J Economics 14

From the table above, Calculate the price elasticity of supply

An inflation that co-exists with high rate of unemployment is

The labour force of a country is determined by the

Given a base year and the price index of 175% the following year, which of the following year will arise?

A perfect competitor will continue to expand output up to the point where

When price is set below equilibrium, this will lead to

Which of the following can be used to measure the Gross National product in an open economy?

Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product.

Price mechanism determines the prices of commodities through

The best measure of dispersion to determine the tallest tree in a forest is

If the national income is 360m, the contribution of the manufacturing sector is

The voting power in co-operative societies is vested on

If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is

Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs?

The major determinant of the total volume of output in an economy is the

Firms embark on vertical integration in other to

(Option 3 — Fall in the commodity’s relative price):

If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is

When the price of a commodity falls, the consumer can buy more of it with the same income.

Option 3 — Stabilization of oil prices Reason:

When oil prices are stabilized, general price levels in the economy become stable, maintaining or increasing consumers’ purchasing power — represented by a rightward shift of the budget line.

Division of labour requires that, the tasks in a production line be performed

The consumer is at equilibrium at point

From the table above, find the values of E and F respectively

One of the challenges facing the banking industry in Nigeria is

The short-run average variable cost of a firm will rise owing to

Given that Qd = 40 + 2P and Qs = 6P - 24. Calculate the equilibrium price.

The choice of how to produce in a command economy is determined by

An accurate census figure is an important tool for planners in

If MPC = 2/3 and investment is N100 million, the level of national income is

An advantage of large-scale farming over peasant farming is in the area of

In capitalist economies, questions about what to produce are ultimately answered by

A change in demand for a normal goods implies that, there is a

One of the characteristics of a monopolist is that, he can influence

A major obstacle to the development of Nigeria economy is

A major feature of an underdeveloped economy is

A major determinant of floating exchange rate is

A major disadvantage of localization of industry is

One of the ways of improving the marketing of agricultural produce is by

What is the percentage contribution of services to the national income?

One major factor that determines the location of an industry is

If the production of a large firm is higher than that of a small firm, it is experiencing.

An accurate population census is important in other to

Short-term loans for investment are usually obtained through the

An important role of agriculture in Nigeria's economic development is the

Rent and administrative expenses are examples of

A monopolist can boost up his revenue by

The loading of crude oil at the terminal is an activity in the

The precautionary demand for money is determined by

Price mechanism determines the prices of commodities through

The main objective of WTO is to