1. A firm owned and managed by a family is an example of ______?
- A. joint stock exchange
- B. cooperative society
- C. sole proprietorship
- D. partnership
2. Which modal of the factor is inelastic?
- A. Wages
- B. capital
- C. labour
- D. land
3. Which of the following budgets will increase government expenditure?
- A. zero base budget
- B. surplus budget
- C. deficit budget
- D. balanced policy
4. The economic questions about what and how to produce in an economy is solely answered by the _______?
- A. government
- B. labour union
- C. private and public enterpriser
- D. system of economy practised
5. The following are Methods of measuring National Income of a country EXCEPT; ?
- A. Expenditure method
- B. Consumption method
- C. Input Method
- D. Output method
6. Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
- A. favourable soil
- B. coal deposit
- C. crude oil deposit
- D. favourable climate
7. The bowed shape of the Production possibilities curve illustrates _________
- A. that production is inefficient
- B. that demand is relatively inelastic
- C. that production is unattainable
- D. the law of increasing marginal cost
8. Which of the following is an indicator of economic growth?
- A. High tax rate
- B. Technology development
- C. High gross domestic product
- D. High interest rate
- A. a decrease in quantity supplied
- B. an increase in supply
- C. a decrease in supply
- D. an increase in quantity supplied
10. The law of diminishing marginal utility states:
- A. The supply curve slopes downward
- B. Your utility grows at a slower and slower rate as you consume more and more unit of a good.
- C. The elasticity of demand is infinite
- D. None of the above