Economics 2010 | Study Mode

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Question 21
A
there is mobility of factors of production
B
no single seller dominates the market
C
the firms are price-takers
D
consumers have perfect knowledge of price
Explanation

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Correct option: B
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Question 22
A
is perfect elastic
B
slopes upwards
C
slopes of downwards
D
is perfectly inelastic
Explanation

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Correct option: C
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Question 23
A
cartel
B
collusion
C
haggling
D
specialization
Explanation

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Correct option: A
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Question 24
A
level of income
B
level of consumption
C
level of investment
D
rate of savings
Explanation

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Correct option: A
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Question 25
A
boom
B
inflation
C
deflation
D
recession
Explanation

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Correct option: C
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Question 26
A
N 214 million
B
N 45 million
C
N 105 million
D
N 500 million
Explanation

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Correct option: D
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Question 27
A
unit of account
B
store of value
C
medium of exchange
D
standard of deferred payment
Explanation

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Correct option: C
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Question 28
A
increase money supply in the economy
B
reduce the cash reserve ratio for banks
C
reduce money supply in the economy
D
increase the capital base of commercial banks
Explanation

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Correct option: A
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Question 29
A
maintaining stable price in the economy
B
regulating monetary policies
C
granting loans to customers
D
issuing bank notes and coins
Explanation

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Correct option: C
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Question 30
A
balanced budgeting
B
deficit budgeting
C
surplus budgeting
D
zero budgeting
Explanation

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Correct option: B

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