Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?
پاسخ دهید
(B)
opportunity cost
3
Under normal circumstances, the concept of consumers sovereignty implies that
پاسخ دهید
(C)
the consumer and not the producer determines what is to be produced
4
A firm is at its optimum size when?
پاسخ دهید
(A)
it produce the greatest output at a minimum cost
5
The degree of specialization is limited by the
پاسخ دهید
(A)
avalibility of specialized skills and machinery
6
Production in Economics can be defined as the
پاسخ دهید
(D)
production of goods and services for consumption
7
A firm achieves least cost in production by substituting factors until
پاسخ دهید
(C)
their marginal-physical products are each zero
8
If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving
پاسخ دهید
(D)
surtax income
9
Mobility of labour is NOT affected by
پاسخ دهید
(A)
optimum size of population
10
A country has a population distribution as shown below:
\(\begin{array}{c|c}
\text{Age Group years} & \text{ Corresponding percentage} \\
\text{Above 60} & 22 \\
15 - 60 & 60 \\
0 - 14 & 15 \\
\end{array}\)
The dependency ratio is?
پاسخ دهید
(D)
1:5
11
Population density refers to?
پاسخ دهید
(D)
the total population divided by the total area
12
What fundamentally determines how much a consumer spends in a producer's shop?
پاسخ دهید
(C)
level of his income
13
Which of the following statements describes a mixed economy?
پاسخ دهید
(A)
The government and the private sector interact in solving the basic economic problems
14
In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The
پاسخ دهید
(C)
price of complementary goods
15
Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?
پاسخ دهید
(B)
induce greater demand for fish
16
The main function of price mechanism is to?
پاسخ دهید
(C)
allocate scarce resources among competing ends
17
Use the table below to answer question 17 and 18.
Market Demand Schedule for Commodity X. \(\begin{array}{c|c}
\text{ Price N} & \text{Quantity(Million units)} \\ 60 & 100 \\
50 & 140 \\
40 & 220 \\
30 & 260 \\
20 & 300 \\
10 & 340 \\
\end{array}\)
If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?
پاسخ دهید
(A)
0.62
18
The revenue accruing to the seller of commodity X as a result of a fall in price will
پاسخ دهید
(B)
fall
19
Which of the following is an important function of prices in a market economy?
پاسخ دهید
(D)
Equating level of purchases with level of needs
20
One major difference between monopoly and perfect competition is that?
پاسخ دهید
(A)
the perfect competitor is a price taker while the monopolist determines his own output
21
A producer sustains a loss in the short run if
پاسخ دهید
(B)
price is less than average cost
22
A monopolist will practice price discrimination in two markets if?
پاسخ دهید
(B)
the markets have different elasticities of demand
23
In the normal channels of distribution the breaking of bulk is performed by the
پاسخ دهید
(B)
wholesaler
24
The most important advantage of co-operative societies is?
پاسخ دهید
(D)
the possibility of raising loans for the members
25
In a public company, shares are?
پاسخ دهید
(C)
advertised to members of the public for subscription
26
Which of the following is a characteristic of private limited liability company?
پاسخ دهید
(D)
the number of shareholders ranges from two to fifty
27
One of the advantages of a partnership over a sole proprietorship is that?
پاسخ دهید
(C)
it makes an increase in the capital of the business possible
28
Which of the following is an external economy derived by a firm?
پاسخ دهید
(A)
Low cost opportunities enjoyed by being in a place where other producers concentrate
29
Which of the following advantages of localization of industries may also be a disadvantage?
پاسخ دهید
(B)
Concentration of industries and of people
30
The Nigeria Bank for Commerce and Industry is?
پاسخ دهید
(B)
a developmment bank
31
To control inflation, the monetary authorities of a country can?
پاسخ دهید
(D)
engage inrestrictive monetary policy
32
Which of the following is used by the Central Bank to control the rate of interest?
پاسخ دهید
(D)
Open market operation
33
Gresham's law in economics shows that
پاسخ دهید
(A)
bad money drives good money out of circulation
34
Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00?
پاسخ دهید
(D)
N10,000.00
35
The most important economic characteristic differentiating commercial banks from other financial institutions is their?
پاسخ دهید
(C)
status as an intermediary between savers and borrowers
36
Deflation is a persistent fall in the general price level and is usually caused by?
پاسخ دهید
(A)
a reduction in total demand
37
Which of the following causes of inflation is related to demand-pull inflation?
پاسخ دهید
(A)
Low productivity on farms and in firms
38
Which of the following is NOT a goal of modern budgets?
پاسخ دهید
(C)
The shift of all resources from the private to the public sector
39
The best technical description of a progressive tax is a?
پاسخ دهید
(C)
tax which takes a higher proportion of extra naira received as income rises
40
Tax incidence is the analysis of?
پاسخ دهید
(D)
who ultimately pays the tax
41
In international trade, a country specializes in the production of a commodity or group of commodities for which it has?
پاسخ دهید
(C)
the greatest relative advantage
42
Balance of payment deficit in Nigeria CANNOT be solved by
پاسخ دهید
(A)
importing more goods and services
43
The term balance of trade, can be defined as the?
پاسخ دهید
(A)
relation between value of exports and value of imports over a given period of time
44
The term of trade often measured by the ratio of the index of export
پاسخ دهید
(A)
divided by the index of import prices multiplied by 100
45
A society which forgoes present consumption
پاسخ دهید
(B)
is devoting new resources to new capital formation
