The long-run average cost curve is called a planning curve because it shows what happens to costs when

If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be

The best method of production in an under-populated country is

The present privatization policy in Nigeria is aimed at

When two variables are positively related, the graph of the relationship

Privatization and commercialization of public enterprises in Nigeria is necessitated by

The primary function of non-bank financial institutions is to

A major cause of the slow pace of industrialization in Nigeria is inadequate

The equilibrium wage in an economy is determined by the

In a free market system, trading can only take place when the?

The downstream activities of oil companies in Nigeria involve

The labour force of a country can be determine by examining the

I. What and how much will be produced?
II. How will it be produced?
III. For whom will it be produced?
IV. How much will be exported and consumed?

From the above, identify the combination of basic resource allocation questions in economic analysis

One way of correcting the balance payments problem of a country is to

The distinction between perfect competition and monopolistic competition is that the latter is characterized by

A country is said to be overpopulated when

Short-run period in production is a period for a firm to be able to change its

The middlemen in the chain of distribution are

Given than Y = C + I and C = by where b = 0.8, what is the multiplier?

If goods P and Q are purchased by a consumer, a fall in the price of P with the price of Q unchanged will cause the budget line to

The economic policy of deregulation is aimed at encouraging

The effectiveness of devaluation as a solution to a balance of payments problems depends on the

The European Union was formed to

The effect of an increase in the personal income tax is to

An adverse environmental impact of the petroleum industry on the economy is

Fixing the prices of agricultural products can be a problem because of the

In a closed economy, the marginal propensity to consume is 0.6 and the average propensity to consume is 0.8. The value of the multiplier is

Two basic features common to an industry are

For a firm, value added can be defined as the difference between the

The final stage in the production process of any commodity involves its movement from the

A country is said to have absolute advantage when she

The monetary control instrument most effectively used by the Central Bank of Nigeria is the

The difference between payments and receipts for visible trade is called

Inflation that is usually associated with periods of trade boom is

Government’s involvement in agricultural business in Nigeria is most manifested in the

Creeping inflation implies that there is a

Import duty concessions on industrial inputs directly benefit the

A necessary condition for specialization in an economy is the existence of