ECONOMICS WEEKLY TEST WEEK

If two commodities are good substitutes for one another, e.g butter and margarine, an increase in the demand for one will reduce the demand for the other. This type of demand is called

composite demand

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elastic demand

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derived demand

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competitive demand

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inelastic demand

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One of the reason why the condition of supply of a commodity may change is

a change in real income

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changes in the technique of production

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a change of fashion or taste

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change in population

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when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following

a fall in income

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a rise in the price of a complement

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a fall in the price of substitute

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a change in taste against this commodity

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none of the above

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When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as

elastic supply

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joint demand

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excess supply

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derived demand

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none of the above

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If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

Increasing Marginal utility

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Diseconomies of scale

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Increasing costs

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Constant returns to scale

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Increasing returns to scale

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Which of the following is not true of the theory of optimum population?

It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors

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The quantity of labour which combined with the other factors gives the minimum output is known as optimum population

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The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population

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The test for over-population is whether it exceed the optimum

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It is possible for a thinly populated country to be over populated if it has a poor supply of other factor

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Production covers all but one of the following activities:

changing the position of a good in time as, for example, holding stock of goods until they are required

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the provision of some kind of service e.g retailing

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changing the form of a good from the raw material to the finished product

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changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt

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the use of good and services to satisfy individual wants

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The quantity supplied of a commodity increases best when

Production increases

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Demand increases

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Price of the commodity increases

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Population of the country increases

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More commodities are imported

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The country will be over populated when

the rate of birth is high

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the death rate is low

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the growth rate is high

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population is increasing more than resources in the country

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unemployement is high in the country

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If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is

zero

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1

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2

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5

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10

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ECONOMICS WEEKLY TEST WEEK

ECONOMICS WEEKLY TEST WEEK

ola January 15, 2025

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