11. The minimum number of share holders for joint stock companies is_______________
- A. 4
- B. 2
- C. 7
- D. 3
12. If a demand curve that intersects a perfectly inelastic supply curve shift is rightward, then____________
- A. only the quantity will increase
- B. The prices will remain constant
- C. the equilibrium price and quantity will increase
- D. only the price will increase
13. The basic economic problems of society include___________
- A. scarcity, for whom to produce and where
- B. what to produce, how and for whom
- B. scarcity, when to produce and how
- D. how to produce and sell
14. In an open economy, the GNP is measured as_____________?
- A. C + 1 + G(X-M)
- B. C + 1 + G
- C. C + 1 + G + X
- D. C + 1 + G + M
15. In a developing economy, productivity is measured by the____________
- A. output – labour ratio
- B. capital – output ratio
- C. output growth rate
- D. Output per capital
16. The need to construct a scale of preference is necessitated by____________
- A. scarcity and the need for choice
- B. The needs to satisfy wants
- C. Non – availability of factors of production
- D. Scarcity of resources
17. The privatization exercise in Nigeria is a move towards a____________
- A. command economy
- B. mixed economy
- C. subsistence economy
- D. market economy
18. The mean is the best measure of central tendency because it__________
- A. can be calculated from incomplete data
- B. is a balancing point in an observation
- C. is a midpoint value in an array of data
- D. is not affected by extreme values in a data
19.
| No of Men | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| Total Product(unit) | 200 | 440 | 540 | 600 | 640 | 660 | 660 | 640 |
If the price per unit is N2, what is the average revenue when 6 men are employed?
- A. N110
- B. N120
- C. N220
- D. N330
20. 
The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________
- A. an Improvement in capital goods technology but not In consumer goods technology
- B. a movement from unemployment to full employment
- C. that the output for the society has declined
- D. a gain in consumer goods technique and not in capital goods technique
