The basic economic problems of the society include?
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(A)
what to produce, how and for whom
2
Opportunity cost is an economic concept which describes the?
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(C)
sacrifice made for the satisfaction of a want
3
The circular flow of income defines the?
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(C)
flow of goods, services amd money among the various micro-sectors of the economy
4
The necessity of choice is due to the fact that?
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(A)
human wants are insatiable
5
In a mixed economy, decisions to produce are taken by?
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(D)
private individuals, organization and the government
6
Every economy requires an accurate census because it assist in?
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(B)
providing a sound framework for policy formulation
7
The population of country X in 1990 was 35 million.
The births were 450,000 while it recorded 210,000 death. If in the year, its immigrants were 20,000 and 10,000 of its citizen left the country, calculate the total population of the country at the end of 1990.
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(D)
35,250,000
8
If the actual population in a country is less than the optimum population, then?
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(A)
it is desirable to have a large population
9
Unemployment can be reduced by?
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(C)
adopting labour-intensive techniques of production
10
When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are?
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(A)
zero and decreasing
11
In the long run, all production factors are?
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(C)
variable
12
A company's expenditure on raw materials is regarded as?
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(A)
explicit cost
13
The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?
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(B)
reflects the variable, but not the fixed cost of production
14
A firm determines its profit when it studies its?
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(D)
Average Cost relative to price in the market
15
An increase in the supply of labour in a factory while other things remain equal will lead to?
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(D)
a decrease in the wage rate and an increase in employment
16
A demand which is positively related to price is true of?
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(A)
normal goods
17
Elasticity demand is an effective tool in the hands of a producer in that it enables him?
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(D)
set his price to maximize his profit
18
The basic idea behind brand differentiation under an imperfect market arrangement is to?
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(B)
create demand for the particular product
19
In the long run, a firm in a perfectly competitive market will make?
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(A)
normal profit
20
Output restriction, fixing of prices, creating obstacles to free entry into the market are features of?
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(A)
pure monopoly
21
A major shortcoming of the sole proprietorship form of business is lack of?
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(C)
continuity
22
In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total?
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(D)
investment inthe company
23
The major factor that causes fluctuations in the supply of agricultural produce is?
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(C)
weather variations
24
The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as?
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(D)
subsistence farming
25
What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?
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(B)
import substitution
26
Labour-intensive strategy of industrialization emphasizes the use of?
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(B)
manual method of production
27
Petroleum is the mainstay of the Nigerian economy because it is the?
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(A)
main foreign exchange earner
28
An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is?
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(D)
the Nigeria National Petroleum Corporation
29
An increase in both the legal reserve ratio and discount rate has the effect of?
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(B)
decreasing the quantity of money in circulation
30
Inflation n the Nigeria economy may be fueled by increase in?
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(C)
government expenditure
31
Gresham's law in Economics shows that?
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(B)
bad money drives out good money
32
Monetary policy aimed at reducing demand-pull inflation in the country maybe carried out through?
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(A)
increase in taxation of private companies, public corporations and private individuals
33
Progressive tax structure is designed to?
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(B)
take more from income of the rich
34
Taxes and government expenditures are instrument of?
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(D)
fiscal policy
35
The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents?
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(C)
net income from abroad
36
One of the ways by which the government can speed up economic development is through the?
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(B)
encouragement of savings, investment and equitable distribution of goods and services
37
A sustained increase in the production of goods and service in a country is called economic?
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(B)
growth
38
If national income rises by 6% and population rises by 3%, per capita income will?
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(D)
rise by 3 percent
39
One of the techniques for rectifying a deficit balance of payment is?
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(B)
devaluation
40
The main objective of the Economic Community of West African State is to?
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(D)
promote the free movement of persons, goods and services within the sub-region
41
In international trade, shipping and other freight charges are treated as?
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(A)
invisible items
42
A situation in which a commodity is sold abroad below its cost of production in the home country is known as?
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(A)
dumping
43
The borrowing rights of a member country of the international Monetary Fund are determined by?
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(C)
its quota to the fund
44
The diagram represents a production function. At which of the points does diminishing returns set in
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(C)
K
45
If the economy of the country is operating at X, the implication is that
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(B)
the productive capacity is not being fully utilized
