Which of the following is an example of free good?
Svare
(B)
Water in the ocean
4
The marginal propensity to consume is
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(A)
Options A, B and C
5
The short run can be defined as the period of time during which
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(B)
At least one of the firm's input is fixed
6
The "velocity" of money is
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(D)
The ratio of real GDP to the real money supply
7
The part of income after tax that is not consumed is defined as
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(B)
Saving
8
An industry is
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(C)
A group of firms producing related goods
9
The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is
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(A)
Structural unemployment
10
The theory of ............... was propounded by ..................
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(B)
Absolute advantage; Adam Smith
11
If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn
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(D)
An economic profit of N250,000
12
One major problem facing West African countries is
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(A)
Relations with Colonial Masters
13
The development of an economic hypothesis through intuition, insight, or logic is associated with
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(C)
Normative economics
14
A major factor contributing to productivity is
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(B)
The labour force
15
.............is presently used in Nigeria to measure inflation
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(B)
Consumer price index
16
The fundamental problem of economics is
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(B)
The scarcity of productive resources relative to society's unlimited wants
17
The diagram above represent
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(B)
mononpoly
18
What is the lowest price the monopolist can charge
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(A)
P2
19
The maximum price is
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(D)
P4
20
Real cost is
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(A)
Alternative commodities forgone
21
..................... is the highest body in ECOWAS organogram
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(A)
Authority of Head of State and Government
22
Government uses all of the following ways to redistribute income, except
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(C)
Limited liability
23
The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as
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(D)
Principle of certainty
24
Money could be defined as
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(A)
Options A, B and C
25
Business cycle is associated with
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(A)
Recession
26
Economic problem occurs when
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(A)
There is scarcity relative to demand
27
A ............ in the price of the domestic currency in terms of a foreign currency is referred to as .............
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(C)
Decrease, depreciation
28
Among all the determinants of economic growth, the most important one is
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(B)
Increased GDP
29
An increase in money income with constant price results in
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(A)
Outward shift in the budget line
30
The law of supply states that, other things being constant, as price increases
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(C)
Quantity supplied increases
31
The demand for money will fall if
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(C)
Real interest rates rise
32
Which of the following is an example of expansionary monetary policy by the Central Bank of Nigeria?
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(D)
Buying Treasury securities from commercial banks
33
If commodities X and Y are substitute, their cross elasticity of demand will be
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(B)
positive
34
The term 'investment' in macroeconomics means
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(D)
The production of goods for immediate consumption
35
The following are economic agents in any economy EXCEPT
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(A)
Central Bank
36
One major criticism of foreign aid to developing countries is that it
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(C)
Is capital using rather than capital saving
37
Public corporation is financed with
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(B)
Tax payer's money
38
The type of price elasticity of demand for a commodity whose quantity demanded remain unchanged despite changes in the price is
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(D)
Perfectly inelastic
39
An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________
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(C)
Increase; increase
40
Part-time workers who desire full-time employment are:
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(B)
Underemployed but do not contribute to the unemployment statistic
41
Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?
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(C)
Unemployment will increase
42
Indicator of underdevelopment is
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(D)
low per capita income
43
The decision to consume more of one product under normal circumstances will apply
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(A)
less of another product will be consumed
44
Identify one of the following which can NOT be used to close deflationary gap
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(A)
Increased interest rate
45
An increase in nominal income without increase in price will result to
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(A)
increased real income
46
If demand function for a product is Qd = 30 - 4P, and the price and quantity of products is 4 and 14 respectively. What is the price elasticity of demand for the product?
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(A)
1.14
47
Macroeconomics focuses on the following units in an aggregative manner
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(C)
government, household firms, individual consumers and external sector
48
Which of the following would not be a reason for a government to impose a quota on imports?
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(C)
To decrease tax revenue
49
The economies of West African Countries depend majorly on
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(A)
primary product
50
When a generalization is made based on observed facts, it is
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(A)
inductive reasoning
51
A persistence rise in the prices of inputs will lead to
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(A)
cost push inflation
52
From the graph below, Point "E" shows--------------
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(A)
product inefficiency
53
Which of the following Age group belongs to active Labour force?
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(D)
18 - 64yrs
54
Suppose the public expenditure as a percentage of GDP of four countries is shown in the table below
A
40%
B
50%
C
33%
D
36%
Which type of economy exists in these countries?
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(D)
Mixed
55
The diagram above represent
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(B)
Production possibility curve
56
40 men were employed in a farm, and they produced an average of 30 tonnes of cassava per person. Calculate the total product.
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(C)
1,200 tonnes
57
Economists refer to private goods as
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(B)
rivalrous and excludable
58
The rate of output per worker (or group of workers) per unit time is called
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(C)
individual output
59
The quantity of commodity a consumer is willing and able to buy at a particular time is called
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(C)
demand
60
If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?
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(D)
3
61
All of the following describes conditions necessary for existence of a perfect market EXCEPT
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(A)
lack of homogeneity of goods
62
From the graph above, the consumer is at equilibrium at point
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(A)
k
63
Calculate the equilibrium level of national income (Y) where Y = C + I + G; C = 100 + 0.75Y; I = 50; G = 200
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(D)
1400
64
When a kilogram of carrot is #8.00, 20 kilograms are demanded and when the price decreased to #6.000 per kilogram, 30 kilograms are demanded. The elasticity of demand equals to
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(D)
2
65
Agriculture accounts for about 60% of the
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(C)
active labour force in West Africa
66
Which of the following shows why individual demand curve for a good usually slopes downward from left to right?
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(A)
More of commodities are offered for sale at a lower than higher prices
67
Multiplier can be described as
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(A)
the ratio of change in an endogenous variable to the change spending
68
Which one of the following measures the natural growth rate of population?
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(B)
Birth rate - Death rate
69
In a two by two model of international trade, it is assumed that
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(B)
both countries could gain from trade at the same time, but the volume of the gains depends on terms of trade
70
------------- is NOT the cause of balance of payments (BOP) deficits in Nigeria
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(A)
Poor performance of non-oil sector
71
Institutions serving as links between surplus and deficit units can be identified as
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(C)
financial intermediates
72
Which of the following will cause an increase in cost of production?
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(B)
Cost push inflation
73
The number of people who are qualified to work and who offered themselves for employment are called
