1
With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the?
A
total utility derived from each goods and services is increasing at an increasing rate
B
marginal utility derived from each good or service is increasing at the same rate
C
marginal utility derived per naira spent is the same for all the goods and services
D
total utility derived from all the goods and services is large
2
Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore?
3
One of the features of a free market economy is that?
A
resources are directed by the price mechanism
B
workers do not earn equal wages
C
the profit motive is serverly constrained
D
descisions on the economy are taken by bureaucratic structures
4
One of the fundamental differences between a capitalist and a socialist economy is that while?
A
the former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
B
in the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
C
taxes are levied in a capitalist economy, there is no taxation in a capitalist economy
D
income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy
5
When a country's population is experiencing increase returns, that country is said to be?
C
over-producing goods and services
6
In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is 30%, this implies that the?
A
dependency is ratio high
C
active population is large
D
population is growing according to Malthus theory
7
One of the objectives of Nigeria's current population policy is to?
B
reduce the emmigration rate
8
Labour productivity is the ratio of?
D
average product to man-hours
9
The type of cost which has to be covered for a firm to continue production in the short-run is the?
10
A good is said to be inferior if its demand?
