An imperfect market exist where?

• A. the product is homogenous
• B. there is perfect information among sellers
• C. both buyers and sellers have free entry into and free exits from the market
• D. the location of some sellers gives them an advantage over others

In Economics production is complete when

• A. Goods are manufactured in the factories
• B. are sold to the final consumer
• C. goods and services are distributed by the government
• D. producers fixed the price of goods produced

International trade is desirable because it

• A. may lead to overproduction
• B. brings about over-dependence of countries on one another
• C. provides foreign market for local goods
• D. brings about unhealthy competition and rivalries

The economic system in which the state takes the economic decision s through detailed planning is

• A. Capitalism
• B. socialism
• C. traditional economic system
• D. mixed economic system

A medium of exchange which is generally acceptable is

• A. bater
• B. a cheque
• C. government bond
• D. money

inflation caused by increase in demand is known as

• A. cost-push inflation
• B. hyper-inflation
• C. demand-pull inflation
• D. creeping inflation

personal savings are generally low in West Africa because of

• A. the level of income of people
• B. the refusal of banks to grant loans
• C. overpopulation
• D. cheaper foreign currencies

A major problem facing all economies is how to?

• A. increase consumption of imported goods
• B. improve trade among nations
• C. transform from a developing to a developed economy
• D. allocate scarce resources

Money may not be accepted as a store of value if?

• A. its value is unstable
• B. it is easily transferable
• C. its value is stable
• D. it is easily divisible

The range is used to

• A. estimate the mean from grouped data
• B. calculate the standard deviation
• C. determine the spread of a set of data
• D. measure the difference between the mean and the mode