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1. Which of the following items is NOT included in measuring national income by the income approach?

AWages and salaries of public servants

BProfits of companies

CStudent grants and scholarships.

DRents on property

2. A down ward sloping demand curve intersects a fixed supply curve. A shift of this demand curve to the right implies that

Aboth price and quantity will increase

Bonly price increas

Conly quantity increase

Dthe price falls.

3. Which of the following items is NOT an argument for locating industries in rural areas?

ARural areas supply agricultural raw material

BThe pace of development will be quickened in rural areas.

CEmployment will be provided for rural inhabitants

DCapital is easily available in rural areas.

4. The natural growth rate of a population is the

ASum of the birth rate and the net migration rate

BSum of the birth rate and the death rate

CBirth rate minus the death rate

DDeath rate minus the net migration

5. Which of the following sets fully represents factor of production?

ASunlight, machinery, man, land

BLand, labour, capital, enterprise technology

CCapital, technology, ideas, market, land.

DMoney, market, middlemen.

6. Production possibilities (alternatives) P Q R.S. T Units. shelter 5 4 3. 2. 0 Units of food. 5 9 1. 2. 15 Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is

AOne unit of shelter

BThree units of shelter

COne third of a unit of shelter

DTwo units of shelter.

7. The concept of economic efficiency primarily refers to

AObtaining the maximum output from available resources at the lowest possible cost

BConservation of our petroleum resources

CEquity in the distribution of the nation’s wealth

DProducing without waste

8. If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will add less to the output than previous units of labour.

AThe productivity of labour

BThe law of diminishing marginal utility

CThe law of diminishing returns

DThe concept of factor intensity

9. In perfect competition a firm’s price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC)is equal to price (p). Which of the curves in the diagram below represents the firm’s marginal cost (MC?

ACurve I

BCurve II

CCurve III

DCurve IV

10. The table below shows the market schedule for semovita. Price. dema Supply N3.00. 15,000 1,500 N4.00. 13,000 3,000 N5.00. 10,000 6,000 N6.00. 7,000. 7,000 N7.00. 5,000. 9,000 N8.00. 4,000. 12,000 N9.00. 2,000. 14,000 What is the market equilibrium price?






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