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Physical productivity is affected by all the under-listed factors except the

A. state of technology.    B. quantity of inputs.    C. quality of inputs.    D. price of output.

Which of the following will shift the demand curve for cocoa to the right?

A. An increase in consumers’ income.
B. A rise in the price of cocoa.
C. A tax on cocoa producers.
D. A fall in the quantity demanded of cocoa.

An increase in the supply of a commodity X automatically results in an increase in the supply of another commodity Y. This is a case of

A. elastic supply.    B. joint supply.    C. exceptional supply.    D. competitive supply.

Which of the following problems arises where there are more than one technically possible methods of production?

A. Where to produce    B. For whom to produce    C. How to. produce    D. What to produce

General rise in the price level induced by increased price of inputs is referred to as

A. run-away inflation.
B. cost-push inflation.
C. demand-pull inflation.
D. imported inflation.

Which of the following is not a function of the West African Development Bank?

A. Promotion of both private and public investments in member states
B. Financing and executing projects in member states
C. Promotion of social development of member states
D. harmonization of oil prices to the advantage of member states

The law of diminishing marginal utility applies to a

A. firm which minimizes cost.
B. consumer who maximizes satisfaction.
C. producer who maximizes marginal product.
D. consumer who minimizes total utility.

The demand for money is described as a

A. competitive demand.    B. joint demand.    C. derived demand.    D. composite demand.

Goods are said to be in competitive demand when they are

A. substitutes.    B. complementary.    C. jointly demanded.    D. identical.

Where a commodity takes an insignificant proportion of the consumer’s income, demand for it will be

A. unitary elastic.    B. price inelastic.    C. fairly elastic.    D. income inelastic.

Which of the following best explains what to produce?

A. How much goods are to be produced.
B. The combination of resources to be used.
C. Which goods and services to be produced.
D. How many wants are to be satisfied.

Which of the following items is not included in measuring national income by the income approach?

A. Profits of companies
B. Rents on property
C. Students’ grants and scholarships
D. Wages and salaries of public servants

One of the reasons why government may erect a trade barrier is to

A. control foreign currencies.
B. protect infant industries.
C. promote importation.
D. diversify the economy.

An agricultural production process which uses more machinery relative to labour is referred to as

A. large-scale farming.
B. capital intensive farming.
C. commercial farming.
D. land intensive farming.

The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it

A. gives aid for defence.
B. offers loans for public projects.
C. offers aid to finance private projects.
D. gives loans for legal proceedings.

Which of the following is involved in the money market?

A. Building society.    B. Development banks.    C. Commercial banks.    D. Stock exchange.

The owing are means of reducing the population of a country except encouraging

A. emigration    B family planning.    C. early marriage.    D. sex education.

Which of the following is the main outcome of a trade union’s interference with the wage rate? Wages are

A. lowered but more employment opportunities are created.
B. lowered but employment level remains unchanged.
C. increased and employment levels are unchanged.
D. increased but employment levels are reduced.

The action of government to forgo road construction in order to provide more health facilities denotes

A. sound economic decision.
B. opportunity Cost.
C. practicable government policy.
D. scale of preference.

When there is improvement in a country’s terms of trade, it means that the country’s

A. exports are cheaper relative to imports.
B. imports are cheaper relative to exports.
C. volume of imports has declined.
D. volume of exports has declined.

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