Economics (2017) | Study Mode

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Question 21
A
collective bargaining
B
imposing lower exort duties
C
revelation of currency
D
reducing demand for imported goods
Explanation
Tariffs are taxs or duties imposed on imports and exorts by the government of a country. The idea behind tariffs is to restrict the volume of trade or improve the international terms of trade.

Correct option: B
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Question 22
A
Time utility
B
form utility
C
marginal utility
D
place utility
Explanation
Form utility refers to the change in the form or structure of a commodity during its manufacturing process in other to increase its utility. For exmple, a change in the form of raw cotton to clothing material. Cotton in its raw form does not give satisfaction until it is changed to a clothing

Correct option: B
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Question 23
A
CPI
B
PPI
C
GDP
D
High Level of Unemployment
Explanation
Consumer Confidence Index(CCI), measures how consumers feel about the current and future economic conditions. Money supply, is a representation of the total amount of money a country has in circulation. Employment and others such as Retail Number, Housing Starts, Manufacturing Trade Inventories and sales etc. However, GPP is not a measures of economic growth.

There are other indicators of economic growth such as; Gross domestic product which is the aggregate measure of the total economic production of a country

Correct option: C
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Question 24
A
profit motive principles
B
absence of price control board
C
price determines production and distribution
D
number of sellers and buyers
Explanation
A perfect market may be defined as one in which buyers or sellers cannot influence the price of goods and services. An imperfect market however is the market in which price of goods or services can easily be influenced by the seller or buyers

Correct option: D
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Question 25
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 26
A
6
B
3
C
4
D
5
Explanation
The Mode refers to the most occurring number in a set of numbers or data. It is the most occurring value in a distribution.

Correct option: B
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Question 27
A
the effect of diseases and pests
B
industrial pollution
C
mining and exraction activities
D
population growth
Explanation
The most direct economic impact of a trans-boundary pest or disease is the loss or reduced
efficiency of agricultural production weather of reduced productivity on crops or animals can be
long lasting. Although the loss of output from a trans-boundary pest or diseases may appear easy
to identify, it can nevertheless be difficult to measure in precise economic terms.

Correct option: A
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Question 28
A
Payment from business transfer
B
Bonuses
C
Tax
D
Wages
Explanation
Tax government generate income or revenues by taxng individual and corporate bodies. This process is referred to as taxtion. Taxtion is the act or method of imposing a compulsory levy by the government or it's agency on individuals and firms or on goods and services. Taxis the compulsory levy imposed by the government or it's agency on individuals and firm or on goods and services

Correct option: C
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Question 29
A
Price equilibrium
B
Price control
C
Demanded price
D
Asking price
Explanation
Price control policy refers to how the government or its agency fixs the price of essential commodities. Price control is carried out in Nigeria by the price control board.

Correct option: B
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Question 30
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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