A. a full in short-term capital flows
B. a full in the quantity of money
C. a rise in the level of unemployment
D. a rise in the rate of interest
2. W hen is a profit-maximising firm in equilibrium?
A. when average profit is maximized
B. when its output is at its lowest
C. when the firm is maximising total revenue
D. when there is no tendency to change output
3. T he price elasticity of demand for a good is unity. What will increase as a result of a reduction in the price of the good?
A. expenditure on the good
B. expenditure on substitutes
C. marginal revenue
D. quantity demanded
4. W hich of the following defines the minimum efficient scale of output?
A. Where a plant of-a given size is used to full capacity.
B. Where the firm can avoid making a loss
C. Where the firm's operating profits are maximised
D. Where the long run average cost of a firm stop falling
5. A verage earnings in manufacturing increase by 8% white hourly wage rates increase by only 6%. What could account for this?
A. an increase in over time
B. an increase in the level of employment
C. an increase in labour productivity
D. an increase in unemployment
6. H ow do commercial banks create money?
A. by cashing cheques for their customers
B. by increasing their reserves at the central bank
C. by making loans available to customers
D. by charging customers for banking services
7. An employer currently employs 200 workers. The marginal cost of hiring an additional worker is N502. lf the employees current wage bill is N20,000, by how much will the wage paid per worker need to be increased in order to attract one more worker?
A. 1.50
B. 2.00
C. 2.52
D. 3.00
8. l n which circumstances woulda tax on alcohol be most effective in reducing drinking?
A. High income elasticity of demand for alcoholic drinks
B. High price elasticity of demand for alcoholic drinks
C. Low income elasticity of demand for alcoholic drinks
D. Low price elasticity of demand for alcoholic drinks
9. W hen the important of a commodity is limited to a definite quantity. the control means used is known as
A. Quotas
B. tax relief
C. devaluation
D. exchange rate
10. W hen is a profit-maximising firm in equilibrium?
A. when average profit is maximized
B. when its output is at its lowest
C. when the firm is maximising total revenue
D. when there is no tendency to change output
11. U nder which conditions will the economic rent received for a given type of labour decrease?
A. the demand curve for thalabourshift to the right
B. The opportunities for training and mobility increase
C. The skills possessed by such labourers become more specialised
D. The supply curve for that labour becomes more inelastic
12. W hich of the following explains how changes inwnational incomemay be brought about by changes
A. the acceleration principle
B. the investment function
C. the marginal efficiency of capital
D. the theory of multiplier
13. W hich condition makes price discrimination possible?
A. to a large number of firmson the market
B. identical elasticity of demand in the market in which theproduct is sold
C. the existence of product differentiation
D. the separability of markets in which the product is sold
14. A single country within a monetary union experiences a current account balance of payment deficit. Which policy could the country use to reduce the deficit?
A. exchange rate policy
B. monetary policy
C. fiscal policy
D. tariff policy
15. A verage earnings in manufacturing increase by 8%. While hourly wage rates increase by only 6%. What could account for this?
A. an increase in over time
B. an increase in the level of employment
C. an increase in labour productivity
D. an increase in unemployment
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