Economics 2015 | Study Mode

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Question 11
A
A constant change in price
B
A rise in prices
C
An unequal fall in prices
D
A proportionate fall in price
Explanation

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Correct option: A
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Question 12
A
import duty
B
excise duty
C
company tax
D
value added tax
Explanation

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Correct option: B
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Question 13
A
N70,000
B
N75,000
C
N50,000
D
N60,000
Explanation

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Correct option: B
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Question 14
A
Generate employment
B
Source of government revenue
C
development of mono economy
D
Infrastructure development
Explanation

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Correct option: C
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Question 15
A
stock exchange market
B
imperfect market
C
perfect foreign market
D
exchange market
Explanation
Perfect foreign market is a market where buyers and sellers cannot influence the price because they are large in number.

Correct option: C
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Question 16
A
localization of industries
B
roles of industrialization
C
location of industry
D
strategies of industrialization
Explanation

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Correct option: A
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Question 17
A
admonishing returns
B
increasing returns
C
diminishing marginal utility
D
increasing marginal utility
Explanation
It shows that when total utility is at the maximum, marginal utility equals zero.

Correct option: C
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Question 18
A
objective
B
economy
C
convenience
D
certainty
Explanation
There are four principles given by Adam Smith which include equality/ability to pay, economy, convenience and certainty. Objective is not a canon of taxation

Correct option: A
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Question 19
A
defacto and dejure
B
increasing and decreasing
C
over and under
D
optimum
Explanation
Defacto is that type of census where only those who physically present would be counted. Dejure is that type of census where an individual must be a permanent resident of an area. It is counting by proxy.

Correct option: A
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Question 20
A
Oil firms
B
Monopolistic competitive firm
C
Monopolistic firm
D
Perfectly competitive firm
Explanation

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Correct option: C

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