Economics 1 | Study Mode

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Question 1
A
It is always successful
B
Continuity is no problem
C
Control and supervision is under one man
D
Inter-generational equity is assured
Explanation

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Correct option: C
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Question 2
A
Goods are produced in the factory
B
Goods are sold to the wholesalers
C
Prices are fixed for goods and services
D
Goods and services finally reach the consumer
Explanation

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Correct option: D
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Question 3
A
He buys only the one item that gives him most total satisfaction
B
The marginal utility he gets from the last unit of item is the same
C
The marginal utility he gets from the last naira spent on each item is the same
D
The total amount of money he spends on each item is the same
Explanation

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Correct option: C
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Question 4
A
bankers to the government
B
bankers to commercial banks
C
merchant banks
D
controllers and regulators of money supply
Explanation

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Correct option: C
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Question 5
A
is higher in developing countries than advanced countries
B
is lower in developing countries than advanced countries
C
is the same in both developing and advanced countries
D
grows as the economy develop
Explanation

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Correct option: A
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Question 6
A
there are many sellers and a few buyers
B
goods are sold at different price
C
entry is not blocked, but no one cares to enter
D
None of the above
Explanation

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Correct option: D
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Question 7
A
The agricultural bank
B
The Industrial bank
C
The central bank
D
The Co-operative bank
Explanation

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Correct option: C
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Question 8
A
Family planing Unit of Nigeria
B
Improve medical facilities
C
Reduction in death rate
D
Increased birth rate
Explanation

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Correct option: A
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Question 9
A
by using coins and paper money
B
by borrowing money from banks abroad
C
by receiving deposit from individuals
D
by printing money on the instruction of the central bank
Explanation

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Correct option: C
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Question 10
A
its usefulness
B
power to satisfy a want
C
price of the commodity
D
its adaptability
Explanation

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Correct option: B

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