J Economics 19

A form of tax that is midly progressive and regressive is_______

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m

Indirect taxes on goods and services ₤ 8,000m

Capital consumption ₤ 6,000m

National income is__________

If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

A rise in the supply of a commodity cause _______

The demand curve facing the monopolist in the foreign market is__________

Whatever form an economic system may take, choice is essential for members of the community because resources are__________

A supply curve slopes upwards from the left to the right indicating _______

Effective demand for a commodity is desire for that commodity backed by_______

Poverty simply refers to the low level of________

Consider the diagram below which shows a demand curve (d).

Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by__________

Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

Among the disadvantages of the one-man business is the fact that______

One of these is not a problem of agriculture _______

When a member's currency is declared "scarce", it is the duty of the IMF to______

A contractionary monetary policy is used to control__________

An example of a market which approaches fairly near to perfection is ________

The basic and essential economic problems in a community are related to choice and________

Let capital formation = CF, Production = P, C = consumption. Then CF =_______

If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

If we move from 8 to 6, the elasticity of demand is_______

The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

The determination of price by bargaining between buyers and sellers is________

Adam Smith's Theory of value stated that the value of a commodity depended on________

An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

Consider the following figures which refer to a firm's production department during one week:

Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.

Total variable costs incurred during the week are

An example of a vertical combination is the merger of_________

The use of government income and expenditure instrument to regulate the economy is termed______

Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

A commodity is defined as normal when its demand changes in the same direction as______

A retailer is distinguished by the nature of its sales, which is in___________

ECOWAS was formed for the purpose of________

The determination of wages in a labour market depends on the_______

The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

The sector which contribute highly to the economy is___________

The following are measures of location except________

The last link in the channel of distribution is____________

Given two substitute goods (X and Y) with demand and supply function;

Qd = 7p - 12

Qs = 4p + 9

The oil boom between 1970 - 1980 caused the oil sector to become____________

The money market equilibrium is defined as_________