From an economic point of view, an activity does not have a cost when
Απάντηση
(C)
the choice involves giving up nothing
3
Which would you NOT consider an agro-based industry in Nigeria?
Απάντηση
(E)
none of the above
4
Price control indicate the following
Απάντηση
(D)
price is fixed below equilibrium level
5
Which is NOT a function of Central Bank in West Africa
Απάντηση
(C)
Accepting deposit from private customers
6
Which is NOT a cause of high population growth in Nigeria?
Απάντηση
(A)
Family planing Unit of Nigeria
7
Commercial banks can create money in the following ways?
Απάντηση
(C)
by receiving deposit from individuals
8
Utility of a commodity means?
Απάντηση
(D)
satisfaction derived from the product of commodity
9
International trade arise because?
Απάντηση
(E)
All of the above
10
By balance of visible trade we mean?
Απάντηση
(A)
import and export of goods
11
Nigeria earns the major part of her foreign exchange from the export of?
Απάντηση
(B)
crude oil
12
Which would you NOT consider an advantage of one-man business?
Απάντηση
(B)
limited liabiities
13
The budget of Nigeria will be deficit if
Απάντηση
(D)
the government is spending more than its receipts
14
An economic problem arises when?
Απάντηση
(E)
scarcity and choice are involved
15
By subsistence production we mean?
Απάντηση
(A)
goods and services are produced for consumption only
16
Division of labour means?
Απάντηση
(B)
the work is divided into different parts to be completed by each labour
17
A limited liability company is owned by?
Απάντηση
(C)
shareholders
18
If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as
Απάντηση
(C)
inferior
19
Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?
Απάντηση
(E)
regressive tax
20
Which sector can you say is growing fastest in the Nigeria economy?
Απάντηση
(E)
Labour
21
Which is NOT a method of raising capital funds in Nigeria?
Απάντηση
(C)
Nigerianization of foreign companies
22
If a firm doubles its output and its cost increase by 60%, the firm is experiencing
Απάντηση
(B)
economies of scale
23
The fundamental problem of Economics is?
Απάντηση
(D)
the scarcity of resources relative to wants
24
If you do not have to give anything in order to get a particular thing, then its opportunity cost is?
Απάντηση
(A)
zero
25
Which of the following is the standard concept for measuring and analyzing population growth?
Απάντηση
(E)
All of the above
26
When we draw a market demand curve, we?
Απάντηση
(D)
assume that tastes, incomes and all other prices remain constant
27
Capital earns income because?
Απάντηση
(A)
it is productive
28
In a free market economy, the rationing of scarce goods is done principally by
Απάντηση
(D)
consumers
29
A disadvantage of the corporate form of business is the?
Απάντηση
(D)
problems presented by separation ownership from control
30
The value of money depends primarily on?
Απάντηση
(C)
the general price level
31
A commercial bank is able to create money
Απάντηση
(C)
by creating a demand deposit as it gives a new loan
32
Which of the following is NOT one of the balance of payment entries?
Απάντηση
(B)
foreign exchange
33
Which of the taxes appear generally progressive in nature?
Απάντηση
(B)
The personal income tax
34
In a subsistence economy?
Απάντηση
(C)
production is largely oriented towards consumption in the rular sector
35
In a normal (typical) demand schedule, the quantity demand is?
Απάντηση
(B)
inversely related to price
36
Division of labour is limited by the?
Απάντηση
(B)
size of the labour force
37
In a limited liability company, the greatest risk is borne by?
Απάντηση
(C)
ordinary shareholders
38
Which of the following is NOT a function of Nigeria commercial Banks?
Απάντηση
(D)
Issue of currency
39
In Nigeria, cheques are not money because?
Απάντηση
(C)
they are not legal tender
40
Indicate which of the following are invisible trade items in a country’s balance of payments?
Απάντηση
(E)
Expenditure on the shipping and tourism
41
Which of the following is NOT a measure for controlling inflation?
Απάντηση
(C)
Reduction in taxes and increase in government spending
42
Which of the following is NOT a determinant of changes in supply?
Απάντηση
(E)
Changes in the number buyers
43
The marginal physical product of labour is?
Απάντηση
(D)
additional output achieved when one extraworker is added to fixed account of other factors
44
One of the disadvantages of division of labour is that?
Απάντηση
(C)
there is a greater risk of unemployment
45
In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid
