303
30
114
33
Correct answer is D
To find quantity demanded when p = ₦18
Qd = 7p - 12
7(18) - 12
126 - 12
Qd = 114units
To find quantity supplies at ₦18
Qs = 4p + 9
4(18) + 9
Qs = 72 + 9
Qs = 81 units
To find the magnitude of excess demand
Excess demand = 114 - 81 = 33 units
The basic and essential economic problems in a community are related to choice and________
Freedom
Scarcity
Social class
Politics
Correct answer is B
Every society is faced with the economic problem of choice and scarcity.
When a member's currency is declared "scarce", it is the duty of the IMF to______
Suspend the member state indefinitely
Ban all exports from that state
Suspend dealings in that currency for one year
Ration it among the countries demanding it
Correct answer is D
The clause provided that if the IMF ran out of sticks of a country's currency, this could be declared a "scarce currency", upon which members would be entitled and expected to discriminate against the country's goods in their trade policies.
The oil boom between 1970 - 1980 caused the oil sector to become___________
The main source of government
Management of spillage and pollution
Protection to the local operators in the petroleum industry
Decrease in the rate of inflation
Correct answer is A
The oil booms caused the oil sector to become the ministry of the nigeria economy not only in terms of foreign exchange earnings but also the main source of government revenue.
Poverty simply refers to the low level of_______
Planning
Per capita income
Rich people
Labour face
Correct answer is B
Poverty refers to the low level of per capital income of a country when the average income of the people in a country is low there will be high poverty and vice versa.