Question 1The marginal productivity theory applies in a A.unionised labour marketB.monopolistic market onlyC.monopolistic market onlyD.perfectly competitive marketObjective Show full explanation
Question 2The organisation whose aim is to solve the trade problems of less developed nations is A.UNECAB.UNCTAOC.WTOD.OECDObjective Show full explanation
Question 3A characteristic common to partnership and sole proprietorship is A.unlimited liabilityB.limited liabilityC.accessibility to loanD.transferability of sharesObjective Show full explanation
Question 4The market structure in which there is interdependence of price-output policies is A.an oligopolyB.a pure monopolyC.a pure competitionD.a monopolistic competitionObjective Show full explanation
Question 5A perfectly competitive firm is advised to close down when the A.price is equal to the marginal revenueB.price is below the average variable costC.marginal revenue is equal to the marginal costD.price is below the marginal costObjective Show full explanation
Question 6The price index is calculated as A.weighted price x 100/current priceB.base year price x 100/current priceC.current price X 100/weighted priceD.current price x 100/base year priceObjective Show full explanation
Question 7If the Central bank of Nigeria reduces the bank rate, this will cause A.commercial banks to mergeB.commercial banks to reduce lendingC.money supply to reduceD.money supply to increaseObjective Show full explanation
Question 8The burden of a government tax on a commodity whose demand is inelastic will A.be borne only by the governmentB.be shared equally between consumers and producersC.fall more heavily on customersD.fall more heavily on producersObjective Show full explanation
Question 9Derived demand is normally used with reference to A.superior goodsB.the cost of productionC.the factors of productionD.inferior goodsObjective Show full explanation
Question 10A distribution is said to be positively skewed if it A.is bell-shapedB.has a long tail to the leftC.is bimodalD.has a long tail to the rightObjective Show full explanation