8780701
Description
Quiz by Courage Chidi, updated more than 1 year ago
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Created by Courage Chidi
almost 7 years ago
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Question 1
Question
Price can be defined as
Answer
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A rate of exchange
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The cost of a product
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The standard of accounting
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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
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Price only
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quantity only
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price and quantity only
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quality only
Question 3
Question
If a good is an inferior good then
Answer
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The income elasticity of demand is negative.
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It is a giffen good
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the poor but It only out of habit.
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It varies inversely with price.
Question 4
Question
An increase in supply will lower price unless
Answer
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It is followed by an increase in demand
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demand is highly inelastic
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demand is perfectly elastic
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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
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Oligopsony
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Oligopoly
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Monopoly
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Duopoly
Question 6
Question
The liability of the sole trader is
Answer
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Unlimited
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limited
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transferable
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indeterminable
Question 7
Question
Which of the following is a disadvantage of Regional concentration of industries
Answer
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Development of Congested urban areas
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High cost of labour
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Immobility of labour
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existence of Regional unemployment
Question 8
Question
Economic development is defined as
Answer
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positive change plus growth
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availability of more goods and services
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outward shift of the PPC
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growth in national income
Question 9
Question
For improvement in welfare,production is not enough because?
Answer
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Equitable distribution is necessary
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production efficiency is vital
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the Have-mots deserve more than a fait share.
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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
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Personal income tax
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investment income
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personal savings
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Consumption expenditure
Question 11
Question
Frictional unemployment means
Answer
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occurs when people are changing jobs
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Occurs when the number of job seekers exceeds the number of vacancies
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Is total employment minus structural unemployment
Question 12
Question
Transfer payments are ?
Answer
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Unearned income
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transfer earings
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payment transferred from one account to another
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Money from one country to another
Question 13
Question
Statistical analyses suggests that?
Answer
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The MPS is High
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The MPC is High
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consumption pattern is negative
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perfect correlation Between consumption and savings
Question 14
Question
Advalorem tax means?
Answer
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A percentage tax base on the value of the commodity
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a tax on the income of the consumer
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Payment of a tax on the profit made
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tax on the volume
Question 15
Question
The rate of exchange between domestic and a foreign currency is defined as the?
Answer
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Domestic currency price of a unit of the foreign currency
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foreign currency price of gold
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Domestic currency price of gold
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terms of trade
Question 16
Question
If inflation continues
Answer
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lenders will demand higher interest rates.
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people would want to gold money
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people will want to gold more money.
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the growth of full employment will be acellerated
Question 17
Question
In the keynesian model?
Answer
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Demand for money is Inversely related to the rate of interest.
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investment is directly related to the rate of interest
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investment is not related to the ratio of interest
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the demand for money is directly related to interest rate.
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