Division of labour leads to

• A. employment of everybody
• B. decrease in output
• C. monotony of work
• D. increase of time in workshops

When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?

• A. an opportunity cost
• B. an economic rent
• C. transfer earnings
• D. surplus value

(a) Define inflation.

(b) Identify any three causes of: (i) demand-pull inflation; (ii) cost-push inflation .

Price elasticity of supply is a ratio of the change in

• A. original quantity to a change in new quantity
• B. quantity supplied to the change in price
• C. price to the change in quantity supplied
• D. quantity supplied to the change in demand

The major problem of cooperative societies in Nigeria is that?

• A. they often lack cohersion and continuity
• B. their liability is unlimited to members
• C. voting is by proxy
• D. their management style is poor

In the history of economics the concept of division of labour is usually associated With______________

• A. Karl Marx
• B. Adam Smith
• C. David Ricardo
• D. J.M Keynes

In the diagram, the profit maximizing output is

• A. Q1 while 1 = AC and II = MC
• B. Q1, while l = MC and ll = AC
• C. Q2, while l = MC and ll = AC
• D. Q3, while l = AC and ll = MC

One of the causes of the present high rate of inflation in Nigeria is

• A. increasing budget surplus
• B. increasing factor costs
• C. exchange rate appreciation
• D. high capacity utilization

An account from which allocations are made to the three tier of government in Nigeria is called the?

• A. National Income Account
• B. Public Sector
• C. Federation account
• D. National Revenue Mobilization Account

Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the year amounted to 22,100. His closing capital was N73,800. Zakari's personal drawings amounted to?

• A. N2,300
• B. N9,900
• C. N17,100
• D. N19,500