UNIVERSITY OF LAGOS
1. A tax that takes an increasing fraction of income goes down is called
2. A rising short-run average cost is a result of
A. falling marginal cost
B. rising fixed costs
C. economics of scale.
D. diminishing return
3. T he sum of N80,000 is deposited in a bank and the cash ratio of the banking system is 10%. Calculate the total sum of moneythe bank can create from the deposit.
4. I f budget deficits are financed by borrowing, the crowding-out effect can be offset by an increase in
B. interest rates.
C. govemment expenditure
D. exchange rate
5. T he only factor of production that plays an active role in the production process is
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