The term production in Economics means
Manufacturing of goods
The creation of utilities
Giving birth to children
The distribution of goods and services
Using labour in creating something
Correct answer is B
No explanation has been provided for this answer.
Government can influence aggregate demand through all the following measures except
Reduction in personal income tax
Retirement of director-general in the public service
Creation of employment opportunities
Compulsory deduction from salaries of all categories of workers
Upward revision of workers fringe benefits
Correct answer is B
No explanation has been provided for this answer.
Effective demand in economics means
The desire for a commodity
A proposal to purchase a good on credit
The desire for a commodity or service backed by purchasing power
An irrevocable instruction to the seller to meet up the need of the buyers
The propensity to consume goods produced by manufacturers
Correct answer is C
No explanation has been provided for this answer.
Giffen commodities are those commodities
Which gives rise to a cobweb situation
For which demand increases as price increases
Which have a low price elasticity of demand
Which are in short supply
Which have a high income elasticity of demand
Correct answer is B
No explanation has been provided for this answer.
Which of the following economic system is in operation in Nigeria?
Capitalist economy
Socialist cum Maxist economy
Socialist economy
Capitalist and free economy
Mixed economy
Correct answer is E
No explanation has been provided for this answer.