21. A country’s terms of trade can be improved by ____?
- A. collective bargaining
- B. imposing lower export duties
- C. revelation of currency
- D. reducing demand for imported goods
Reveal Answer
22. Changing the structure of a commodity in order to increase its utility is called?
- A. Time utility
- B. form utility
- C. marginal utility
- D. place utility
Reveal Answer
23. Which of the following is not an indicator of economic growth?
- A. CPI
- B. PPI
- C. GDP
- D. High Level of Unemployment
Reveal Answer
24. One of the unique features that distinguishes the perfect and imperfect market condition is _________
- A. profit motive principles
- B. absence of price control board
- C. price determines production and distribution
- D. number of sellers and buyers
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25. In economics, the “how” or input question refers to:
- A. The problem of allocating scarce resources among competing uses
- B. The way in which factors of production may be combined to produce output
- C. The way in which a firm decides on its profit maximising rate of output
- D. The problem of how output is distributed among individuals and groups in society.
Reveal Answer
26. The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is
- A. 6
- B. 3
- C. 4
- D. 5
Reveal Answer
27. One of the major causes of farmers’ unstable income in Nigeria is _________
- A. the effect of diseases and pests
- B. industrial pollution
- C. mining and extraction activities
- D. population growth
Reveal Answer
28. Which of the following source of income is spectacular only to Government ?
- A. Payment from business transfer
- B. Bonuses
- C. Tax
- D. Wages
Reveal Answer
29. When the government fix the price of essential commodities, this is referred to as:
- A. Price equilibrium
- B. Price control
- C. Demanded price
- D. Asking price
Reveal Answer
30. One of the functions of the price system is that it
- A. encourages high volume of production
- B. dictates what the citizens will consume
- C. discourages the consumption of harmful goods
- D. regulates production and consumption
Reveal Answer
