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11.
Which of the following is NOT a measure of central tendency?
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A.
mean
B.
median
C.
Mode
D.
average
E.
standard deviation

12.
Which of the following is NOT a measure of dispersion
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A.
standard deviation
B.
mean deviation
C.
variance
D.
range
E.
mean

13.
A normal good with close substitutes is likely to have its price elasticity of demand
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A.
between zero and one
B.
equal to unity
C.
greater than unity
D.
less than unity
E.
none of the above

14.
Demand for a factor of production is
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A.
A composite demand
B.
ajoint demand
C.
a derived demand
D.
an elasticity of demand
E.
cross elasticity of demand

15.
Given Demand function: Q d = 5P + 10; Supply function: Q s = 7P – 5. If the price is at N5, the excess demand is
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A.
35
B.
30
C.
10
D.
5
E.
65

16.
If an increase in the price of a commodity leads to an increase in total revenue, then it follows that the demand for the commodity is
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A.
normal
B.
elastic
C.
inelastic
D.
abnormal
E.
unitary

17.
If the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is
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A.
static
B.
infinitely elastic
C.
externally determined
D.
perfectly inelastic
E.
perfectly elastic

18.
The impact of a change in the price of commodity A on the quantity demanded of commodity B is best explained using the concept of
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A.
price-elasticity of demand
B.
cross-price elasticity of demand
C.
income elasticity of demand
D.
elasticity of substitution
E.
A-price elasticity of demand for B

19.
The change that is due to a movement from one supply curve to another along the same price is called
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A.
change in supply
B.
change in quantity supplied
C.
elasticity change
D.
control price effect
E.
change in equilibrium quantity

20.
When the supply of a commodity is fixed, its price elasticity of supply is said to be
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A.
perfectly elastic
B.
perfectly inelastic
C.
undefined
D.
elastic
E.
inelastic

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