21. When elasticity is zero, the demand curve is_____________
- A. circular
- B. downward sloping
- C. perfectly inelastic
- D. concave
22. Which of the following is not a direct tax?
- A. capital gains tax
- B. purchase tax
- C. personal income tax
- D. capital tax
23. A limited liability company is owned by________________
- A. a bank
- B. an individual
- C. two or more partners
- D. share holders
24. If the price of a ball point pen falls from N1.00 to No.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________
- A. 0.50
- B. 0.40
- C. 1.25
- D. 0.80
25. If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
- A. a decrease in profit by 43%
- B. an increase in profit by 43%
- C. a net loss
- D. a net gain
26. The money paid per hour for work done is_________
- A. cost
- B. salary
- C. bonus
- D. wage rate
27.
From the graph above the consumer will attain equilibrium at point_______________
- A. J
- B. K
- C. M
- D. L
28. By utility we mean____________
- A. beneficial
- B. power of satisfying a want
- C. advantageous
- D. consumable
29. Concentrating industries in one place is advantageous because there are gains in terms of_____________
- A. cost economies
- B. economies of scale
- C. internal economies
- D. external economies
30. The effects on the demand for product A caused by a change in the price of product B is Called____________
- A. Joint demand
- B. cross-elasticity of demand
- C. elasticity of supply
- D. competitive demand
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