which of the following is not true about occupational distribution of the labour force of West Africa?
উত্তর
(C)
The manufacturing sector employs a large percentage of the population
2
Which of the following is not true of the theory of optimum population?
উত্তর
(B)
The quantity of labour which combined with the other factors gives the minimum output is known as optimum population
3
Production covers all but one of the following activities:
উত্তর
(E)
the use of good and services to satisfy individual wants
4
If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called
উত্তর
(D)
competitive demand
5
One of the reason why the condition of supply of a commodity may change is
উত্তর
(B)
changes in the technique of production
6
when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following
উত্তর
(E)
none of the above
7
When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as
উত্তর
(E)
none of the above
8
The central bank controls the activities of other banks by all but one of the following
উত্তর
(E)
taxation
9
which of these alternative is wrong? central banks are
উত্তর
(C)
merchant banks
10
The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions
উত্তর
(A)
there are restrictions in trade
11
Which of the following is not a direct tax?
উত্তর
(C)
purchase tax
12
Division of labour means
উত্তর
(B)
splitting the process of production into different parts to be completed by each person
13
By utility we mean
উত্তর
(B)
power of satisfying a want
14
Which of the following is not an indirect tax?
উত্তর
(B)
company tax
15
Average cost is
উত্তর
(C)
cost of producing a unit of output
16
opportunity cost is the
উত্তর
(E)
althernative forgone in other to satisfy a want
17
The quantity supplied of a commodity increases best when
উত্তর
(C)
Price of the commodity increases
18
The country will be over populated when
উত্তর
(D)
population is increasing more than resources in the country
19
The value of money is generally measured in reference to
উত্তর
(B)
the general price level
20
If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is
উত্তর
(C)
2
21
The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as
উত্তর
(C)
balance of payments
22
Which of the following type of capital is not rewarded by means of dividends?
উত্তর
(E)
debentures
23
Which of these is not usually the function of a wholesaler?
উত্তর
(E)
Branding
24
Net national income is
উত্তর
(E)
gross national product plus subsidies minus indirect taxes
25
If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is
উত্তর
(C)
Regressive
26
Which of the following is not an asset of a commercial bank?
উত্তর
(B)
money at call
27
The lowering of the exchange rate between country's currency and other currencies is known as
উত্তর
(E)
None of the above
28
When the average physical product curve is rising the marginal physical product is
উত্তর
(B)
above it
29
The proportion of currency in the money supply
উত্তর
(A)
is higher in developing countries than advanced countries
30
If a government is running deficit, this means
উত্তর
(E)
tax inflow is less than expenditure
31
Pure monopoly describes market where
উত্তর
(E)
None of the above
32
Which of the following assets of the commercial bank does not yield revenue?
উত্তর
(A)
Money in the tills of the bank
33
Which of the following is not a component of national income at factor cost?
উত্তর
(C)
Indirect tax
34
which of the financial institutions cannot direct tax loans to individuals?
উত্তর
(C)
The central bank
35
An ad valorem tax means
উত্তর
(B)
a certain percentage on the value of a commodity
36
The foreign exchange rate of a country is
উত্তর
(B)
the price of one national currency in terms of another
37
The 'terms of trade' means
উত্তর
(C)
the value of a unit of export in relation to the value of a unit of import
38
Which is the most liquid of the following financial assets held by an individual?
উত্তর
(B)
A credit balance on a savings account
39
The price mechanism
উত্তর
(A)
regulates supply and demand
40
When marginal cost equals marginal revenue of products
উত্তর
(B)
the firm is at a break-even point
41
Disposable income equals
উত্তর
(E)
personal income less taxes plus subsidies
42
What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?
উত্তর
(B)
Perfectly competitive market
43
A typical corporate form of business organization is owned by
উত্তর
(B)
Shareholders
44
The burden of tax on a commodity whose demand is infinitely inelastic
উত্তর
(C)
will be borne by the buyer alone
45
The pre-dominance of non-working housewives and maids in West Africa
উত্তর
(A)
will understate the national income of the countries
