1

If P = \(\frac{1}{4}\)(Qs + 10). What is the quantity supplied at N14?

A

14

B

60

C

46

D

32

CORRECT OPTION:
c

P = \(\frac{1}{4}\)(Qs + 10)

14 = \(\frac{\text{Qs + 10}}{4}\)

56 = Qs + 10

56 - 10 = Qs

Qs = 46

14 = \(\frac{\text{Qs + 10}}{4}\)

56 = Qs + 10

56 - 10 = Qs

Qs = 46

2

The profit of a monopolist can be eliminated where price equals

A

AFC

B

MC

C

AC

D

AVC

CORRECT OPTION:
a

3

An economy in which both the public and private sectors contribute to economic growth is as

A

feudal economy

B

capitalist economy

C

socialist economy

D

mixed economy

CORRECT OPTION:
d

4

If the standard deviation of a given data is 53, what is the variance?

A

2082

B

2809

C

2808

D

2209

CORRECT OPTION:
b

5

Which of the following set of statistical tools is used for further economic analysis?

A

the median and standard deviation

B

the mean and mode

C

the mean and standard deviation

D

the mode and median

CORRECT OPTION:
b

6

An advantage of the range as a measure of dispersion is that it

A

can be used to calculate open-ended distribution

B

make use of all values of observations in a distribution

C

takes all values into consideration

D

is useful for further statistical calculation

CORRECT OPTION:
a

7

Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28

A

10

B

38

C

35

D

22

CORRECT OPTION:
d

8

An increase in demand without a corresponding change in supply will lead to

A

a decrease in equilirium price and increase in equilibrium quantity

B

an increase in equilibrium price and quantity

C

a decrease in equilibrium price and quantity

D

an increase in equilibrium price and a decrease in equilibrium quantity

CORRECT OPTION:
b

9

An increase in the price of a commodity will result in

A

a decrease in the quantity demanded

B

an increase in demand

C

an increase in quantity demanded

D

a decrease in demand

CORRECT OPTION:
a

10

If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is

A

66.7

B

0.5

C

1.5

D

2.0

CORRECT OPTION:
d

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