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Econs 1987

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Courage Chidi
Quiz by Courage Chidi, updated more than 1 year ago
Courage Chidi
Created by Courage Chidi over 9 years ago
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Resource summary

Question 1

Question
Price can be defined as
Answer
  • A rate of exchange
  • The cost of a product
  • The standard of accounting
  • A medium of exchange

Question 2

Question
A shift of the demand curve when supply curve is vertical will lead to à change in
Answer
  • Price only
  • quantity only
  • price and quantity only
  • quality only

Question 3

Question
If a good is an inferior good then
Answer
  • The income elasticity of demand is negative.
  • It is a giffen good
  • the poor but It only out of habit.
  • It varies inversely with price.

Question 4

Question
An increase in supply will lower price unless
Answer
  • It is followed by an increase in demand
  • demand is highly inelastic
  • demand is perfectly elastic
  • supply is perfectly inelastic

Question 5

Question
Which form of market is found in an imperfect competition where there are few buyers and many sellers
Answer
  • Oligopsony
  • Oligopoly
  • Monopoly
  • Duopoly

Question 6

Question
The liability of the sole trader is
Answer
  • Unlimited
  • limited
  • transferable
  • indeterminable

Question 7

Question
Which of the following is a disadvantage of Regional concentration of industries
Answer
  • Development of Congested urban areas
  • High cost of labour
  • Immobility of labour
  • existence of Regional unemployment

Question 8

Question
Economic development is defined as
Answer
  • positive change plus growth
  • availability of more goods and services
  • outward shift of the PPC
  • growth in national income

Question 9

Question
For improvement in welfare,production is not enough because?
Answer
  • Equitable distribution is necessary
  • production efficiency is vital
  • the Have-mots deserve more than a fait share.
  • savings must be granted at more than 50 percent income earned

Question 10

Question
The difference between personal income and personal disposable income is
Answer
  • Personal income tax
  • investment income
  • personal savings
  • Consumption expenditure

Question 11

Question
Frictional unemployment means
Answer
  • occurs when people are changing jobs
  • Occurs when the number of job seekers exceeds the number of vacancies
  • Is total employment minus structural unemployment

Question 12

Question
Transfer payments are ?
Answer
  • Unearned income
  • transfer earings
  • payment transferred from one account to another
  • Money from one country to another

Question 13

Question
Statistical analyses suggests that?
Answer
  • The MPS is High
  • The MPC is High
  • consumption pattern is negative
  • perfect correlation Between consumption and savings

Question 14

Question
Advalorem tax means?
Answer
  • A percentage tax base on the value of the commodity
  • a tax on the income of the consumer
  • Payment of a tax on the profit made
  • tax on the volume

Question 15

Question
The rate of exchange between domestic and a foreign currency is defined as the?
Answer
  • Domestic currency price of a unit of the foreign currency
  • foreign currency price of gold
  • Domestic currency price of gold
  • terms of trade

Question 16

Question
If inflation continues
Answer
  • lenders will demand higher interest rates.
  • people would want to gold money
  • people will want to gold more money.
  • the growth of full employment will be acellerated

Question 17

Question
In the keynesian model?
Answer
  • Demand for money is Inversely related to the rate of interest.
  • investment is directly related to the rate of interest
  • investment is not related to the ratio of interest
  • the demand for money is directly related to interest rate.
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