Economics 2008 | Study Mode

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Question 1

The deregulation of telecommunication services in Nigeria is a characteristic of

command economy

traditional economy

market economy

feudal economy

Explanation

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Correct option: C

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Question 2

The production possibility curve can be used to explain the underlying concepts of

scale of preference and choice

opportunity cost and choice

wants and means

opportunity cost and scale of preference

Explanation

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Correct option: B

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Question 3

If the increase in the price of yams is used to estimate the inflation rate, this is an example of

deductive reasoning

inductive reasoning

normative reasoning

positive reasoning

Explanation

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Correct option: B

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Question 4

If the standard deviation of a given data is 8.2, find its variance

4.1

67.2

91.8

Explanation

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Correct option: B

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Question 5

If 100 units and units of commodity X are supplied at N80 at different times, it means that there is

a change in supply

a change in the quantity supplied

an increase in the quantity supplied

a increase in the quantity supplied

Explanation

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Correct option: B

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Question 6

A major determinant of the demand for a luxury goods is

the price of the goods

the price of other goods

the income of consumers

tastes and fashion

Explanation

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Correct option: A

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Question 7

If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand

0.5

1.2

2.5

Explanation

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Correct option: A

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Question 8

If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is

elastic

perfectliy inelastic

inelastic

perfect elastic

Explanation

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Correct option: C

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Question 9

As long as marginal utility is positive, total utility must be

negative

increasing

zero

decreasing

Explanation

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Correct option: B

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Question 10

Diminishing marginal utility implies that

total utility decreases as consumption increases

marginal utility increases as consumption increases

marginal utility deceases as consumption increase

marginal utility decreases as consumption decreases

Explanation

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Correct option: C

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Economics 2008 | Study Mode

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