Use the table below to answer the question below;
The International production set for Nigeria and Austria is;
| Products | Nigeria | Austria |
| Cocoa | 20 tonnes | 12 tonnes |
| Lace | 10 metres | 8 metres |
From the table, it can be deduced that_______
Nigeria should produce cocoa and lace
Nigeria can benefit from producing lace only
Austria should produce lace and Nigeria should produce cocoa
Austria should produce cocoa and lace
Correct answer is C
No explanation has been provided for this answer.
Use the table below to answer the question below;
The international production set for Nigeria and Austria is;
| Products | Nigeria | Austria |
| Cocoa | 20 tonnes | 12 tonnes |
| Lace | 10 metres | 8 metres |
The Opportunity cost ratio for cocoa and lace for Austria and Nigeria is_______
1.5:2
2:2
2:1.5
0.5:1.5
Correct answer is A
No explanation has been provided for this answer.
Which of the following is NOT one of the characteristics of developing countries?
High unemployment
Mono-product economy
High capital formation
Low saving
Correct answer is B
Mono-product economy ( an economy that produces one product or commodity) is not a characteristics of developing country. The characteristics are: high level of illiteracy, dependence on agriculture, low savings and investment, low standard of living, population explosion, high death rate etc.
Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?
|
No. of oranges Consumed |
Total Utility | Average Utility |
Marginal Utility |
| 1 | 9 | 9 | - |
| 2 | 16 | 8 | x |
| 3 | 24 | 8 | 6 |
| 4 | 30 | 7.5 | 4 |
| 5 | 34 | 6.8 | y |
| 6 | 36 | 6 | 2 |
| 7 | 36 | 5.1 | 0 |
0.5
7
0
8
Correct answer is B
The Marginal Utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service. It can be calculated by subtracting the total utility of the previous consumption from the total utility of the current consumption. In this case, the total utility of consuming 2 oranges is 16 and the total utility of consuming 1 orange is 9. Therefore, the marginal utility (X) of the second orange is 16 - 9 = 7.
Economics is often described as a science because it
Employs the use of laboratory experiments
Use scientific methods to explain observed phenomena
Make use of controlled experiments
Engages accurate predication of human beings
Correct answer is B
Economics is regarded as a science because it uses scientific methods to build theories that can help explain behaviour of individuals, groups and organisations.
Marginal propensity to save has fallen
Actual investment had fallen
Average propensity to invest has fallen
Actual saving has fallen
Correct answer is A
Investment multiplier (K) is a function of two factors; The MPS and MPC. If MPC is high, K will also be high but if MPC is low, K will also be low. on the other hand, If MPS is high, K will be low and if MPS is low, K will be high ( since there is an inverse relationship between MPS and K).
The number of people who are qualified to work and who offered themselves for employment are called
Mobility of labour
Working population
Migrant labour
Labour turnover
Correct answer is B
Working population also known as labour force refers to the total number of persons available to supply the labour for the production of economic goods and service. In other words, it is the total number of people of working age in a country who are able and willing by law to work.
Which of the following will cause an increase in cost of production?
Hyper-inflation
Cost push inflation
Structural inflation
Demand pull inflation
Correct answer is B
Cost push inflation occurs when overall prices increase(inflation) due to increases in the cost of wages and raw materials. It can also occur when higher costs of production decrease the aggregate supply in the economy.
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