All practice questions

According to Adam Smith's canon of economy, the cost of administering and collecting a tax should be kept as low as possible relative to the tax revenue yields obtained.

During a laboratory demonstration, a sample containing $100\text{ cm}^3$ of ozone gas ($\text{O}_3$) undergoes complete thermal decomposition into oxygen gas ($\text{O}_2$) under constant temperature and pressure. What is the total volume of oxygen gas produced?

For a normal good, a decrease in price creates substitution and income effects that operate in the same direction, thereby reinforcing an increase in total quantity demanded.

Match each fundamental pillar of a free market economy (capitalism) on the left with its primary operational function on the right.

A pharmaceutical manufacturing company based in Aba expands its operation by increasing all factor inputs by $40\%$. Consequently, its total daily output of antibiotics increases from $5,000$ boxes to $8,400$ boxes, while its long-run total cost rises from $\text{₦}25,000,000$ to $\text{₦}33,600,000$. Based on these production metrics, how are the firm's scale of production and long-run average cost (LRAC) affected?

In a non-collusive oligopolistic market, a leading firm faces a kinked demand curve with two distinct price-demand relationships: for price increases above the current equilibrium, the demand curve is $P_1 = 280 - 2Q$; for price cuts below the current equilibrium, the demand curve is $P_2 = 400 - 5Q$, where $P$ is price in Naira (₦) and $Q$ is output in units. What is the value of the vertical discontinuity (gap) in the firm's marginal revenue curve at the kink equilibrium quantity?

Excessive runoff of nitrate and phosphate fertilizers from agricultural lands into a nearby river results in rapid algal proliferation. Which of the following sequence of events directly leads to the mass mortality of fish in this aquatic ecosystem?

In an economy operating under Fisher's Quantity Theory of Money ($MV = PT$), the initial stock of money ($M$) is ₦500 million, the velocity of money circulation ($V$) is 4, and the total volume of transactions ($T$) is 100 million units. If the money supply increases by $25\%$, the velocity of circulation decreases by $10\%$, and the volume of transactions increases by $25\%$, what is the new price level ($P$)?

A developing country experiencing frequent macroeconomic shocks decides to adopt a 3-year rolling plan instead of a traditional 5-year fixed medium-term plan to guide its national development strategies. Which of the following features represents the essential operational difference of a rolling plan compared to a fixed plan?

An adult toad (*Sclerophrys regularis*) and an adult rainbow lizard (*Agama agama*) both possess hearts with two atria. Which anatomical feature of the cardiac structure distinguishes the heart of the lizard from that of the toad?

Which of the following is considered an essential feature of a democratic system of government?

Match each trade barrier instrument on the left with its correct economic description or operational mechanism on the right.

Arrange the following physiological events of synaptic transmission across a chemical synapse in the correct sequential order from initial presynaptic stimulation to the postsynaptic response.

In an oligopolistic market, when a small number of major firms cooperate with one another to fix prices and restrict total industry output rather than competing, what economic term describes this agreement?

To correct a persistent balance of payments deficit, a central bank decides to adopt an expenditure-reducing monetary measure. Which of the following actions directly achieves this objective?

Match each atmospheric pollutant in Column A with its corresponding environmental impact or chemical role in Column B.

A consumer allocates a fixed income between Good $X$ and Good $Y$. At their current consumption combination, the Marginal Rate of Substitution of $X$ for $Y$ ($MRS_{xy}$) is $3$, while the market price of Good $X$ ($P_x$) is $\text{₦}150$ and the market price of Good $Y$ ($P_y$) is $\text{₦}30$. Assuming strictly convex indifference curves, what adjustment should the consumer make to attain consumer equilibrium under ordinal utility analysis?

During periods of crude oil export booms in Nigeria, the resulting economic phenomenon known as Dutch Disease causes a real appreciation of the domestic currency, which systematically enhances the global price competitiveness of Nigeria's agricultural and manufacturing export sectors.

Match each industrial fuel gas or coal distillation product in Column A with its corresponding chemical composition or production method in Column B.

The table below shows the input requirement in labor-hours needed to produce one unit of Wheat and one unit of Solar Panels in Country Alpha and Country Beta:

Based on the principle of comparative advantage, which of the following statements correctly identifies the specialization pattern for both countries and the mutually beneficial terms of trade range for 1 unit of Solar Panels?