1
Which of the following situations can give rise to economic problems?
B
Wants of varying important
C
Limited means available for satisfying wants
D
Means used in different ways
2
Scale of preference refers to?
A
consumers preference for luxury goods
B
the household monthly income
C
list of goods and servicesin order of priority
D
budget perparation without paying due regard to priority
3
For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the?
A
amount of X it could not produced
C
total amount of Y it could have produced
D
extra amount of Y it could have produced
4
Which of the following is applicable in a wholly capitalist economy?
A
There is government intervention in price determination
B
Consumer sovereignty does not exist
C
The price mechanism allocates resources
D
Households cannot freely decide what to spend on goods and services
5
the major objective of current campaign for family planning in Nigeria is to?
B
limit the number of women a man can marry
C
keep the population growth rate constant
D
raise the standard of living of the population
6
The migration of young people from rural to urban areas in Nigeria should help to raise the?
A
standard of living in the urban areas
B
total productivity of labour in the rural areas
C
marginal productivity of labour in the rural areas
D
marginal productivity of labour in the urban areas
7
BY definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation?
8
The higher the price of capital relative to the price of labour, the more production techniques should be?
9
The U-shape of the long run average cost curve can be explained by the?
A
law of increasing returns
C
law of diminishing returns
D
concepts of economies and diseconomies of scale
10
The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the?
A
role of supply and demand
B
role of material incentive
C
existence of buyers and sellers
