Economics | Study Mode

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Question 21
A
price level
B
banking habit
C
transaction motive
D
divisible nature of money
E
transferability
Explanation
A persistence increase in general price level will cause inflation and reduce the value of money, and the reverse is correct for deflation. (A)

Correct option: A
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Question 22
A
shipping and aviation
B
import and export
C
merchandise
D
bullions
E
tariffs
Explanation
Invisible items are services transferred from one country to another. It includes shipping and aviation, tourism, education e.t.c. (A)

Correct option: A
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Question 23
A
cross national product
B
net national income
C
per capital income
D
cross national income
Explanation
Per capita income is obtained by dividing the national income by the total population of a given country. It is used for international comparism of standard of living. (C)

Correct option: C
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Question 24
A
a rise in industrial output
B
low farm productivity
C
free trade
D
free interaction
E
controlled international relations
Explanation
Many African countries have shifted the domain of the economy from Agriculture to some other area, this has lead to a significant fall in Agric products which services as input for industrial development (B)

Correct option: B
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Question 25
A
import substitution
B
export promotion
C
ports development
D
infant industries potation.
Explanation
Most west African countries are usually combated with deficite balance of payment (BOPs), thus, they usually embark on export promotion strategy as their industrialization strategy. (B)

Correct option: B
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Question 26
A
Marginal cost
B
rational out come
C
status fulfillment
D
utility
Explanation
Utility is the amount of satisfaction a consumer derived from consuming a particular commodity. (D)

Correct option: D
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Question 27
A
benefit
B
cost exceeds its marginal benefit
C
marginal benefit
D
benefit is still positive
Explanation
A consumer will consume more of a commodity when MU>MC On an ideal situation consumer maximizes satisfaction when the marginal benefit exquisite the marginal cost and the marginal benefit reduce as more and more of the commodity is consumed. Hence, consumer should consume more of the commodity to reduce marginal benefit and equate it with marginal cost (A)

Correct option: A
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Question 28
A
analysis of how a consumer tries to spend how a consumer tries to spend income
B
study of the large aggregates of the economy or the economy as a whole
C
analysis of how firms attempts to maximize their profits
D
study of how supply and demand determine prices in individual markets
Explanation
Macro is derived from the Greek work Makros meaning large Hence, macroeconomics is the study of the economy at large. (B)

Correct option: B
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Question 29
A
Look for and pursued e opportunities to increase their utility
B
generally disregard the interest of other
C
are mainly creatures of habit
D
are unpredictable
Explanation
The selfish interest convention of Adam Smith implies that every individual operate in favor of his or her personal self. That is to increase their personal utility.(A)

Correct option: A
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Question 30
A
is a form of price discrimination illegal US antitrust law
B
is the practices selling goods in a general case for permanent tariffs'
C
is the practices buying goods in a general case for temporary tariffs'
D
is define d as selling more goods than allowed by an import quota
Explanation
Option describes dumping It is a method used to get rid of some less valuable producer country.(B)

Correct option: B

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