A recession C. deflation 15. Revenue is the A. cost of good multiplied by the quantity sold B. price of good multiplied by the quantity sold C. quantity of good plus purchase price D. quantity applied less quantity sold 16. The main concern of Economist is to A. allocate scarce resource B. depression D. stagflation B. satisfy human wants C. redistribute income D. control the growth of population 17. The Satisfaction derived from the use of a Commodity is A. demand C. wealth B. total D. opportunity 19. An invisible item in the balance of payments account is A. import of various types of goods B. banking services B. electricity D. unility 18. The addition of costs used by both fixed and C. How to produce variable factors in production is called cost. A. money C. fixed C. export of petroleum products D. export of primary products 20. Through the membership of the Economic Community of West African States (ECOWAS) countries have achieved A. full employment of resources B. absolute peace within the region C. military superiority over other African countries D. a large market for their products 21. Given that Qd-80-2p where Qd is quantity demanded and P is the price, what quantity would be demanded when the price (P) is N37 A. 86units B. 30 units D. 14units C.76units 4 A may lead to overproduction B. brings about over-dependence of countries 2 3 2 5 22. From the table, the mean of the distr is A. 2.2 B. 25 C. 3.2 D. 4.5 23. What is the median of the distribution C. provides foreign market for local goods D. brings about unhealthy competition and rivalries 12 25. A financial institution established for the purpose of providing specialized services like acceptance of bills of exchange and equipment leasing is known as A. Merchant C. Central 26. Which of the following problems arises where there are more than one technically possible methods of production A. Where to produce B. For whom to produce D. What to produce 27. When there is improvement Use the table below to answer questions 22-23 31. The X 5 B. Developin D. Insurance terms of trade, it means that the A exports are cheaper mla C. volume of imports has declined B. imports are cheaper relativ D. volume of exports i 28. Which of the following will not notand economic development in West Atat A. Dependen B. Population Control C. High level of illitancy D. Low level of savings 29. Balance of payments corrected through A. increasing foreign B. increasing domestic ber C. import promotion sting D. export promotion tragis 30. One of the rea croct a trade hamin A. control formign B. protect in C. promote importation D. diversity The Frear al product is negative, the