Which of the following is NOT include in measuring national income by the income approach?
پاسخ دهید
(B)
student grants and scholarship
2
A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?
پاسخ دهید
(A)
both price and quantity will increased
3
Which of the following items is NOT an argument for locating industries in rural areas?
پاسخ دهید
(D)
Capital is easily available in rural areas
4
The natural growth rate of a population is the
پاسخ دهید
(C)
birth rate minus death rate
5
Which of the following sets fully represents factors of production?
پاسخ دهید
(B)
Land, labour, capital, enterprise, technology
6
Production possibilities(alternatives) P Q R S T
Units of shelter 5 4 3 2 0
Units of food 0 5 9 12 15
Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is?
پاسخ دهید
(C)
one third of a unit of shelter
7
The concept of economic efficiency primary refers to?
پاسخ دهید
(A)
obtaining the maximum output from available resources at the lowest cost
8
If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?
پاسخ دهید
(C)
the law diminishing returns
9
A Nigerian household's demand curve for semovita is downward because?
Marginal cost curve intersects average cost curve ?
پاسخ دهید
(C)
from below at its lowest point
11
Palm oil industry is located in Bendel State because the State?
پاسخ دهید
(B)
is a palm tree growing area
12
The meaning of ‘wage-price spiral’ is?
پاسخ دهید
(B)
demand pull and cost push inflation intensifying each other
13
In an inflationary period which of the following statements is NOT true?
پاسخ دهید
(A)
Wages rise simultaneously with prices
14
Retailers in an economy perform the function of
پاسخ دهید
(C)
distribution
15
In a sole proprietorship, the decisions are made by the?
پاسخ دهید
(E)
owner
16
Which of the following enterprises does NOT pursue the sole objective of profit maximization?
پاسخ دهید
(C)
Nigeria Electric Power Authority
17
Public expenditure creates expansionary effects in the economy when it is
پاسخ دهید
(B)
channelled into capital products
18
The maintenance of general economic stability in the country necessarily relies heavily on?
پاسخ دهید
(B)
coordinated federal, state and local fiscal policies
19
The supply of loanable funds is significantly influenced by?
پاسخ دهید
(C)
financial intermediaries
20
Division of labour has many advantages . Not withstanding, it is greatly limited by?
پاسخ دهید
(C)
risk of unemployment
21
In the event of a limited liability company going into liquidation each
پاسخ دهید
(A)
shareholder may lose the maximum of the amount he has invested
22
A greater burden of the taxes on essential goods is borne by the?
پاسخ دهید
(C)
lower income group
23
Comparative cost doctrine of international trade means specialization in production
پاسخ دهید
(D)
according to comparative cost advantage
24
The meaning of 'Dumping' is selling goods in a foreign market
پاسخ دهید
(A)
at a low price that recieved in the home market
25
Disequilibrium in the balance of payment means?
پاسخ دهید
(B)
overall deficit or surplus in the current account and capital account of the balance of payment
26
Petroleum 'glut' in international trade means
پاسخ دهید
(B)
an over supply of petroleum
27
International trade is necessary because?
پاسخ دهید
(B)
different countries are differently endowed in natural and man-made resources
28
Mono production economies are those that?
پاسخ دهید
(D)
produce one main commodities
29
The quickest way of achieving an economic union on regional basis is to remove all?
پاسخ دهید
(D)
customs barriers
30
If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?
پاسخ دهید
(A)
land and related factors
31
A major function of middlemen in Nigeria is the distribution of?
پاسخ دهید
(A)
commodities to all consumers regardless of income
32
When a government owns enterprises, a number of advantage arise. Which of the following is NOT one of such advantages?
پاسخ دهید
(C)
Government workers may be indifferents towards the public
33
Which of the following is NOT an advantage of localization of industries?
پاسخ دهید
(E)
Growth of conurbations
34
The monetary system that requires double coincidence of want is known as?
پاسخ دهید
(B)
barter
35
The effect of emigration on a country's population, all other things remaining equal, is to
پاسخ دهید
(E)
reduce its size
36
Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?
پاسخ دهید
(D)
store of value
37
Agriculture plays a dominant role in West Africa economics because
پاسخ دهید
(E)
it employs more than 50% of the total labour force in West Africa
38
Which of the following defines Economics most comprehensively?
پاسخ دهید
(C)
study of human behaviour in the allocation of scarce resources
39
Age-structure in Nigeria is such that the working age-group is in the years
پاسخ دهید
(B)
15-65
40
NEPA as a public corporation is?
پاسخ دهید
(E)
a monopoly
41
When demand is elastic, it means that consumers
پاسخ دهید
(A)
react more proportionately to price change
42
Full employment is a situation in which?
پاسخ دهید
(E)
all those who are able and eligible can find employment
43
Demand for a factor of production is?
پاسخ دهید
(C)
a derived demand
44
Differentiated product is the characteristic feature of?
