The demand for factors of production is an example of?
إجابة
(C)
derived demand
3
A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?
إجابة
(A)
the ruler
4
A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
إجابة
(C)
other factors than price have changed
5
One of the reason for an exceptional demand curve is the?
إجابة
(A)
expectation of a future change in price
6
A scientific approach in economic analysis entails?
إجابة
(B)
both inductive and normative methods
7
In a centrally planned economy, the economic problem of deciding what to produce is dependent on?
إجابة
(B)
state command
8
The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?
إجابة
(D)
complementary
9
The stock exchange is a market for the buying and selling of?
إجابة
(C)
existing shares
10
National Income estimates can be used to?
إجابة
(D)
compare a country's growth rate with that of another over a period of time
11
In Nigeria, the bank that can correctly be described as a unit bank is?
إجابة
(A)
the Central Bank
12
If a country's GNP in the current year is N65 billion, and the GNP in the base year is N50 billion, the GNP deflator is?
إجابة
(A)
130.0
13
Insurance companies invest mainly in instruments trade on the?
إجابة
(A)
capital market
14
Liquidity preference refers to the?
إجابة
(B)
wish to hold more funds for precautionary purpose
15
Creeping inflation implies that there is a?
إجابة
(A)
gentle and persistent increase in the general price level
16
The primary objective of the NDIC is to?
إجابة
(D)
give protection to bank depositors
17
Excess demand inflation can be controlled through?
إجابة
(A)
contractionary fiscal policy
18
The middlemen in the chain of distribution are?
إجابة
(B)
wholesalers and retailers
19
If the growth rate of available resources continuously outpaces that of the population, a country will eventually experience?
إجابة
(B)
underpopulation
20
The equilibrium wage in an economy is determined by the?
إجابة
(D)
supply and demand for labour
21
The Malthusian theory of population growth is often said to be?
إجابة
(C)
pessimistic
22
Improved labour efficiency can be measured by?
إجابة
(A)
an increase in output-input ratio
23
As a firm increases its output, the average fixed cost?
إجابة
(D)
tends to decreased continuously
24
The short-run equilibrium output for a monopolist is determined by the?
إجابة
(C)
intersection of the average revenue and the average cost curves
25
The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called?
إجابة
(D)
external economies
26
In the short-run a firm marginal cost curve above the point of shut-down is its?
إجابة
(B)
supply curve
27
The economic policy of deregulation is aimed at encouraging?
إجابة
(C)
a competitive market structure
28
Under conditions of perfect competition, a firm's supply curve is determined by its?
إجابة
(B)
marginal cost curve
29
The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to?
إجابة
(C)
raise its price as well as the equilibrium quantity
30
External finance for a limited liability company is mainly sourced through?
إجابة
(A)
the leasing equipment
31
Some of the key indicators of underdevelopment in a country are?
إجابة
(B)
poverty, low level of literacy and low income
32
One of the roles of NNPC in the production and refining of crude oil is to?
إجابة
(C)
satisfy the domestic consumption of petroleum products
33
One way of correcting the balance of payments problem of a country is to?
إجابة
(C)
devalue the currency
34
Which of the following yields more revenue to Nigeria?
إجابة
(C)
indirect tax
35
Import substitution aims at?
إجابة
(B)
substituting imports with agricultural exports
36
One of the major criticisms of the 1992-1968 National development Plan was that?
إجابة
(D)
its execution was based largely on foreign sourced financial resources
37
ECOWAS has taken a giant step towards economic integration by?
إجابة
(D)
increasing economic stability among members states
38
A deficit budget can be used to?
إجابة
(B)
protect the economy from inflation
39
One of the major factors militating against industrialization in Nigeria is the?
إجابة
(A)
inadequacy of infrastructural facilities
40
The types, sources and uses of government income are mainly concerned with?
إجابة
(D)
public finance
41
The present privatization policy in Nigeria is aimed at?
إجابة
(D)
increasing efficiency in production
42
One of the problems arising from the localization of industries is?
إجابة
(D)
structural unemployment
43
The major purpose of African Development Bank is to?
إجابة
(B)
provide loans for infrastructural development
44
As a country gets more developed, the percentage of labour engaged in agriculture tends to?
إجابة
(B)
decrease steadily
45
In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is
