Frictional
Cyclical
Residual
Hidden
Correct answer is C
Residual unemployment is the type of unemployment that occurs in periods of full employment, as a result of being mentally, physically, or emotionally unfit to work.
0.20
0.80
1.25
2.00
Correct answer is B
The average propensity to consume (APC) measures the percentage of income that is spent rather than saved.
The formular is gotten as: APC = C / DI
Income = 500
consumption = 400
400/500 = 0.8
Elastic
Inelastic
Perfectly elastic
Unitary elastic
Correct answer is B
High taxes should be imposed on goods whose demand is inelastic.
Inelastic demand is when the buyer's demand does not change as much as the price changes. This means that no matter how high the prices may increase as a result of high taxes or other factors, people will still be willing to buy the goods.
The Nigerian bank for commerce and industry is
A commercial bank
A development bank
An industrial bank
A merchant bank
Correct answer is B
Development banks are specialized banks that provide medium and long-term finance to the industrial and agricultural sectors. The Nigerian bank for commerce and industry is an example of a development bank. It provides loans and finances for entities involved in the industrial and agricultural sectors.
Which of the following is an example of an invisible item on the balance of payments account?
Shipping and aviation
Exports and imports
Merchandise
Bullion
Correct answer is A
Invisible balance of payments are services and other products that do not result in the transfer of physical objects. Examples include consulting services, shipping services, tourism, and patent license revenues.