Economics 2014 | Study Mode

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Question 11
A
by specialists
B
in stages
C
by all workers
D
by unskilled labourers
Explanation

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Correct option: B
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Question 12
A
N30
B
N40
C
N10
D
N20
Explanation

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Correct option: B
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Question 13
A
average fixed costs
B
average variable costs
C
fixed costs
D
variable costs
Explanation

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Correct option: C
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Question 14
A
TC > TR
B
MR = AR
C
MC < MR
D
MC > MR
Explanation

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Correct option: C
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Question 15
A
quantity produced by other producers
B
prices charged by other producers
C
both price and quantity
D
price or quantity
Explanation

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Correct option: C
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Question 16
A
adjusting both price and output upward
B
reducing total output to match price
C
increasing price
D
reducing price
Explanation

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Correct option: B
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Question 17
A
C+I+G+(X+M)
B
C+I+G+X
C
C+I+G
D
C+I+G+(X-M)
Explanation

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Correct option: D
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Question 18
A
N100 million
B
N10 million
C
N303 million
D
N300 million
Explanation

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Correct option: D
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Question 19
A
the rate of interest
B
the level of savings
C
the level of income
D
general price level
Explanation
The precautionary demand is dependent on the size of income, the availability of credit, and the rate of interest.

Correct option: A
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Question 20
A
hyperinflation
B
stagflation
C
demand-pull inflation
D
cost-push inflation
Explanation

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Correct option: A

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