economics

Given that Y = C + 1; where C = 50 + 0.75 and 1 = N45m; what is the equilibrium level of income?

A. N20m B. N380m C. N200m D. N180m Correct Answer: Option B - N380m

5 years ago

In the history of economics the concept of division of labour is usually associated With _________?

A. Karl Marx B. Adam Smith C. David Ricardo D. J.M Keynes Correct Answer: Option B - Adam Smith

5 years ago

The coefficient of the price elasticity of supply is always _________?

A. Constant B. Zero C. Positive D. Negative Correct Answer: Option C - Positive

5 years ago

An upward movement along the same supply curve result in _______?

A. a decrease in price B. an increase C. an increase in quantity supplied D. a decrease In quantity supplied…

5 years ago

If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in ______?

A. a decrease in profit by 43% B. an increase in profit by 43% C. a net loss D. a…

5 years ago

If the price of a ball point pen falls from N1.00 to NO.60 and the quantity demanded increases from 200 to 300; the point elasticity of demand is equal to?

A. 0.50 B. 0.40 C. 1.25 D. 0.80 Correct Answer: Option A - 0.50

5 years ago

A limited liability company is owned by ___________?

A. a bank B. an individual C. two or more partners D. shareholders Correct Answer: Option D - shareholders

5 years ago

Which of the following is not a direct tax?

A. capital gains tax B. purchase tax C. personal income tax D. capital tax Correct Answer: Option B - purchase…

5 years ago

When elasticity is zero; the demand curve is __________?

A. circular B. downward sloping C. perfectly inelastic D. concave Correct Answer: Option C - perfectly inelastic

5 years ago

The effects on the demand for product A caused by a change in the price of product B is Called _________?

A. Joint demand B. cross-elasticity of demand C. elasticity of supply D. competitive demand Correct Answer: Option A - Joint…

5 years ago
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