which of the following is not true about occupational distribution of the labour force of West Africa?
Απάντηση
(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?
Απάντηση
(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:
Απάντηση
(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
Απάντηση
(D)
competitive demand
5
One of the reason why the condition of supply of a commodity may change is
Απάντηση
(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
Απάντηση
(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
Απάντηση
(E)
none of the above
8
The central bank controls the activities of other banks by all but one of the following
Απάντηση
(E)
taxation
9
which of these alternative is wrong? central banks are
Απάντηση
(C)
merchant banks
10
The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions
Απάντηση
(A)
there are restrictions in trade
11
Which of the following is not a direct tax?
Απάντηση
(C)
purchase tax
12
Division of labour means
Απάντηση
(B)
splitting the process of production into different parts to be completed by each person
13
By utility we mean
Απάντηση
(B)
power of satisfying a want
14
Which of the following is not an indirect tax?
Απάντηση
(B)
company tax
15
Average cost is
Απάντηση
(C)
cost of producing a unit of output
16
opportunity cost is the
Απάντηση
(E)
althernative forgone in other to satisfy a want
17
The quantity supplied of a commodity increases best when
Απάντηση
(C)
Price of the commodity increases
18
The country will be over populated when
Απάντηση
(D)
population is increasing more than resources in the country
19
The value of money is generally measured in reference to
Απάντηση
(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
Απάντηση
(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
Απάντηση
(C)
balance of payments
22
Which of the following type of capital is not rewarded by means of dividends?
Απάντηση
(E)
debentures
23
Which of these is not usually the function of a wholesaler?
Απάντηση
(E)
Branding
24
Net national income is
Απάντηση
(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
Απάντηση
(C)
Regressive
26
Which of the following is not an asset of a commercial bank?
Απάντηση
(B)
money at call
27
The lowering of the exchange rate between country's currency and other currencies is known as
Απάντηση
(E)
None of the above
28
When the average physical product curve is rising the marginal physical product is
Απάντηση
(B)
above it
29
The proportion of currency in the money supply
Απάντηση
(A)
is higher in developing countries than advanced countries
30
If a government is running deficit, this means
Απάντηση
(E)
tax inflow is less than expenditure
31
Pure monopoly describes market where
Απάντηση
(E)
None of the above
32
Which of the following assets of the commercial bank does not yield revenue?
Απάντηση
(A)
Money in the tills of the bank
33
Which of the following is not a component of national income at factor cost?
Απάντηση
(C)
Indirect tax
34
which of the financial institutions cannot direct tax loans to individuals?
Απάντηση
(C)
The central bank
35
An ad valorem tax means
Απάντηση
(B)
a certain percentage on the value of a commodity
36
The foreign exchange rate of a country is
Απάντηση
(B)
the price of one national currency in terms of another
37
The 'terms of trade' means
Απάντηση
(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?
Απάντηση
(B)
A credit balance on a savings account
39
The price mechanism
Απάντηση
(A)
regulates supply and demand
40
When marginal cost equals marginal revenue of products
Απάντηση
(B)
the firm is at a break-even point
41
Disposable income equals
Απάντηση
(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?
Απάντηση
(B)
Perfectly competitive market
43
A typical corporate form of business organization is owned by
Απάντηση
(B)
Shareholders
44
The burden of tax on a commodity whose demand is infinitely inelastic
Απάντηση
(C)
will be borne by the buyer alone
45
The pre-dominance of non-working housewives and maids in West Africa
Απάντηση
(A)
will understate the national income of the countries
