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1.
Inferior goods are referred to in Economics as goods
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A.
Whose quality is low
B.
Consumed by very poor people
C.
Whose consumption falls when consumers' income rises
D.
Which satisfy only the basic needs

2.
Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be
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A.
The same as equilibrium supply
B.
Greater than equilibrium supply
C.
Less than the equilibrium supply
D.
Determined later by government

3.
Malthus became famous through his theory which may be stated simply
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A.
the death rate may become so high that people may not be able to produce
B.
population may outgrow the means of subsistence
C.
people will eventually decide not to have children
D.
migration of people from one place to another may leave some parts of the world barren

4.
Bond holders are treated more favourable than shareholder because
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A.
They are not liable for the companies losses
B.
They control the management
C.
They greater voice in the electing board of the directors
D.
none of the above

5.
If two commodities are good substitutes for one another, e.g butter and margarine, an increase in the demand for one will reduce the demand for the other. This type of demand is called
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A.
composite demand
B.
elastic demand
C.
derived demand
D.
competitive demand

6.
One of the reason why the condition of supply of a commodity may change is
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A.
a change in real income
B.
changes in the technique of production
C.
a change of fashion or taste
D.
change in population

7.
when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following
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A.
a fall in income
B.
a rise in the price of a complement
C.
a change in taste against this commodity
D.
none of the above

A.
That a country is buying more than is selling
B.
That a country is selling more than is buying
C.
That a government is spending more than in takes in taxation
D.
That a government is spending as much as it takes in taxation

9.
When elasticity is zero, the demand curve is
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A.
Perfectly elastic
B.
Perfectly inelastic
C.
Downward slopping
D.
circular

10.
The following is NOT a reason for the existence of small firms
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A.
Scale of production is limited by size of the market
B.
Expansion brings diminishing returns
C.
Large firms can carter for wide markets
D.
All of the above

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