31. An upward movement along the same supply curve result in_____________
- A. a decrease in price
- B. an increase
- C. an increase in quantity supplied
- D. a decrease In quantity supplied
32. The coefficient of the price elasticity of supply is always_____________
- A. Constant
- B. Zero
- C. Positive
- D. Negative
33. In the history of economics the concept of division of labour is usually associated With______________-
- A. Karl Marx
- B. Adam Smith
- C. David Ricardo
- D. J.M Keynes
34. Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?
- A. N20m
- B. N380m
- C. N200m
- D. N180m
35.
From the diagram shown, the optional point of production is_____________?
- A. R
- B. T
- C. S
- D. U
36. An ad valorem tax is imposed on_____?
- A. Exports
- B. Imports
- C. The Value of a Commodity
- D. Special Commodities
37. The labour force of a country is determined by the___________
- A. geographical distribution of the population
- B. age structure of the population
- C. number of people available for work
- D. sex distribution of the population
38. The transfer of public share holding in corporations to private enterprise is___________?
- A. Incorporation
- B. Concession
- C. Privatization
- D. Commercialization
39. An economy in which both the public and private sectors contribute to economic growth is a__________?
- A. socialist economy
- B. feudal economy
- C. mixed economy
- D. capitalist economy
40. A capital market differs from the money market in that in the former ________?
- A. The percentage of interest charged is more
- B. Loan sought is long term
- C. Loan repayment is guaranteed
- D. Loan sought is short-term
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