Which of the following explains marginal cost?

• A. Overhead cost plus variable cost resulting from production
• B. the average cost of producing more units of the products
• C. The extra cost of producing more units of products
• D. The additional to total cost resulting from the production of an additional unit

One way of controlling deflation is by

• A. contractionary monetary policy
• B. decreasing wages
• C. deficit financing
• D. rigid fiscal policy

a rational consumer will purchase a product whose price is?

• A. greater than his marginal utility
• B. less than his marginal utility
• C. equal to his marginal utility
• D. equal to his total utility

The natural growth rate of a population is the

• A. Death rate plus net immigration
• B. Rate of migration divided by birth rate
• C. Birth rate minus death rate
• D. Sum of birth rate and net immigration rate

The term underpopulation refers to a situation where the population is

• A. disperesed over the country
• B. small in relation to available resources
• C. greater than the available resources
• D. concentrated in a few areas

A disadvantage of the mean as measure of central tendency is that?

• A. is affected by extreme values
• B. can only be used for continuous data
• C. cannot be used to measure the qualities of a population
• D. cannot be determined in group data

(a) Give two major views of Rev. Thomas Malthus in population theory.

(b) How relevant are his views to the economic realities of West African countries?

The organization whose aim is to solve the trade problems of less developed nations is

• A. UNCTAD
• B. OECD
• C. UNECA
• D. WTO

the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

• A. capital economic system
• B. command economic system
• C. combined economic system
• D. traditional

An example of transfer payments in national income accounting is

• A. money transferred to another country
• B. transfer of funds from one bank to another
• C. unemployment allowance paid to the citizens
• D. the amount paid to a worker on transfer