31. Which of the following is NOT illustrated by the production possibility curve
- A. Risk
- B. Scarcity
- C. Opportunity cost
- D. Allocative efficiency
Reveal Answer
32. Which of the following statement is TRUE about ECOWAS?
- A. The aim of ECOWAS is to ensure economic stability
- B. Bigger state in the community dominate the small state
- C. Members of the ECOWAS community can form cartel and create monopolies
- D. English is the only official language of ECOWAS
Reveal Answer
33. The equilibrium price clears the market; it is the price at which___________
- A. Everything is sold
- B. Buyers spend all their money
- C. Excess demand is zero
- D. None of the above
Reveal Answer
34. 
The graph above shows;
- A. a decrease in quantity supplied
- B. an increase in supply
- C. a decrease in supply
- D. an increase in quantity
Reveal Answer
35. Goods sold in perfectly competitive markets are generally
- A. homogenous
- B. intermediate and final
- C. durable and non-durable
- D. heterogeneous
Reveal Answer
36. Cost – push inflation occurs when_______
- A. production cost is high
- B. government embarks on deficits financing
- C. factors decrease
- D. there is too much in circulation
Reveal Answer
37. The basic principle of cooperative societies is to ________
- A. maintain the integrity of their members
- B. protect the interest and pursue the welfare of members
- C. ensure better working conditions for members
- D. provide voluntary services to the members
Reveal Answer
38.
From the table above, the average product of the 3rd unit of labour is
- A. 50
- B. 70
- C. 350
- D. 150
Reveal Answer
39. Which of the following institutions does not operate in the money market?
- A. central bank
- B. mortgage banks
- C. money deposit banks
- D. insurance companies
Reveal Answer
40. Other products gotten from Petroleum include the following EXCEPT:
- A. Rubber
- B. fuel
- C. paints
- D. insecticides
Reveal Answer
