An example of a producer goods is a

• A. tin of milk
• B. hammer
• C. loaf of bread
• D. shirt

Commodity market can best be described as a market in which

• A. goods are sold
• B. labour is sold and bought
• C. short-term loans are obtained
• D. quoted stocks are bought

(a) Define increase in supply. [4 marks]

(b) With the aid of diagrams, explain the effect of an increase in the supply of fish on the price of beef [16 marks]

Scarcity in Economics means that

• A. the economy can scarecely produce anything
• B. human wants are limitless
• C. the economy has very few resources
• D. resources are limited relative to wants

commercial banks settle their daily interbank indebtedness through the

• A. money market
• B. finance House
• C. acceptance house
• D. Clearing House

The rate of output per worker (or group of workers) per unit time is called

• A. labour productivity
• B. total output
• C. individual output
• D. workdone

National development plans in Nigeria fail mainly because of

• A. overdependence on foreign aids
• B. inadequate funding of projects
• C. poor implementation strategies
• D. shortage of skilled manpower

The main objective of setting up private businesses is to

• A. protect the interest of the government
• B. maximize profits
• C. provide infrastructure
• D. promote exports

The Economic Community of the West African States (ECOWAS) is an example of

• A. billateral trade
• B. economic integration
• C. regional marketing board
• D. international competition

The economic policy of deregulation is aimed at encouraging?

• A. a monopolistic market structure
• B. a duopolistic market structure
• C. a competitive market structure
• D. an oligopolistic market structure