A firm that charges different price of goods or services that have same technical qualities is called
(a)A a perfect competitor(b)B a monopsony(c)an oligopoly(d)discriminating monopoly
EXPLANATION:undefined
A perfect market has all the following features except that
(a)there are many buyers and few sellers(b)the commodities bought and sold are homogenous(c)there is free entry and exit(d)buyers and sellers have perfect knowledge of the market
EXPLANATION:undefined
The price system refers to the system by which
(a)the government controls price in the economic system(b)prices tends to rise to a general level(c)price allocates resources between consumer and producer goods(d)government allocate resources to consumers and producers
EXPLANATION:undefined
The market price of a commodity is determine by the
(a)total number of people in the market(b)total demand for the commodity(c)quantity of the commodity supplied(d)interaction of demand and supply
EXPLANATION:undefined
Which of the following is not characteristics of a perfect competition ?
(a)many sellers and buyers are in the market(b)there is perfect knowledge of the market situation(c)supply and demand are equal(d)there is no discrimination
EXPLANATION:undefined
International trade is necessary mainly because
(a)no country can live in economic isolation(b)different countries are endowed with the same natural; and man-made resources(c)some countries have comparative cost advantage in the production of certain commodities(d)the world demand for and supply od various categories of commodities is expanding very fast
EXPLANATION:undefined
Dumping in Economics means the selling of goods in a foreign market
(a)ata a price below that received in the home market(b)at a price above that received in the home market(c)at a price equal to the cost price in the home market(d)in order to encourage indigenous producers
EXPLANATION:undefined
Agriculture plays a dominant role in West African economies because
(a)the Green Revolution in Nigeria is agricultural(b)it supplies all the food stuffs consumed in Ghana alone(c)there are large plantation of cocoa, groundnut and oil palm in West Africa(d)it is the main source of revenue in Sirera Leon alone
EXPLANATION:undefined
Economic growth is the
(a)rate of increase in a country's full employment and real output(b)rate of increase in a nation's total population(c)rate of increase in inflation(d)rate of decrease inflation
EXPLANATION:undefined
The greatest disadvantages Of barter system is the need for
(a)Durability(b)Divisibility(c)Homogeneity(d)Double coincidence of wants
EXPLANATION:undefined
A legal tender is any
(a)form of money(b)means of exchange authorized by the state(c)commodity generally acceptable as a meduim of exchange(d)total productivity of labour
EXPLANATION:undefined
which of the following are resources for holding money instead of investing it? I Transaction motive II. Precautionary motive III. Speculative motive IV. Liquidity motive
(a)I and II only(b)I and III only(c)I, II and III only(d)I, II and IV only
EXPLANATION:undefined
Which of the following is not regarded as money in Economics?
(a)A place where buyers and sellers come together to exchange goods(b)Any agreement made for consumers to buy all they need(c)Any arrangement made for producers to sell all their goods(d)Any arrangement where by buyers and sellers are in close touch with one another
EXPLANATION:undefined
You'll have 60 seconds to answer each question.
Time's Up
Score:
Your fingernails and hair keep growing after you die
Post a Comment