w economics 16

The principle of comparative cost advantage was propounded by

Price elasticity of demand or supply measures how responsive

During Inflation, interest rate will

The demand for torch and batteries is an example of

The difference between GDP and GNP

The necessary condition for a firm to be in equilibrium is that marginal revenue is

When a number of countries agree to remove all trade barriers among themselves and at the same time charge a common tariff against non member countries, it known as

The stock market is a market for

Which of the following financial institutions cannot be found on the capital market of a country

If the quantity of men's hat demanded per week isrepresented by the function Qd= 20 - 1/3P, where P is the price, how many hats are demanded when the price is $9.00?

An entrepreneur is encouraged to adopt division of labour in production because it

Which of the following will encourage capital intensive farming

One feature of a growing population

How does producers expectation of a price fall affect the supply curve of a product? There will be

Which of the following cannot be classified as land in economics

Indigenization policy is a measure aimed at

Which of the following international organizations is concerned with the stabilization of the balance of payments? the

The rate at which a country's export is exchanged for her imports is

In a socialist economy, prices of commodities are determined by

A bank note is said to be a legal tender because it is

Which is following is a cause of under-development in West Africa

The type of unemployment that occurs as a result physical or mental disability of labour is known as

Which of the following items is not included in the measurement of the national income using the income approach

The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to

Which of the following measures will hinder efficient distribution of goods in West Africa

Cost push inflation is likely to arise when

The demand curve for neccessity is usually

The long run is a period when

A price floor results in

Which of the following best explains why more foreign investments are not attracted to West Africa

At which stage of production should a firm shut down? when

One of the physical measures that can be used to reduce the volume of imports is the

Balance of payment surplus implies that receipts for exports are

The difference between GDP and GNP

Scale of preference is important for the following reasons except in

International income accounting, double counting occurs when

One relationship between marginal utility and total utility. When total is

The supply of rice in tons is given by the fraction: Qs-80-0.7=0. Where Qs= Quantity supplied, P=price in naira.
Find Qs, when P=N40

Charging different prices for the same commodity is a feature of a

Indirect taxes are generally

In a partnership, the conduct of members is guided by

Efficiency of labour in a country is determined by the following factor except the

Human wants are insatiable because wants are

Location of firm in rural areas may

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will

When the international value of a country's currency rises, other things being equal, the country's

Fiscal policy that can control inflation will include the use of

Which of the following is not a major problem of development