Subject: Economics, asked 8 hours, 51 minutes ago

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Subject: Economics, asked 5 days, 13 hours ago

Subject: Economics, asked on 2/7/20

Subject: Economics, asked on 6/5/20

1. Localization of industries is __________
a) the concentration of the firms of an industry in a particular area
b) the industrialization of a country
c) the location of a firm at a particular locality
d) the economic development of a locality

2. Subsistence faming means __________
a) cultivation for external use
b) cultivation for local industries
c) farming for the urban dwellers
d) cultivation for household consumption

3. An exceptional demand is the one in which the
a) supplier sells all that he takes to the market
b) consumers do not buy from the market
c) quantity demanded and price move in opposite direction
d) quantity demanded falls as price falls

4. Which of the following is not a type of industry?
a) export b) construction c) mining
d) manufacturing

5. The location of timber and plywood industries in West Africa countries is mainly influenced by the
a) availability of power supply
b) good climate c)availability of transportation facilities d) presence of a luxuriant forest

6. A continues fall in the general price level of goods and services is called _________
a) recession
b) depression
c) deflation d) inflation

7. One reasons for the low agricultural production in West African countries is that
a) agriculture employs the highest percentage of the labor force
b) too much money is invested in agriculture
c) farmers lack the finance and technology required
d) the farms are too large

8. Industry can be defined as ___________
a) several firms producing different commodities
b) groups of firms producing similar goods
c) different firms producing equal number of goods
d) many firms producing for export

9. The demand for beans in bags is given by the function Q ? 36 + 0.4P = 0, find Q when P=N20
a) 12 bags b) 24bags c) 28bags d) 30bags

10. Manufacturing involves the process of
a) making good available b) providing finished products
c) changing items to new state
d) producing capital goods only

11. The types of good that exist between torchlight and battery is
a) competitive demand b) complementary demand
c) composite demand
d) complementary demand

12. When the price of a commodity rises and the quantity demanded also rise this is a case of
a) exceptional demand b) derived demand
c) competitive demand d) joint demand

13. If a fall in price of one commodity leads to an increase in the supply of another good, both goods have
a) competitive supply b) joint supply
c) short-run supply
d) composite supply

14. The economic system in which the state takes the economic decisions through detailed planning is
a) capitalism system b) socialism system
c) traditional system
d) mixed economy

15. A movement along the same demand curve either upwards or downwards as a result of changes in price implies
a) a change in demand b) a change in quantity demanded
c) an increase in demand
d) a shift in the demand curve to the right

16. What are inferior goods? These are goods
a) that are generally in short supply
b) that are no longer in demand
c) whose demand falls as income increase
d) whose price falls as demand increase

17. The demand for a commodity not directly for immediate consumption but for the production of another goods is
a) competitive demand b) derived demand
c) composite demand d) joint demand

18. Which of the following is a luxury item?
a) petrol b) textbook c) pencil d) gold

19. The bodily shift of demand curve from one point to an entirely new position is known as
a) change in demand b) change in quality demanded
c) decrease in demand
d) fixed in demand

20. Deflation can be controlled by increase in
a) the bank rate
b) income tax
c) the price level
d) the budget deficit

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