The following will occur when maximum price is fixed below the free market price EXCEPT that
Black market will be encouraged
Excess demand will occur
Excess supply will occur
Rationing of commodities will occur
Scarcity of goods will occur
Correct answer is C
No explanation has been provided for this answer.
Which of the following is NOT an objective of Economic planning?
Achieving economic self reliance
Achieving economic growth
Creating employment
Equitable allocation of resources
Widening the income gap
Correct answer is E
No explanation has been provided for this answer.
The problem of “how to produce” in any economy is solved by
Adopting the least cost method of production
Combining capital and labour intensive methods of production
Employing the services of a manager
Using capital intensive method of production
Using labour intensive method of production
Correct answer is B
No explanation has been provided for this answer.
A major characteristics of a firm operating at a long-run equilibrium position is that
All costs can be varied
Average variable cost is fixed
Fixed cost can not be changed
Marginal cost is fixed
Only variable cost changes
Correct answer is A
No explanation has been provided for this answer.
Which of the following is NOT included in-measuring the National income through the income approach?
Allowance given to an aged mother by a civil servant
Income earned by a bricklayer
Profit earned by Nigerian bottling company plc
Profit earned by NITEL plc
Salary earned by a doctor
Correct answer is A
No explanation has been provided for this answer.