31. If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________
- A. Scarce
- B. Normal
- C. Superior.
- D. Inferior
32. An economic problem arises when________
- A. Sellers are few
- B. Scarcity and choices are involved
- C. Buyers are many
- D. Money is in short supply
33. Which of these is not a cause of high population growth in Nigeria?
- A. Improved hygiene
- B. Reduction in death rate
- C. Family planning unit of Nigeria
- D. Increased birth rate
34. Inflation can be curbed by _______
- A. Deficit budget
- B. Paying higher wages
- C. Increased aggregate demand
- D. Reducing aggregate demand
35. A typical corporate form of business organization is owned by ______
- A. Shareholders
- B. A local government
- C. The president of a country
- D. Foreigners and citizens of the country.
36. The price mechanism______
- A. Rations the consumers
- B. Rewards the producers
- C. Regulates supply and demand
- D. Allocates scarce resources.
37. If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______
- A. Progressive
- B. Proportional
- C. Indirect
- D. Regressive
38. Which of these is not usually the function of a wholesaler?
- A. Branding
- B. Storage
- C. Transport
- D. Advertising
39. If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is_______
- A. Zero
- B. 10
- C. 2
- D. 1
40. By utility we mean________
- A. Uselessness
- B. Power of satisfying a want
- C. Beneficial
- D. Consumable
