41. The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________
- A. Deflation
- B. Inflation
- C. Devaluation
- D. Revaluation
42.
| X | 8 | 10 | 12 | 16 | 18 | 20 | 24 |
| F | 2 | 1 | 4 | 3 | 3 | 1 | 6 |
From the table, Calculate the median___________
- A. 24.0
- B. 17.0
- C. 18
- D. 16
43. The expression of cost in terms of alternative forgone is referred to as ____?
- A. Scarce resources
- B. Decision making
- C. Opportunity cost
- D. Choice
44. The full meaning of NAPEP is?
- A. National Poverty Eradication Programme
- B. National Agency for Poverty and Education Program
- C. National Air Pollution and Environmental Purification
- D. None of the above
45. Taxes and government expenditures are instruments of____________
- A. Monetary policy
- B. Tax policy
- C. Economic policy
- D. Fiscal policy
46. As a factor of production, the reward for land is?
- A. Profit
- B. Interest
- C. Rent
- D. Wage
47.
The diagram below represents a production function. At which of the points does diminishing returns set in__________
- A. R
- B. S
- C. T
- D. V
48. The two major types of international trade are Bilateral trade and?
- A. Internal trade
- B. Multilateral trade
- C. Dilateral trade
- D. Trilateral trade
49.
A country’s budget allocation to various sectors of the economy is shown in the pie chart .
If the budget of the country was $7,200.00, how much is allocated to education?
- A. $2,400.00
- B. $2,000.00
- C. $1,200.00
- D. $1,000.00
50. In a capitalist economy, factors of production are owned and controlled by the _____?
- A. Citizen
- B. Business Men
- C. Government
- D. Foreigners
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