The gap between demand and supply curve below the equilibrium price indicates

• A. excess demand
• B. excess supply
• C. equilibrium quantity
• D. equilibrium price

40 men were employed in a farm, and they produced an average of 30 tonnes of cassava per person. Calculate the total product.

• A. 1,300 tonnes
• B. 1,100 tonnes
• C. 1,200 tonnes
• D. 1,400 tonnes

The term ceteris paribus implies that

• A. Resources are scarce
• B. Human problems can be solved
• C. Human beings are unpredictable
• D. All factors are fully utilized

A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?

• A. the ruler
• B. the exercise book
• C. N25.00
• D. 18.00

A co-operative society is a

• A. finance house
• B. self -help business organization
• C. public corporation
• D. non-democratic business organization

In the long term run factors of production are considered to be

• A. at maximum
• B. fixed
• C. variable
• D. increasing

Balance of trade involves the exchange of

• A. goods only
• B. services only
• C. goods and services
• D. goods and capital

Economic growth can be accelerated through?

• A. balancing of savings and consumption
• B. postponement of current consumption
• C. planned current consumption
• D. increased current consumption

One of the reasons why Nigeria is a mono-economy is because of her _______

• A. huge volume of petroleum activities in the country
• B. diversification system of economic activities
• C. high demand for foreign commodities
• D. high rate of unemployment

The most important attribute of money is?

• A. homogeneity
• B. relative scarcity
• C. divisibility
• D. general acceptability