C. use of D. massiveLabour is deri
WAEC ECONOMICChoose the appropriateThe poorer the country, the larger the A 2018 A. agricultuB. mining C. trading D. manufacA
WAEC ECONOMICChoose the appropriateWhich of the following measures can be B 2018 A. reduce B. increas C. increas D. reduce Effective suppl
WAEC ECONOMICChoose the appropriateWhich of the following is not a measureA 2018 A. export dB. reducingC. adding vD. increasi Consumers' in
WAEC ECONOMICChoose the appropriateNations engage in external trade becaus D 2018 A. comparaB. absoluteC. fixed cosD. variable Increase in th
WAEC ECONOMICChoose the appropriateOne advantage of international trade i D 2018 A. all of t B. countrieC. goods c D. it makesConsumer prefe
WAEC ECONOMICChoose the appropriateWhich of the following forms of econo C 2018 A. customsB. free tra C. commonD. economiWhen unwanted
WAEC ECONOMICChoose the appropriateThe International Bank for Reconstruc A 2018 A. grantingB. assistin C. reducin D. developAt equilibrium, the market is
WAEC ECONOMICChoose the appropriateAn electrical engineer who is teaching PB 2018 A. underemB. unempl C. fully em D. technol Internal econo
WAEC ECONOMICChoose the appropriateOne benefit a country can derive from A th 2018 A. populatiB. employmC. money D. demandSpecialization
WAEC ECONOMICChoose the appropriateWhich of the following cannot be classiB 2018 A. iron rod B. wild life C. solar en D. gold. Since Profit =
WAEC ECONOMICChoose the appropriateEconomics is regarded as a science becB 2017 A. its issue B. it adopt C. its issu D. its subj Average revenu
WAEC ECONOMICChoose the appropriateThe opportunity cost of a worker goingCt 2017 A. tuition, B. boardingC. the wageD. transpo The monopoly h
WAEC ECONOMICChoose the appropriateWhich of the following items is not an D 2017 A. Raw matB. Money C. Fuel D. MachineEquity share is
WAEC ECONOMICChoose the appropriateIn a market economy, the problem of wh B 2017 A. directiv B. the patt C. produceD. people C
WAEC ECONOMICChoose the appropriateIf the weights of five puppies in kilogr B 2017 A. 3.5 kg B. 4.0 kg C. 4.2 kg D. 5.0 kg. Labour force i
WAEC ECONOMICChoose the appropriateIf the coefficient of cross elasticity o B 2017 A. complemB. substitu C. luxuries D. inferior.No answer
WAEC ECONOMICChoose the appropriateThe difference between demand and wan C 2017 A. desire f B. signific C. ability D. economiA large population has the te
WAEC ECONOMICChoose the appropriateCommodity A demand curve parallel toC 2017 A. fairly e B. perfectl C. perfectl D. fairly i Subsistence farming involves
WAEC ECONOMICChoose the appropriateWhich of the following is an example B 2017 A. TextbooB. Labour C. Staple f D. Mobile A ready market
WAEC ECONOMICChoose the appropriateA rightward shift in the supply curve o A 2017 A. the leveB. the pric C. cost of D. taxationConsumers cooperative soci
WAEC ECONOMICChoose the appropriateEffective supply is the total amount of C 2017 A. from a sB. in the C. offered D. produceLocation is in
WAEC ECONOMICChoose the appropriatePrice elasticity of supply can be influe C 2017 A. time perB. cost of C. size of D. nature oReasons are no
WAEC ECONOMICChoose the appropriateIncrease in the supply of a product canC 2017 A. change iB. increaseC. a fall in D. increaseValue added ap
WAEC ECONOMICChoose the appropriateA rational consumer will purchase a c A 2017 A. greater tB. less thanC. equal toD. equal toInflation is b
WAEC ECONOMICChoose the appropriateParallel markets are usually the result C 2017 A. excess sB. the activC. price legD. inadequAll the compon
WAEC ECONOMICChoose the appropriateAnother term for equilibrium price is C 2017 A. price floB. demandC. market cD. satisfactGeneral price
WAEC ECONOMICChoose the appropriateWhen a firm is enjoying internal economi C 2017 A. total co B. average C. average D. averageAny good mone
WAEC ECONOMICChoose the appropriateThe specialization of labour enhances C 2017 A. can concB. can effi C. can sav D. becomeDe
WAEC ECONOMICChoose the appropriateWhich of the following can be added toD 2017 A. Total va B. Total fix C. MarginalD. Total CoCommercial ban
WAEC ECONOMICChoose the appropriateThe amount of money that a firm receive D 2017 A. total proB. total re C. total cosD. averageCapital gains t
WAEC ECONOMICChoose the appropriateWhich of the following is true of the mD 2017 A. His averB. He dete C. His demD. He deterFiscal policy
WAEC ECONOMICChoose the appropriateEquity shares form the bulk of the capitB 2017 A. private B. public C. statuto D. limited partnership.
WAEC ECONOMICChoose the appropriateIf a state-owned firm is sold through t C 2017 A. partnersB. private C. public l D. public c Equality share
WAEC ECONOMICChoose the appropriateThe total number of people of workingA 2017 A. labour f B. supply oC. demandD. OccupatC
WAEC ECONOMICChoose the appropriateA civil engineer who accepts to teach C 2017 A. structu B. disguis C. under e D. frictio Labour force i
WAEC ECONOMICChoose the appropriateWhich of the following is an implicatio C 2017 A. DecreaseB. IncreaseC. DecreaseD. DecreaseIt is example
WAEC ECONOMICChoose the appropriateThe system of agriculture which involveD 2017 A. peasant B. plantati C. commercD. subsist Subsistence fa
WAEC ECONOMICChoose the appropriateAn industry whose product loses considB 2017 A. the sourB. a ready C. a power D. the sourA ready market
WAEC ECONOMICChoose the appropriateWhich of the following is a threat to t A 2017 A. Consumer B. ProducerC. Sales ag D. Large scConsumers’ coo
WAEC ECONOMICChoose the appropriateIn an industrial area, the location of in B 2017 A. extent oB. externa C. interna D. nearnessLocation is in
WAEC ECONOMICChoose the appropriateWhich of the following is a transfer in C 2017 A. Dividen B. Rent C. PensionsD. Interest.Reasons are no
WAEC ECONOMICChoose the appropriateThe value-added method used in measur B 2017 A. measureB. avoid muC. deduct dD. add net Value added ap
WAEC ECONOMICChoose the appropriateWhich of the following is most likely toA 2017 A. InflationB. Deflatio C. RevaluatD. MonetizInflation is b
WAEC ECONOMICChoose the appropriateThe formula Y = C + I +G+(X*M) will be B 2017 A. income B. expendi C. output D. factor a All the compon
WAEC ECONOMICChoose the appropriateA measure of the value of money in anB 2017 A. size of B. general pC. total levD. total amGeneral public
WAEC ECONOMICChoose the appropriateOne characteristic of money is that it A 2017 A. a standaB. stable i C. a store oD. acceptabAny good mone
WAEC ECONOMICChoose the appropriateA financial institution that specializes i D 2017 A. developB. insuran C. central D. mortgagD
WAEC ECONOMICChoose the appropriateThe function that distinguishes commerB 2017 A. is a lendB. accepts C. services D. regulateCommercial ban
WAEC ECONOMICChoose the appropriateDirect taxes include D 2017 A. excise dB. ad valorC. specific D. capital gCapital gains t
WAEC ECONOMICChoose the appropriateThe control of aggregate demand throug D 2017 A. monetary B. governmC. income pD. fiscal poThe fiscal pol
arginal propensity to consume (MPC) is the proportion of the consumer's additional income that he or she will spend. It is derived thus; Given Y=a + bC, MPC = dY/dC = b.

on-bank financial institutions are bodies which provide financial services other than that provided by the banks. A stock exchange is an institution for trading of financial instruments,
ants is the first concept that kindle the need to study economics. But due to limited resources, the consumers will have to draw a scale of preference for their numerous want but limited res
dam Smith gave the definition in 1776 in his book titled "Wealth of the Nations"
capitalist is more Concerned in profit maximization even though the welfare of his customers are deteriorating.
e relationship between price and quantity demanded is negative as stated in the first law of demand, the higher the price, the lower the quantity demanded. Meanwhile, the relationship bet
arket utility is maximized when the marginal utility per unit price is equal. It is represented as follows: MUJP,= MUJP, = MUJP;
e total product starts to decline when the marginal product is negative. The negativity of marginal product shows that an additional input results decrease in total output. This is internal dise
clical unemployment is the type of unemployment caused as a result of change in business cycle. Thus, doing a particular season, some businesses thrive which results to employment of mo
oral suasion is one of the tools used by central banks to influence commercial banks to comply with a particular monetary policy
x, budget and government spending are all fiscal policy while interest rate is monetary policy.

ouble counting occurs when the national income is calculated using input approach. This is because an original input which is an output to another firm will be counted as input another time,
ptimum population is the population that balances the available re- sources in the economy.
C means production possibility Curve
eferential treatment is an act of giving some customers preference over others. This is only possible in an imperfect market where there is no sufficient information about the prevailing situa
the long run, there is no fixed factor, thus, all factors of production will be variable.
hen the elasticity of demand is unitary, it means the percentage change in price and quantity will be the same. Let q be the original quantity demanded before the change in price. Thus, perc
e forces of demand and supply are referred to as invisible hands. It is these forces that set the equilibrium of the market.
e concept "supply creates its own demand" is ascribed to Jean Baptiste Say in his book titled "political economy"
e economist takes into account cost such as opportunity costs, entrepreneur's salary etc. These costs are implicit costs which the accountant does not take into account. This cost reduces th
e basic need of a social being to economist is satisfaction of wants. This was what spur the study of economics as a subject.

e burden of indirect tax is borne by the person who enjoys the service or used the goods
oney is anything that is generally acceptable as medium of exchange, store of value, unit of account, means for differing payment etc.
pital market is the market for buying and selling long term securities.
ares refer to a unit of ownership in a limited liability company.
 PEC is oligopoly because it regulates the output of member countries.
e trade union in most cases goes against any policy of the government that affects them. Since taxes will have consequential effect on the prices of goods, they will go against it and this will,

calization of industry is the concentration of industry in a particular location. It is adopted by government. so that it can enhance development of the locality and also improve the standard o
ductive method involves drawing the conclusions of a scenario from specific to general e.g. using the price of yam to determine the general price level of all commodities.
contractionary monetary policy means that the monetary authority reduces the money in circulation. A reduction of money in circulation will reduce purchasing power and will thus, will cont
port - promotion strategy is employed to increase the volume of export of an economy.
When the land is rented at higher rate, then the farmers will transfer the cost of renting the land on the output produced by the land.
e absolute cost advantage is the ability of a country or region to produce a good or service at a lower cost per unit than another country that produces the same good or service
overnment policies are the major drive for economic development of any economy. It determines domestic savings as well as foreign direct investment.
ong-run is a period of time when all factors of productions are variable. There are not fixed factors in the long-run.
stock variable is measured at a specific time, and it represents a quantity at a point in time while a flow variable is measured over an interval of time or say per unit of time.
gal entity means that the company can sue in its name and also be sued as such.
r capital is the average income per head/person living in a country. Thus, it is best used in the comparison of standard of living than other indices.

e price mechanism allocates goods and services and also priotise resources.
e share of the public limited liability company is sold to the member of the public through public offer and public subscription to the shares.

uman wants are unlimited and cannot be completely satisfied because of scarcity of resources.
hen the government expenditure in a particular year exceeds government revenue for that same yean then, it is said that the government has a deficit in its budget.
vestment is an inflow into the economy that is an injection while savings is a withdrawal from the economy thus, it is termed leakages.
tility refers to the bundle of satisfaction, pleasure and happiness derived from the consumption of goods and services.

uthorized capital is the maximum amount of capital that a company is allowed to raise in form of capital. It is quoted at par value.
rplus budget is a type of budget in which government revenue is higher than its expenditure. By this, the volume of money or cash in the hands of people will be reduced thus, prices will go
orage facility is the major factor that can improve all round the year availability of agricultural product. Without it, farmers will be afraid of wasting their produce.
rtility is the rate of child birth. If it is reduced, the total population will be affected in the short-run.
w incc.ne earners cannot save because in most cases, their income is not sufficient for them to sustain their lines. Thus, a better way to avail their accumulation of capital is
reign Exchange can be conserved by improving the level of international reserve.
e minimum number of persons that can start a partnership business is two without maximum number according to CAMA 1990 as amended.
any economic services such as cutting of nails done by couples are not valued into the GNP, thus, it will not serve as a god measure of social welfare.
PEC is a cartel organization and a cartel (or oligopolistic) organization is usually aimed at control quality of output in the market by regulatory their supply of its members.
e values of output as well as the value of labour that produce the output are two major factors that determine the price of a product but the value of output is more significant.
deficit budget is a type of budget in which the government expenditure is greater the government revenue, usually, to improve purchasing power.
e demand curve of a perfect competitive firm is represented by the AR curve
C is an enclosed curve and it indicates that all available resources have been fully utilized. One of the factors that can cause a shift in the curve is improvement in the level of technology.
ofit maximization is the distinguishing feature of a market economy.
uilibrium price is at the point when; q 9s 40-4p 12p -24 12p +4p = 40 +24 16p = 64, p= 64/16 = 4
e main reason for location of firms in a particular place is the proximity to raw materials. Petro – chemical firms require crude product which is found in Niger - Delta of the country which Riv
e monopoly has power to influence either price or quantity but not both at a time
minishing return set in when the last variable input adds less to total output compare with the previous variable input
e most improve quality of money is recognition. Everyone can easily recognize money however where it is used.
turn to scale shows the relationship between inputs and outputs. When the firm is producing at an increase return, the AC curve will be going down, when it is producing at constant return,
gerians do not buy made in Nigeria, they prefer imported goods. Thus, this is affecting the industrialization of the country
mmercial bank is the type of financed institution that provides short-term loans to business.
abour is cheap relative to capital, then, it is best to use labour intensive strategy in production of goods
mited Liability Company is a type of company in which ownership is by subscription to share and the share is the unit of ownership in a limited liability company. The host of the shareholder i
ailability of social infrastructure in the urban area couple with plenty job is the major cause of rural - urban drift.
e demand curve of a perfectly competitive firm is represented by the AR curve, as Perfect competitive firm
eather is the main determinant of the quality of output, a farmer will produce. If the weather is favourable, then, output tends to be much

eryone is migrating to the urban area to seek greener pasture. Thus, even if the fund comes, no one Will be willing to go into farming anymore.
port promotion strategy is a deliberate effort to improve exportation or the country so as to reduce the unfavourable balance of payment and also develop the local industry.
e main feature of a market economy is profit maximization on the part of the capitalist (producers) and cost minimization and utility maximization on the part of the consumers.
arket size is the target of any firm If there is no market, there will be no need for further expansion.

less developed countries, there will be high level of unemployment, thus, the youths will be engaged in many social vices such as robbery, prostitution, internet crime etc.
e major factors in determining the location of industry, must especially those industry that require heavy or fragile material, is proximity to raw material that will be used for production.
the population is too high, the dependence ratio will tend to be high and this will result to low per capital except that the high population has a spiral effect on the level of GDP

e price at which goods are sold is the major determinant of the value of money. Since prize determines the quantity/ basket of goods that will be purchased.
the quantity supplied of a good is higher than quantity demanded by the consumers, it gives the consumer the bargaining power since it can go from one producer to the other till he will get
e money deposit banks are the commercial banks and the commercial banks operates in money market as it gives short-term loans.
ational income can be measured using income approach or output approach or expenditure approach.
nce C= 10+0.6Y, if Y= 20, therefore C 10 +0.6(20) = 10+ 12 = 22
althusian population theory states that the population is growing at geometric progression while the agricultural output is growing at an arithmetic progression. This means That the populati
e mode of a set of observation is the observation that occurs most frequently in the set. From the given observations the one that has highest occurrence is 3
n inelastic demand is the demand that changes at a lesser percentage than the price. This indicates that this product will be demanded regardless. Such is demand for land and labour.
oss Domestic Product is the total monetary values of all goods and services produced within a geographical territory in a particular period, usually one year.
pulation census is the periodic head count of the people living in a particular geographical territory. It is useful for government to design a good development plan. Thus, a census is needed f
e question of what to produce and how to produce is answered by the owner of resources (producer). The producer in any economy can be either private sector solely like in the case of cap
operative society is mainly established with the objective of promoting the interest of her member unlike other type of business ownerships where the objective is to maximize profit or soci
e ECOWAS is established with the aim of promoting trade amongst West African Countries.
st-push inflation is the type of inflation that occurs as a result of increase in cost of production. Thus, it occurs when production cost is high.
e opportunity cost of any item is the item that is left unsatisfied. Since the government will satisfy Dam and Airport project, the opportunity costs are the Road and Hospital uncompleted.
e Perfect market is a market that has the following characteristics; Homogeneity of product, free entry and exit of factors of production, perfect information about the market situation, no p
rms of trade is the rate at which a country's export pays for the country's import in a particular period of time. Terms of trade Index of export price Index of import price Thus, both export p
ice system is a mechanism which allows the forces of demand and supply to determine the prevailing price of goods and services as well as the quantity to be supplied and sold.
ne of the factors that determines location of industry or firm is nearness to location of raw materials. The materials of petro-chemical industries are profound in Rivers State of Nigeria and th
e Perfect market is a market that has the following characteristics; Homogeneity of product, free entry aid unit of factors of products, perfect information about the market situation, no pre
hen goods are stored for future consumption, it creates time utility for such goods.
the economy is diversified, sectors of the economy will be developed and will be able to provide jobs for the unemployed.
direct tax is tax that does not impact on the payer. It is collected from the producer of good while the consumers pay for it through the price. Excise duties are taxes on exported goods. It is in
calization of industry is the concentration of industry in a particular location. It is adopted by government so that it can enhance development of the locality and also improve the standard o
evelopment is a set of written objectives or goals and the way by which they can be achieved to facilitate economic development in the country. Plans fail in Nigeria as a result of all the optio
ith national income statistics, the per capital income can be easily computed once the total population is known. Population census is used to determine the total population, not national inc
ne of the common characteristics of underdeveloped nations is over dependence on foreign products. They are not self-reliant
nancial institutions comprise of banks and non-banks, among which we have insurance Companies. But Federal ministry of finance is not a financial institution.
e range is the difference in a set of observation between the largest and the smallest value 10.20-0.25 =9.95
ortage of indigenous manpower is one of the problems of the Nigerian oil and gas industry. Those who play major technical roles in the industry are foreigners
e demand curve of a monopolist is negatively sloped from left to the right
terest rate is associated with risk. The higher the risk, the higher the interest charged and vice-versa.
e per capital income will be low because of high population. Per capital income is national income divided by the total population.
minishing return causes additional unit of variable factor to have declining productivity. This will make the additional output to be lower than what it was before that unit is employed.
eculative motive for holding money is the desire to hold money for investment opportunities.
hen a commodity is demanded for several purposes, it has composite demand.
the population size is small, the market is likely to be small and division of labour cannot be encouraged. It is meant for mass production when the market is large
a perfect market, the operators have adequate knowledge of existing prices
e effect of a change in price of a commodity on its supply is called a change in quantity supplied. This is a downward or upward movement onthe demand curve.
n indifference curve is a curve that shows all pairs of two commodities which give equal satisfaction to a consumer.
e price of a commodity is the major determinant of price elasticity of demand. We also have income elasticity of demand where income is the major determinant.
mparative cost advantage means that a country has lower opportunity cost in production. That Nigeria has comparative cost advantage means that it can produce cocoa more cheaply
ptions A and C are ways of improving total output in agriculture. It does not have anything to do with marketing. Establishing agricultural marketing boards will help to stabilize price by buyin
asticity of supply is the ratio of the percentage change in quantity supplied to the percentage change in price.
rsonal income, transfer earning and disposable income are not part of sources of government revenue
ivate and individual organizations who hold shares of the Companies are the owners.
emand - pull inflation is the one caused by excessive demand over supply. When demand increases without a corresponding increase in supply, the price level will increase.
pply of perishable goods are usually price elastic. This is because the goods cannot be kept for long. A change in price will not lead to a significant change in quantity offered for sale.
ne of the major goals of agricultural policies in Nigeria is to ensure self-sufficiency in food production.
ough language barrier is also a problem but conflict of interest among member states is more pronounced.
ivate enterprises are owned by private individuals or group of individuals. Therefore, the business activities are also founded by individuals who own the business.
nsumers try to equate marginal utility of a commodity to its price, hence the payless as quantity increases because diminishing marginal utility operates.
nemployment problem in Nigeria is not caused by foreigners, therefore immigration law is not the solution.
n example is the demand for hand-set phone and SIM card
ange in demand in commodity here refers to a shift in the demand curve. This can be caused by avail ability of substitutes, especially when price of substitutes change.
a socialist economy, otherwise known as a command economy, re-Sources are owned by the state on behalf of the public.

ean, median and mode are measures of location. They are not measured of dispersion.
e focus on oil at the expense of other sectors such as the industrial sector and agricultural sector has brought a major setback to the industrial sector in Nigeria.
e goal of consumers is utility maximization. They consider the utility which is the benefit from commodity before they agree to pay for it. When the benefit is more than the price, they consu
decrease in demand for import other things being equal will lead to a fall in price of import and the term of trade will improve. Term of trade is the ratio of a country's export index to price o
hen government expenditure exceeds the revenue, one of the targets is to increase employment.
et migration, which is the difference between immigration and emigration is also a determinant of population growth apart from the natural growth rate which is the difference between the
l glut is a situation of excessive demand over supply whereby the price of oil falls.
asticity of supply is the ratio of the percentage change in quantity supply to the percentage change in price. Supply is elastic since it is greater than one.
ncentration of firms in a geographical area usually referred to as localization encourages improvement in standard of living of the people in the community.
eather condition is a major factor that affects agricultural product such as colanut. A favourable weather will increase its yield while the unfavourable weather condition leads to decrease in
quilibrium of oligopolist is the point at which his profit is maxized. And the condition for profit| maximization whether oligopoly or any other market is that MČ = MR
echanical farming is an intensive system of farming in which modern machine are used. This will lead to mass production.
ailability of raw materials for the petrochemical industry encourages the sting of the industry in Rivers States.
ptimum population is the one that allows the country to have the highest per capital output
minishing marginal utility states that the satisfaction from successive units of a commodity diminishes as more units are being consumed. Therefore, consumers assign lower prices to lower l
= AVC: When the price is less than the AVC in the short run, the firm is not expected to produce again.
lief of a place refers to the physical features of a geographical location.
lance of trade is concerned with the amount of visible goods exported and imported into a country. It can be corrected by adopting any strategy that will make export rise or make import fa
change in commodity's price can only cause a movement on the curve, not a shift. This movement is called a change in quantity demanded.
n increase in demand means a leftward or rightward shift in the demand curve. It is caused by a change in any determinants of demand except price of the commodity.
overnment can influence the location of industries in order to create jobs for the rural dwellers to control rural-urban migration because many rural dwellers go to cities to search for job.
oss Domestic Product is the net E
e volatility of oil price (that is, too frequent price change) is a major problem to OPEC.
ough indigenization policy is not to completely eliminate the foreign participation in the Nigeria economy but it is to reduce proportion of foreign cotrol of businesses in Nigeria drastically.
n entrepreneur gets profit as his reward for being a factor of production.
hen the MC = MR. The firm is at equilibrium (that is it maximizes profit).
e condition for market equilibrium is that quantity demanded must be equal to the supply
rsistence fall in the general price level is called deflation

hen demand is inelastic, a change in price will lead to a smaller proportionate change in quantity and revenue will therefore increase if higher price is charged.
ude oil has been a major source of revenue to the government in Nigeria, both from its sales and the rents and royalties from firm operating in the sector.
a planned economy, the government makes major economic decisions through planning.
e middle men through hoarding and unnecessary increase in prices hamper distribution of fuel in Nigeria.

onomic growth is an increase in output of an economy or country. This output is what is termed as GNP.
monopolistic competition there are many sellers who sell similar but differentiated goods.
gh level of unemployment is one of the characteristics of underdeveloped countries. The underdeveloped countries have high population and low employment generating activities.
overnment through central planning determines how to produce in a command economy which is also known as a socialist economy system. In this type of economy system, major economic
hat to produce in a capitalist economy is determined majorly by the pattern of demand in the market. Producers allocate resources to commodity that people are willing to buy. This is know
nge is the difference between the largest and the smallest number or value in a distribution. Attention will be focused on the tallest tree if range is used.

change in demand means a shift in the demand curve either leftward or rightward. Change in quantity demanded is the movement upward or downward on a demand curve.
r inelastic demand, the percentage change in quantity demanded is less than percentage change in price. Change in price is 10% and percentage change in quantity is just 5%.
ternal diseconomy of scale is the disadvantage that increases the cost of production of a firm as a result of its size being too large.
vision of labour is the breaking of jobs into production line to be performed by specialists.

xed costs are expenses on inputs that do not change with the output level. The costs remain the same at all level of production. Examples are rent, administrative cost, cost of equipment etc.
pansion of output stops at MC > MR
monopolist can influence either the price or quantity, but not the two at the same time. And he is not a price taker like a perfectly competitive firm.
e monopolist will boost his revenue by increasing price since the demand for his commodity is usually inelastic.
DP in an open economy (an economy that is involved in international trade) can be calculated as C+I+G +X- M where C is the households consumption expenditure, I is the investment spendin
ational Income = Multiplier x Investment where multiplier = 1/MPS MPS+MPC = 1, MPS = marginal propensity to save, MPC marginal propensity to consume.
hen inflation co-exist with high rate of unemployment, it is termed stagflation.
suring technological security is a major challenge to the banking industry in Nigeria. This is because of the rate at which people perpetrate unlawful acts through the internet especially in ban
e money market is the one established to issue short term loans to investors. Commercial banks are operator in this market.
the price index is 175%, it means that the price level has risen by 75%. This implies that the value of money has fallen by 75%.
age freeze is the situation in which the government makes the law that prohibits upward review of workers wages and salary for some time.
w capital formation is one of the problems to the development of Nigeria economy because the stock of physical and human capital is one of the factors that determine the economic growth
e standard of living in an underdeveloped country is usually low. The amount of goods and services available for an average person is usually low because of low income or pOVerty at large.
ricultural sector provides jobs for over 50% of Nigerian population. Option D is not correct because Nigeria agricultural sector does not process raw materials for industrial use, rather it supp
e peasant farming is a small scale farming which involves the use of crude implements. Large scale farming involves research and also provides jobs for many.
ructural unemployment can result from localization of industry. Whenever the structure of the economy changes against the concentration firms in an area, many workers lose their jobs.
oximity to the market is one of the factors considered by firms in locating industry, especially when the product IS fragile, awkward in shape or weight-gaining.
PEC has achieved some level of success in stabilizing the price of oil in the oil market.
e upstream sectors of oil industry involve all activities except exploration and mining and any activities after refining and distribution of the product.
 st of labour is a variable cost. An increase in the cost of labour will cause an încrease in the short run-average cost.
rtical integration is the type of merger in which firms at different stages of production merge together. This makes it a one big firm and it will therefore reap the benefit of low cost of produc
a cooperative society, each member of the association has a vote irrespective of his or her contribution to the association. Voting is not tied to amount contributed or loans collected.
pulation census is used to determine who gets what in a country. It is useful in allocating resources of the sharing or even processing of amenities). Option D is not wrong but A is more comp
determine the per capita income of a country, the population must be known. Per capital income is the national income divided by the population figure which is known through population
floating exchange rate is the one in which the exchange rate is not rigid or fixed but left to the forces of demand and supply to determine.
uotas as a term used in international trade refers to a limit set on the quantity of a commodity that can be imported into a country.
TO is the World Trade Organization and its major objectives include promotion of trade among countries and this can be achieved by reducing tariffs on commodities traded in international m
ere are many factors that can determine the volume of output in an economy. An important among them is the size of the total expenditure which determines the amount spent in output to
e labour force of a country is determined by the age structure. The only group of people in the labour force is the people between and 60 or 65 in Nigeria, for example. The proportion of the

mixed economy is the one in which major economy decisions are jointly made by both the private individuals and the government. In this type of economic system, the public and the private
e standard deviation is the square root of variance. Therefore, variance is standard deviation squared which IS equal to (532) = 2809
e mean can be used for the calculation of mean absolute deviation, variance and the standard deviation. While the standard deviation can be used to get the coefficient of variations.
e only correct option that is the advantage of range is that, it can be used to determine the class interval for a grouped data A. If we know the range of a distribution, we can use it to divide t
find the median, we first rearrange the data in an ascending or descending order. Then we pick the value at the middle. 10, 14, 15, 18, 22, 28, 30, 35, 38.The value at the middle is 22.

decrease in quantity demanded is an upward movement on a demand by curve which can only be caused by an increase in price of the commodity.

ptions A and B are assumptions under the ordinalist approach. But C is an assumption of both the cardinalists and the ordinalists.
tisfaction is derived only when the commodity is used or consumed.
centive granted to workers is expected to lead to increase in supply as it will motivate them to work more and increase productivity.

hen demand is elastic, it means that a little change in price leads to a greater proportionate change in quantity. So, when price falls, quantity will increase significantly price elastic demand
ms in a monopolistic competitive market produce similar and/or substitute goods e.g. Bournvita and Milo, peak and Three Crown etc.
hen the price of a commodity is fixed below equilibrium, it is called maximum price legislation or price ceiling. This can lead to excess demand in the market.
ne of the disadvantages or criticisms of price mechanism is that it widens the gap between the rich and poor. It increases the inequality gap.
fixing rent below the equilibrium rent, the cost of accommodation will be more affordable but this will be effective only if government can only increase the available accommodation by bui
onomies of scale is a cost saving advantage that accrues to a firm as a result of producing or operating on a large scale.
e graph labelled R represents Total Cost. It is the sum of M and T which is variable cost and fixed cost respectively.
ough GDP is also used as a measure but per capital income put population of the country into consideration unlike the GDP or GNP that does not consider the population of the country in its
eculative demand for money is the demand for money for bonds and Some other securities. This type of demand for money is inversely related with inflation rate. It is low when inflation rat
scount rate is the interest charged by the Central Bank on the loans it gives to commercial banks. This bank rate or discount rate can be in- creased to control inflation as it will reduce the ab
decrease in money supply will cause an increase in interest rate. Other things being equal.

e tax on land will fall entirely on users because its supply is perfectly inelastic.
oals of development plans in Nigeria include improving the standard of living for the citizens by formulating policies that will improve citizens welfare.
surance companies invest in capital market. They purchase long-term securities thereby providing funds for firms to increase output.
ocessing agricultural produce (changes) improves its value and makes it command higher price. When raw materials are processed, they became goods of higher values with higher prices. Go

eregulation is the situation in which the government or its agencies remove some of the restrictions or control, it exerts on production and distribution of commodities in a particular sector o
nsumers cooperative society is the type of association or business organization in which some people come together to facilitate the purchase of commodities. They pool resources together
rtnership business does not include transfer of shares. It has unlimited liability and does not necessarily require huge capital outlay but there can be distrust among the partners which is a m
fficiency of labour can be improved through training. Training is not limited to formal education, it can be acquired through any skill acquisition centers that suit the operation to be performed
migration is the movement of the people away for period of time for any reason but mostly for greener pasture. This will directly lead to a decrease in the population of the society where peo
decrease in demand for Naira will make the value of the currency to fall but if government can buy the currency with its foreign reserve, the price or value of the currency can be stabilized.
overnment spending is the amount government releases into the economy through its various activities. This spending goes into the hands of citizens (or habitants) of the country. Thus, the h
onomic Commission for Africa established in 1958 with its head Ethiopia quarters in Addis Ababa, Ethiopia has recorded some level of success in the elimination of trade restrictions among s
e risk associated with loan is a major determinant of interest charged on the loan. Highly risky loans attract higher interest rate.
e valid argument to support wag increase is increased in productivity of the workers
ctional unemployment is the type in which a person is out of work for sole time, usually short period of time, searching for a job which exists but might not be known to him for some time.

nsumer sovereignty is the assumption that it is the consumer's taste that determines what they buy and this in turn determines what the producers should produce. This is not the case in th
sitive economic reasoning is a factual statement and it is testable, that privatization leads to greater efficiency. It is a factual statement because there will be better supervision and close mo
e sign of the slope of a graph shows whether the variables in question are positively or negatively related.
the GDP = 60 billion, the difference between the contributions of and manufacturing sectors is
nce the change in quantity is caused by a change in price and not any other factor, it is termed change in quantity demanded
henever there is an increase income, other things being equal, there will be an increase in demand which is a rightward shift in the demand curve.

tility is subjectively determined. It does not really have objective basis for measurement.
marginal utility diminishes with an increase in quantity, reducing the quantity consumed will make the marginal utility increase.
 ason and weather conditions influence the supply of agricultural products including cocoa. Options C and influence demand, not supply of cocoa.
e difference between the revenue and Cost is the profit. Cost elasticity measures the percentage change in quantity to a change in cost. Thisshows how output responds to a change in cost.
e invisible hands which are the forces of demand and supply. This in most cases leads to exploitation of consumers and promotes the interest of producers. It is the government in the sociali
n increase in quantity supplied will result from fixing the price above equilibrium. The higher the price, the greater the quantity supplied.
sources are best allocated by the price system.
firms vary all inputs in the long run, the firm will experience economies of scale since all inputs will be variable, thus, costs are spread on all inputs
hen the isoquent is tangent to the isocost, the firm attains equilibrium.
e long run Average cost curve touches the short run cost curve only at the minimum point of one of them (which is called the optimal plant). The rest may touch at the declining parts or at th
hen all inputs are doubled and output increased by less than double, the farm experienced decreasing return to Scale.
e major characteristic of monopoly market is barrier to entrance. When there are patents and copyrights given to firm, it is to prevent other firms from joining the market.
discriminatory monopolist charges different prices in different markets. The elasticities in the two markets are different.
et National Product GNP-depreciation

e value of the material itself is more than the face value of the money
arcity is the central problem of every human, firm and organization and it's the main reason that spurs the study of economics as a course
oduction possibility curve shows the combination of two outputs that can be produced efficiently in an economy. A point below it shows efficiency and point above shows impossibility. Thus
ithout human effort, land will be useless
ice mechanism is the forces of demand and supply. In a free economy, the forces of demand and supply will determine the price
good is consider inferior if the quantity demanded for such good decreases as income increases. This indicate that the good is meant for the lower class

goods are in abundant supply, the price of such goods will be lower. Since marginal utility and price are used to determine the equilibrium, then a lower price will lead to a lower utility

hen two goods moves in the same direction in terms of price and quantity, such goods are jointly demanded. That is both goods cannot be separated from each other. If they move in opposi
rcentage change in quantity supplied (200-250/200) x100 25%, Price elasticity of supply 25%/ 12.5%=2
hen two goods moves in the same direction in terms of price and quantity, such goods are jointly demanded. That is both goods cannot be separated from each other. If they move in opposi

there are too much specialist, addition of one more will result to lower
creasing return to scale means that as output increases, cost per unit reduces. If the producer still sell at same as cost reduces, more profit will be made
e fixed cost continue to fall as output increases but will not reach zero as shown in the figure below
a public company, the ownership is separated from the management. The owners will appoint management to run the business.
e wholesaler provide storage facility to ensure flow production. Since the goods will be stored in the warehouse, the price will be relatively stable
wages increases in the labour market, labour will initially rush into the market due to high wages, then the supply will reduce because the labour wili start demand for leisure time to spend
pulation growth rate is net natural growth rate - net migration rate.
et natural growth rate = birth rate- death rate Net migration rate = emigration rate - immigration rate.
us, the overall = birth rate - death rate +emigration rate - immigration rate
e productivity of labour is measured as out per each labour input the weather in Africa has no significant effect on the agricuitural productivity
port substitution strategy is the act of encouraging local firms to produce imported goods
termediate goods are goods which cannot be consumed directly but used for further production. That is the case of cement and steel

hen bank rate is increased, commercial banks will be willing to keep more cash with the central bank, thus, reducing their ability to give loan

point inside the PPC curve always indicate underutilization of available resources while a point along the curve indicates optimal utilization of resources
tal cost = fixed cost+ variable cost At 3 level of output, total cost is S(750+900) = $1650

e Malthus theory is myopic a. it doesn't forecast advancement technology which will aid production
uman development has to do with development in their skills and ability. Thus, if education and training are promoted, it will impact on human development index
the facilities that are enjoyed in the cities are available in the rural areas, the urban migration will be checked and thus, agricultural productivity will improve
country is industrialized if the industries have significant impact on the GDP of the economy
the long- run, no fixed cost. Thus. the only cost left to cover is the variable cost. Inability to cover the variable cost means short-down
e figures will be under-stated because housewives services will not be used and added to the National Income (NI).
dget deficit will increase the purchasing power of the citizens, thus, will lead to demand-pull inflation.

ternational trade makes it possible for the citizens of a country to consume what their country does not have ability to produce.
equilibrium, the market is cleared. Thus, another name for equilibrium price is market clearing price.

arge population has the tendency to result to decrease in standard of living

bsistence farming involves farming for family needs.

nsumers cooperative society pose great threat to the wholesaler and retailer who form the middle man because they can also perform their factors
ancial instruments,
merous want but limited resources. Then, choice will be made from the scale of preference. After making the choice, there will be opportunity cost of the alternative forgone. Thus, the correc

nwhile, the relationship between price and quantity supplied is positive as stated by the second law, the higher the price, the higher the quantity supplied.

output. This is internal diseconomies because the result is internally motivated.

sults to employment of more labours after which they will be retrenched.

nted as input another time, making the counting twice.

n about the prevailing situation of the market.

change in price. Thus, percentage change in quantity is 40% and new quantity demanded after a change in price is 0.6q. old revenue of the producer is 3q, new revenue is 0.6g x 5 = 3q,

ccount. This cost reduces the economist's profit.

ll go against it and this will, in most cases, make the government to reverse the policy

also improve the standard of living of the people.

ower and will thus, will control inflation.

ood or service

educed thus, prices will go down and value of money will appreciate
ore significant.

the level of technology.

lta of the country which River State is one of them.

oducing at constant return, the AC curve will be minimum and when the firm is producing at decreasing return, the AC curve will be going up.

he host of the shareholder is limited to the amount of shares contributed

cal industry.
he consumers.

be used for production.

level of GDP

r to the other till he will get the producer that is willing to sell for him the price he wishes to pay and also the producers will wish to sell their products quickly most especially if the goods are
his means That the population will outgrow the agricultural product.

for land and labour.

n. Thus, a census is needed for economic planning and development.

solely like in the case of capitalist economy or public sector only in the case of socialist economy or combination of private and public sector in the case of mixed economy. Thus, system of e
s to maximize profit or social welfare as the case maybe.

d Hospital uncompleted.
t the market situation, no preferential treatment and no transportation cost, many buyers and sellers etc while the opposite features are for imperfect market.
rt price Thus, both export price and import price can be used to improve the terms of trade in opposite direction.
plied and sold.
vers State of Nigeria and this influence the location of petro-chemical industry in the State.
he market situation, no preferential treatment and no transportation cost, many buyers and sellers etc.

es on exported goods. It is indirect because the consumer of the exported goods will eventually pay for it.
lso improve the standard of living of the people.
a as a result of all the options listed but the predominant one among them is Corruption and political instability. Corruption and political instability hinder implementation of plans.
population, not national income statistics.

hat unit is employed.

e cocoa more cheaply
p to stabilize price by buying in the time of surplus and sell out in time of scarcity.

tity offered for sale.

e than the price, they consume more, but when benefit is lower than the price, they consume less. The law of diminishing marginal utility is the basis for resources allocation.
try's export index to price of import index. Also, lowering export duties will lower export price at increase demand for export.

he difference between the birth rate and the death rate.

ndition leads to decrease in its supply

ssign lower prices to lower level of satisfaction.

port rise or make import fall.

cities to search for job.

sses in Nigeria drastically.

nerating activities.
my system, major economic decisions are made by the government (that is, the public sector
willing to buy. This is known by looking at the interaction of demand and supply in the market and see how willing people are to buy a commodity by looking at the market price.

mand curve.
ty is just 5%.

cost, cost of equipment etc.

, I is the investment spending, G is the government expenditure, X is the export and M is the amount spent on foreign good (imported good)

he internet especially in banking.

ermine the economic growth of a nation which in turn leads to economic development.
ncome or pOVerty at large.
ndustrial use, rather it supplies the material in its raw form.

workers lose their jobs.

 enefit of low cost of production which is advantage of economies of scale.
d or loans collected.
t wrong but A is more comprehensive i.e. sharing the resources of the whole country surpasses provision of social amenities.
known through population census.

ties traded in international market.

e amount spent in output to various economic agents.
mple. The proportion of the total population in this category determines what the size of the labour force will be.

m, the public and the private sector co-exist.

fficient of variations.
on, we can use it to divide the data into different classes and know the number of classes to have and what the interval should be.
e at the middle is 22.

ntly price elastic demand

able accommodation by building more houses.

pulation of the country in its usage as a measure of standard of living.

. It is low when inflation rate is high and vice-versa.
tion as it will reduce the ability of commercial banks to give out loans.

values with higher prices. Government operates through the NNPC)

ities in a particular sector of the economy at large. The main objective is to bring about efficiency in pricing and distribution of the commodity in question. It is believed that the forces of dem
hey pool resources together, buy the commodity and distribute among themselves or sell at a subsidized price to all members of the association. In this type of business organization, the mem
ng the partners which is a major disadvantage of the business. It can lead to low level of commitment among the partners.
e operation to be performed by the worker.
on of the society where people emigrated from.
urrency can be stabilized.
) of the country. Thus, the higher the spending. the higher the amount of money in the hands of inhabitants of the country and the higher their demand for goods and services so also the rev
f trade restrictions among states in Africa.

own to him for some time.

ce. This is not the case in the socialist economy, it is the government that produce standardized products.
er supervision and close monitoring.
sponds to a change in cost. Hence, productivity of each factor
he government in the socialist economy that pursues the goal of promoting the interest of the society. The producers in the market economy pursue their own interest.

t the declining parts or at the rising part depending on whether the long run cost is falling or rising.

e shows impossibility. Thus, if the curve shift outward, it shows that some external inputs have been introduced into the economy, thus, it will grow

ead to a lower utility

ther. If they move in opposite direction on the other hand, then, they are competitive goods

ther. If they move in opposite direction on the other hand, then, they are competitive goods
d for leisure time to spend their high wage.
ve forgone. Thus, the correct order is want, scale of preference, choice and opportunity cost.

evenue is 0.6g x 5 = 3q,

t especially if the goods are perish- able. Thus, it places price advantage on the consumer.
economy. Thus, system of economy answers this question.

entation of plans.
he market price.
ieved that the forces of demand and supply without government control will ensure more efficiency.
siness organization, the members are also the owners of the business.

and services so also the reverse. Thus, government spending is the major determinant of demand pattern in any economy.