Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?
отговор
(B)
cost of the hat
3
An economic problem exists whenever
отговор
(A)
there is scacity and choice
4
The meaning of scale of preference is?
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(A)
preparing a list of goods and services to be purchased in order of priority
5
Optimum population is desirable because it enables an economy to obtain maximum?
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(A)
per capita income
6
The age distribution of a population is NOT influenced by?
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(E)
school leaving age
7
One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?
If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
отговор
(A)
An increase in demand for X will increase the supply of Y
10
In market economies, resources are allocated through the?
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(B)
price system
11
At every point on a indifference curve, the
отговор
(D)
level of utility is constant
12
Under perfect competition, the long-run equilibrium requires?
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(D)
MR = MC = AR = AC
13
If monopoly is attempting to maximize profit which of the following should it attempt to do?
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(E)
Equate marginal cost to marginal revnue
14
The amount of labour a producer hires relative to labour factor inputs depends on the?
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(B)
price of labour, machinery and other inputs
15
Which of the following is NOT a feature of underdevelopment?
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(E)
High per capita income
16
The inefficient distribution of scarce commodities in Nigeria is mostly due to the?
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(C)
long chain of the distribution system
17
Warehousing facilities in the distribution and marketing of products are provided by?
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(B)
wholesalers
18
A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?
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(E)
10 or more years
19
A firm is said to be a public Joint Stock Company when it?
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(D)
sells shares to members of the public and publishes its account
20
Limited liability means?
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(A)
the debts of a company can only be paid from its own assets
21
The purchasing power of the naira will fall when?
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(C)
there is inflation
22
When a business has unlimited liability
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(D)
the owners are responsible for all its financial debts
23
Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?
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(B)
presence of mineral deposits
24
The petro- chemical industries are located in the River State of Nigeria due to?
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(C)
oil deposits
25
One of the functions of the commercial banks is that it is?
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(E)
a banker of demand and time deposits of customers
26
Because money serves as a standard for deferred payments
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(B)
goods can be bought on credit with pre-determined value
27
Which of the following is a necessary prerequisite for trade by barter?
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(A)
Needs for double coincidence of wants
28
A state budget is an outline of planned
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(A)
expenditures and revenues expected within a financial year
29
Which of the following is NOT among the canons of taxation as set out by Adam Smith?
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(B)
Security
30
An example of a regressive tax is?
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(C)
a general sales tax
31
Tax which is levied on goods manufactured, sold or used within a country is?
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(B)
excise tax
32
By terms of trade, we mean the?
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(D)
index of export prices to import prices expressed as a percentage
33
The argument of tariff protection in less developed economies is that such a measure would
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(C)
protect young industries from ruinous competition from abroad
34
Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?
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(D)
it would worsen Nigeria foreign exchange situation
35
Foreign exchange control in Nigeria is administered by the?
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(D)
Central Bank of Nigeria
36
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?
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(D)
90 days
37
How many National Development Plans did Nigeria have between 1960 and 1984?
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(C)
Four
38
If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to
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(C)
amount of natural resources
39
The process by which a country attempts to reduce the import of manufactured goods at home is described as?
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(B)
import-substitution
40
Under normal circumstances a producer will bear the entire burden of taxation on his output if the?
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(C)
demand for his product is more elastic than the supply
41
Which of the following is NOT a part of the fixed costs of a limited liability company?
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(E)
Wages
42
The act of combining factor inputs in order to obtain specific output is known as
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(E)
production
43
Disguised unemployment
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(A)
exist when manpower is not being utilized efficiently
44
The unemployment associated with a recession is called?
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(C)
cyclical
45
When total revenue is at a maximum, marginal revenue is?
