Expenditure on food takes a large proportion of the incomes of people in

A seller increased the quantity he offered for sale from 200 units to 250 units when the price of his product increased by 12.5%. What is the price elasticity of the supply of his product?

Free trade is one in which

Dumping is selling goods in a foreign market at a price

A country is allowed to import just 50,000 tonnes of rice annually. This describes

Mr. X and Mrs. Y pay $500.00 and $1,400.00 as taxes on their earning of S5,000.00 and $7,000.00 respectively. The system of taxation employed is

Tools of monetary policy do not include

The location of iron and steel industry at a place is due to

Organization and entrepreneurship are vested in diferrent persons in a

Goods are described as inferior if their demand

Which of the following factors may lead to the underestimation of national income figures?

Increasing returns to scale suggests that

A country should embark on development planning to ensure that

Inflation may occur if

Import substitution as a strategy of industrialization is the

An increase in supply means that

Goods that are abundant in supply usually have low

During inflation, the appropriate fiscal measure to adopt is to

If an increase in the price of crude oil led to an increase in the prices of kerosene and grease, then kerosene and grease are in

How is NNP at factor cost derived from GNP at market prices?

Which of the following problem has the least effect on agricultural productivity in West Africa?

If an increase in the supply of beef increased the supply of hides, then beef and hides are in

In the long run, as individuals receive higher wages, it causes

Money would cease to be a good store of value when

In a free market economy, resources are allocated through the

Which of the following is central to the definition of Economics?

The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to

The exploitation of mineral resources constitutes which form of production?

Labor productivity is defined as

Which function of the wholesaler enables him to stabilize prices?

A large firm may experience diseconomies of scale if there is

When the production possibility curve shifts outwards, the economy experiences

The principle of comparative advantage encourages a country to

If the average fixed cost (AFC) of producing 5 bags of rice is $20.00, the average fixed cost of producing 10 bags will be

One feature of the average fixed cost is that it

If a beef market is in equilibrium at $4.00 per kg, an increase in price to $6.00 per kg may cause

Which of the following are intermediate products?

A consumer is in equilibrium when

Governments in West Africa can curtail inflation by

The central bank Can reduce the ability of commercial banks to give out loans by

In order to discourage the importation of manufactured goods, a country should adopt

Land as a factor of production is made useful through the

The public sector in a mixed economy is not always because of