Economics (2017) | Study Mode

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Question 31
A
homogenous
B
intermediate and final
C
durable and non-durable
D
heterogeneous
Explanation.
The goods bought and sold in a perfect market must be homogeneous. That is, they must be identical. They must be of same size, shape, weight, colour etc. The goods must be the same in the eye of the customer.

Correct Option:
A
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Question 32
A
production cost is high
B
government embarks on deficits financing
C
factors decrease
D
there is too much in circulation
Explanation.
Cost push inflation occurs when increase in cost of production are passed on to consumers in the form of high price for the goods and services on sale. The price of goods are pushed up by rising costs.

Correct Option:
A
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Question 33
A
The problem of allocating scarce resources among competing uses
B
The way in which factors of production may be combined to produce output
C
The way in which a firm decides on its profit maxmising rate of output
D
The problem of how output is distributed among individuals and groups in society.
Explanation.
The economic question of "how to produce" refers to, which techniques are to be adopted? This question is important because the choice of technique depends on the prices of the factors of production.

That is, if labour is cheap and capital is exensive, a labor-intensive technique would be considered and vice-versa. The prices of labour and capital are determined by the demand for and supply of labour and capital respectively.

Correct Option:
B
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Question 34
A
encourages high volume of production
B
dictates what the citizens will consume
C
discourages the consumption of harmful goods
D
regulates production and consumption
Explanation.
The price system function such a manner that the adjustments in the System take place almost automatically without and direction or dictation from a central authority, Price is the coordinator both of production and Consumption. The consumer's are able to convey their preferences through the prices they are willing to offer. Similarly, the producers are able to indicate the accuracy or abundance of a commodity by mean of the price they are willing to accept, If price rise it changes demand and stimulates supply and vice versa. If there is a greater demand for a commodity than the supply thereof, then the adjustment between the two will be brought about. Conversely, if the supply is greater than the demand, the price will fall and bring about an equilibrium between the two

Correct Option:
D
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Question 35
A
Risk
B
Scarcity
C
Opportunity cost
D
Allocative efficiency
Explanation.
Production possibilities curve demonstrates that:
There is a limit to what the society/individual can achieve, given the exsting institutions, technology and resources.
Every choice the society/individual makes has an opportunity cost to get more of one good, we need to give up some of another good every choice has a tradeoff.

PPF also illustrates the concept of efficiency. The combination of goods depicted on the curve are attainable only if all the resources are fully employed, with the most efficient means of production possible. All of the points on the frontier are said to be productively efficient, because they are fully utilizing the economic resources that they have

Correct Option:
A
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Question 36
A
The aim of ECOWAS is to ensure economic stability
B
Bigger state in the community dominate the small state
C
Members of the ECOWAS community can form cartel and create monopolies
D
English is the only official language of ECOWAS
Explanation.
The Economic Community of West African States (ECOWAS) is a regional organization of 15 West African countries established on 28 May 1975. Its main goal is the promotion of the economic integration among its members. Indeed, ECOWAS is one the five regional pillars of the African Economic Community (AEC). ECOWAS has three official languages: English, French, and Portuguese. Members producing the same or identical goods can form cartel or monopolies and obtain better bargaining or deals from other countries outside its membership

Correct Option:
C
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Question 37
A
maintain the integrity of their members
B
protect the interest and pursue the welfare of members
C
ensure better working conditions for members
D
provide voluntary services to the members
Explanation.
A cooperative society as a voluntary business organization in which a group of individual with common interest pool their resources together to promote the economic welfare of the members in production, distribution and consumption of goods and services.

Correct Option:
B
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Question 38
A
central bank
B
mortgage banks
C
money deposit banks
D
insurance companies
Explanation.
This question is a little bit tricky to answer because out of the 4 options provided only one is not a
participant in the (Nigeria) money market and that is the mortgage banks because mortgage loans
are usually not in short term of say 13months which makes it not fit into the money market
characterised by short term loans. The central bank, Money deposit bank and insurance companies
are all participant of the money market because they offer short term loans.

Correct Option:
B
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Question 39
A
Rubber
B
fuel
C
paints
D
insecticides
Explanation.
Rubber is a coagulated, elastic latex Plants that produce elastic latexs are largely neotropical. Commercial rubber is produced from latexof Hevea brasiliensis.

Correct Option:
A
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Question 40
A
variance
B
the quartile
C
standard deviation
D
mean deviation
Explanation.
where;
N = number of items in the distribution
x= is variable
x = Arithmetic mean
= sum of

Correct Option:
D

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