Which question paper type of economics is given to you?
An effective way of controlling inflation in a mixed economy is to
The World Trade Organization is responsible for
Trade takes place because of
The money paid per hour for work done is
In modern economies, the Malthusian theory of population is ineffective because of
Industrial development in Nigeria can be encouraged through
The transfer to public shareholding corporations to private enterprises is
The record of a country's transactions in international trade is her
Industrial development in Nigeria can be encouraged through
Investing heavily in the agricultural sector will lead to
The main function of NNPC is to
Agricultural production in Nigeria is constrained by
Upstream oil activities involve the
The import-substitution strategy of industrialization is to encourage
1 out of 5
The deflationary gap is defined by
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A country embarks on deficit financing in order to
An indicator of growth in an economy over a period of time is the
A country achieves economic development when there is
During the era of barter, money was generally in the form of
If aggregate demand is lower than total output in an economy national income will
In national income accounts, an item counted as part of government spending is
An increase in the circulation of money without a corresponding increase in output will lead to
2 out of 5
Bank consolidation policy in Nigeria is a measure to increase
The profit of a monopolist can be eliminated where price equals
Use the diagram below to answer question 23 and 24
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The average total cost when 20 units are produced is
When 20 units of output is produced, TC will be
One of the characteristics of oligopoly is the availability of
If real income increases while nominal income remains the same, it can be inferred that
3 out of 5
From the Diagram above, the optimal point of production is
The law of variable proportions is applicable only
A firm will experience diseconomies of scale when
The optimal range of output for a perfectly competitive firm is
If a firm is faced with an elastic supply curve, its revenue will
Ranking is the method use in measuring
Minimum price legislation by government will
When a consumer is at equilibrium, the MRSxy is equal to the
From that table above, the price elasticity of supply is
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4 out of 5
In the process of production, total output is at maximum when
If demand increases without a change in supply, equilibrium price and quantity will
The median of an odd-numbered set of scores is the
The graph of the schedule above will depict
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If the demand for one commodity excludes another, it is said to be
A consumer surplus measures the
Demand patterns are determined by the market on the basis of
A major disadvantage of the arithmetic means is that it is
One of the limitations PPC assumption is that there is
5 out of 5