Demand for inferior goods is an example of

• A. expansion of demand
• B. contraction of demand
• C. individual demand
• D. abnormal demand

The market consisting of a network of dealers where currencies can be bought and sold is known as

• A. capital market
• B. foreign exchange market
• C. commodity market
• D. the stock market

When a change in price does not affect the quantity demanded of a commodity , the price elasticity of demand is

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

The value of money is best determined by

• A. input-output ratio
• B. the purchasing power
• C. the importance people attach to it
• D. economies of scale

(a) What are public corporations?

(b) State any four merits of public corporations.

For both the monopolist and the perfectly competitive firm , profit maximizing output occurs at the point where the

• A. marginal cost curves cuts the marginal revenue curve from below
• B. marginal revenue curve cuts the marginal output from above
• C. marginal cost curve intersect the X-axis
• D. marginal revenue curve intersects the Y-axis

The table below represents the output level of a particular firm producing soft drinks. Use the information in the table to answer the questions that follow.

Give the cost equation of the firm in Naira as C = 20 + 2q where C is total cost and q is quantity produced, calculate:

(a) The total cost of producing: (i) 12 units of output (ii) 36 units of output.

(b) The average cost when: (i) 48 units were produced (ii) 58 units were produced.

(c) The marginal cost when: (i) 23 units were produced (ii) 36 units were produced.

(d) If the firm is operating in a perfectly competitive market and the market price is N5 per unit, determine the profit when: (i) 23-units are produced (ii) 48 units are produced.

one main benefit of partnership is

• A. the possibility of raising funds on the stock exchange
• B. the possibility of attracting twenty one or more members
• C. that members can specialize in various functions
• D. that it enjoys its own separate legal entity

which of the following item is under the capital account of a balance of payment?

• A. repayment of foreign loans
• B. visible imports
• C. invisble exports
• D. cocoa exports

Natural growth rate is

• A. birth rate less death rate
• B. death rate less migration
• C. death rate plus birth rate
• D. birth rate plus migration