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

The term Laissez-faire is associated with:

Demand in Economics is synonymous with:

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?

The following are the arguments for capitalism EXCEPT:

The knowledge of Economics enables an individual to:

It is impossible to satisfy all human wants because:

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

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:

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

Another term for opportunity cost is:

Which of the following defines Economics most comprehensively?

The concept of economic efficiency basically implies:

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

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

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:

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?

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

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

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

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

The Nigerian economy can best be described as a:

Advance stage of socialism is referred to as:

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

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

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

A good example of a free good is:

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?

The meaning of scale of preference is:

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

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

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 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:

Basic extractive activities are classified as:

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:

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

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

A rational consumer will adjust his spending pattern so that:

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

A socialist economy is characterized by the:

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

Which of the following statements is not correct about choice?

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

The decision on what to produce is a problem in:

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

Which of the following countries does not practice capitalism?

The profit of a monopolist can be eliminated where price equals