The study of economics is important to every society because it

A consumer with $10 needs a dress, a pair of shoes, a handbag and jewellery costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes is the

The distinguishing function of an entrepreneur is

When a commodity market operates without government interference, commodities are distributed through

One way of obtaining the median of a given data is to

An increase in rice harvest, all things being equal, may cause a price to

The demand for wood and labour is an example of

An increase in the reaction of consumers in a market if there is a fall in the price of the substitute of commodity X?

An increase in market supply is caused by the following factors except

The coefficient of price elasticity of supply of land is usually

The price of soap rose from $10 to $20, causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply

A leftward shift in the supply curve for a commodity indicates

Market supply may increase if there is an increase in the

Governments can increase farmers' incomes by

When market supply increases, the equilibrium price

The supply of mangoes is represented as P = 0.3Q, where P is the price ($) and Q is the quantity. What is P when Q is 50?

The output of an extra unit of an input is referred to as

The law of diminishing returns is applicable to

A firm incurred the following costs in production. Use the information in the table to answer questions 19 and 20.

The fixed cost of production is

A firm incurred the following costs in production. Use the information in the table to answer questions 19 and 20.

The average cost of producing 40 bags of rice is

The relationship between the Marginal Revenue (MR) and the Average Revenue (AR) of a monopolist is that

A major source of finance to the Railway Corporation in West African countries is

Separation of ownership of resources and their control is mostly found in a

By-passing the middlemen in the chain of distribution can lead to

Two factors which can improve the efficiency of labour are

Use the information in the table below to answer questions 26 and 27.

What is the percentage of the working population?

Use the information in the table below to answer questions 26 and 27.

What is the dependency ratio?

The supply of land for agricultural purpose can be increased through

Non-economic factors that influence the location of firms include

Which of the following is not an argument for the policy of privatization in West Africa?

The following data relates to the national income of a country. Use it to answer questions 31 and 32. Gross domestic product = $2,800 Net factor income from abroad = $ 250 Depreciation = $ 700 Indirect taxes = $ 120 What is the country's Gross National Product (GNP)?

The following data relates to the national income of a country. Use it to answer questions 31 and 32. Gross domestic product = $2,800 Net factor income from abroad = $ 250 Depreciation = $ 700 Indirect taxes = $ 120 What is the country's Net National Product (NNP) at factor cost?

The standard of living in two countries can be compared using the

Government can curb inflation by

Functions of money does not include

Demand-pull inflation can be as a result of

An increase in cash ratio by the central bank will

When a government cuts down her expenditure to reduce inflation, she has embarked on

In order to enable the government of a country to increase its tax revenue, it will be advisable for it to increase taxes on

People who dispose of their assets are expected to pay

A floating exchange rate means that the exchange rate is fixed by the

A measure that can be adopted to correct a country's balance of payments deficit is to

Records of a country's invisible trade are recorded in her

If a country's import bill is high, she can encourage exports by

If a country imposes a barrier on trade, the resultant effect will be

A country may be able to earn more from exports if she

A customs union is an economic grouping which has

Balance of payments and trade problems that arose after the world wars were resolved by the

Examples of land that are non-renewable include

Abundant natural resources do not contribute to economic growth in developing countries because of