IMSU Economics 2014/2015 Past Questions

Entity concept of a business states that

According to economist, capital is

Mr. A has #200 to spend and want to buy 5 items. Those his money cannot afford is known as:

The document which invites the general public to subscribe for shares is known as:

The point which demand and supply is equal is known as:

Total withdrawal of government owned organization to the private sector:

A person who discovers business opportunity and invests his or her available resources is known as

A graph showing all the combinations of goods and services that can be produced if all of society's resources are used efficiently is a:

Periods of less than full employment correspond to:

The circular flow of goods and incomes shows the relationship between:

In a free market system, the amount of goods and services that any one household gets depends upon its:

In a planned or command economy, all the economic decisions are taken by the:

The study of inflation is part of

The hourly wages of five employees of the Nigerian Ports Authority are N2.52, N3.96, N3.28, N9.20 and N3.75 respectively. The median hourly wage is

The satisfaction derived from the use of a commodity is its:

The reward which accrues to labour for participating in production is

One characteristics of labour is that it is:

When population is classified according to professions, it is called

Revenue is the:

Which of the following is a characteristics of monopoly?