which of the following is not a problem in the barter economy?

• A. multiple exchange rate
• B. indivisibility of goods and services
• C. double coincidence of wants
• D. inflation

Economist speaks about ‘opportunity cost’ when a consumer

• A. he has the change to minimize cost
• B. has to forgo one thing in order to have another
• C. can equate his fix costs with his variable costs
• D. is able to save part of his income

A customs union is an economic grouping which has___________

• A. free movement of factors of production
• B. common tariffs against non-Members.
• C. common currency for trading
• D. common military defence

An increase in the price of a commodity from $10 to $ 15 leads to an increase in the quantity supplied from 10 units to 15 units. The price elasticity of supply is

• A. 0
• B. 0.5
• C. 1
• D. 5

Government revenue will increase if tax is imposed on a good whose demand is

• A. elastic
• B. inelastic
• C. unitary elastic
• D. perfectly elastic

If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?

• A. 2
• B. 4
• C. 5
• D. 3

Inflation is likely to benefit_______

• A. Debtors
• B. Persons with back savings
• C. Creditors
• D. Persons who lived on fixed pension funds

The greatest foreign exchange earner for Nigeria before the advent of petroleum was

• A. mining
• B. handicraft
• C. agriculture
• D. manufacturing

Demand pull inflation can aptly be described as

• A. inflation induced by rising costs of production
• B. reduction in government expenditure
• C. persistent rise in prices due to increase in expenditure
• D. massive importation of goods from a country with hyper inflation

which of the following are determinants of the rate of population growth?

• A. Birth rate, immigration and death rate
• B. birth rate, death rate and emigration
• C. Death rate , birth rate and net migration
• D. Migration, large families and birth rate