Economics Past Questions And Answers
461
The difference between payments and receipts for visible trade is called
- A. bilateral trade
- B. current balance
- C. balance of payments
- D. balance of trade
462
When a union is composed of workers with the same skill,it is termed
- A. a technical union
- B. a craft union
- C. an industrial union
- D. a workers' union
463
The income elasticity of demand of normal goods is
- A. negative
- B. positive
- C. zero
- D. fixed
464
The money market equilibrium is defined as_________
- A. when the demand and supply of money are equal
- B. when demand is greater than supply of money
- C. when demand is less than supply of money
- D. when supply is greater than demand for money
465
Which of the following correctly illustrates the chain of distribution?
- A. Manufacturer -> wholesaler -> retailer consumer
- B. Consumer -> retailer -> wholesaler -> manufacturer
- C. Wholesaler -> manufacturer -> retailer -> consumer
- D. Distributor -> consumer -> wholesaler -> manufacturer
466
A typical corporate form of business organization is owned by ______
- A. Shareholders
- B. A local government
- C. The president of a country
- D. Foreigners and citizens of the country.
467
With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the?
- A. total utility derived from each goods and services is increasing at an increasing rate
- B. marginal utility derived from each good or service is increasing at the same rate
- C. marginal utility derived per naira spent is the same for all the goods and services
- D. total utility derived from all the goods and services is large
468
The money market is a financial market that specializes in the provision of?
- A. short-term loans
- B. medium-term loans
- C. long-term loans
- D. venture capital for development projects
469
If there are no barriers to entering a market, it means that
- A. anyone can become a buyer or a seller
- B. unwanted goods can always enter the market
- C. the market becomes a dumping ground
- D. the goods are not inspected
470
A supply curve parallel to the X- axis indicates?
- A. fairly elastic supply
- B. infinitely elastic supply
- C. fairly inelastic supply
- D. perfectly inelastic