21. The shape of the production possibility frontier is determined by the_________
- A. law of returns to scale
- B. law of diminishing returns
- C. factors of productions
- D. technology
22. As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________
- A. Input
- B. Commodities
- C. Output
- D. Factors
23. Which of the following is not a cause of unemployment_______
- A. poor education
- B. lack of skills
- C. good government planning
- D. corruption
24. The demand for labour is a________
- A. Derived demand
- B. Joint demand
- C. Complementary demand
- D. Composite demand
25. The use of government income and expenditure instrument to regulate the economy is termed______
- A. monetary policy
- B. physical policy
- C. fiscal policy
- D. public finance
26. A form of tax that is midly progressive and regressive is_______
- A. Proportional tax
- B. Progressive tax
- C. Regressive tax
- D. Digressive tax
27. Industrialization is the process of___________
- A. concentrating a firm in a place
- B. transforming as economy based on extractive to manufacturing
- C. transferring a government industry to individual
- D. transforming finished goods into semi-finished goods
28. One of these is not a way by which government encourage industrialization?
- A. Protection of Infant industries
- B. Establishment of Nigeria Enterprises Promotion Decree
- C. Low Productivity and inefficiency
- D. Establishment of higher institutions
29. The sector which contribute highly to the economy is___________
- A. Primary sector
- B. Secondary sector
- C. Tertiary sector
- D. Education sector
30. A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________
- A. Import monopoly
- B. Import licence
- C. Import quota
- D. Embargo
