The graph of the function C = a + bY is:

Which of the following would not be included in the fundamental principle of a free enterprise economy?

What determines how the factors of production are to be allocated among different production activities in a planned economy?

The Nigerian economy can best be described as a:

The responsiveness of demand to a change in income is termed:

The following are the arguments for capitalism EXCEPT:

What is the first thing to do if Biola simultaneously needs computer, a laser printer and a scanner and he has money to buy only one of these items?

A good example of a free good is:

The decision on what to produce is a problem in:

The demand for a commodity not directly for immediate consumption but for the production of another commodity is:

In a market economy, the main function of price to:

Use the information below to answer question below

The raw data scores of 10 students of St. Okoro College who took part in Nov/Dec. 2005 G.C.E in Economics are given below. The pass mark is 40%.

34       45       25       49       15

59       64       34       40       71

The quantities of apple supplied by a farmer in a week are shown below: 9, 14, 4, 15, 18

The mean deviation of this data is:

The economic system in which resources are privately owned is known as:

Advance stage of socialism is referred to as:

In Ekiti State, the demand curve for rice in every household is downward sloping because:

A socialist economy is characterized by the:

Demand in Economics is synonymous with:

The sum of all the marginal utilities a consumer derives from the consumption of extra units of a commodity is known as:

Basic extractive activities are classified as:

In market economy, the economy questions of what, how and for whom to produce are solved by:

Use the information below to answer question below

The raw data scores of 10 students of St. Okoro College who took part in Nov/Dec. 2005 G.C.E in Economics are given below. The pass mark is 40%.

34       45       25       49       15

59       64       34       40       71

What is the mean score of the students’ marks?

With regard to the benefit of socialism, which of the alternatives is not correct?

The knowledge of Economics enables an individual to:

The profit of a monopolist can be eliminated where price equals

Which of the following is not a classification of economic activities?

In economic analysis, a statement is said to be normative when it:

It is impossible to satisfy all human wants because:

The term Laissez-faire is associated with:

The ordinalist approach to the theory of consumer behaviour is based on the following assumption except that:

A rational consumer will adjust his spending pattern so that:

Which of the following is not strictly included in the study of economics?

For a free commodity, a rational consumer will continuously increase his consumption until:

Which of the following countries does not practice capitalism?

An increase in the demand for pen raises the demand for ink. This type of demand is called:

Another term for opportunity cost is:

“Economics is a science which studies human behaviour as relationship between ends and scarce means, which have alternative uses”. ‘Ends’ here refers to:

MUA = PA where A = good, A:P = price of good A; MU = Marginal Utility The above equation represents:

Which of the following is not a good method of data presentation and interpretation?

The study of the economic behaviour of individual decision making unit in a free enterprise economy is called:

The meaning of scale of preference is:

The concept of economic efficiency basically implies:

A consumer’s decision to purchase more of a product, with constant income will imply that:

If you do not have to make any sacrifice in order to get a particular thing then its real cost is:

Which of the following statements is not correct about choice?

If y represents tons of cocoa that a farmer produce, find the range of cocoa in tons that satisfies the following inequality 250 < 2y – 400:

Which of the following defines Economics most comprehensively?

Irrespective of economic system adopted, which of the following is not an economic problem?

One of the fundamental differences between capitalist and a socialist state is that while:

Mr. Tola needs a book and a calculator that cost N70 each. If he buys the book instead of the calculator, the opportunity cost of his choice is:

In event of shortage in supply of a commodity in the market under a planned economy, the allocation of the available commodity will be carried out by: