which of the following is not an advantage of tubular presentation of data?
Responder
(C)
occupy more space than mathematical equations
4
The problem of scarcity is reduced by
Responder
(C)
ensuring efficient allocation of resources
5
The reward for labour is
Responder
(A)
wage
6
Which of the following factors of production consists of man made goods?
Responder
(C)
capital
7
one major function of the entrepreneur is
Responder
(A)
bearing of risks
8
A major limiting factor of mass production is
Responder
(C)
small size of the market
9
Division of labour leads to
Responder
(A)
improved craftsmanship
10
which of the following is an advantage of localization of industry?
Responder
(A)
development of subsidiary firms
11
The additional satisfaction derived from the consumption of one or more unit of a good is called
Responder
(B)
marginal utility
12
when the total products is at its maximum marginal products is
Responder
(D)
zero
13
Marginal cost can be derived from the
Responder
(C)
total cost
14
The market supply curve slopes upwards from left to right indicating that
Responder
(C)
at a lower price, less is supplied
15
The term underpopulation refers to a situation where the population is
Responder
(B)
small in relation to available resources
16
West African countries experience rapid population growth due to
Responder
(B)
early marriages
17
which of the following could be used to measure the efficiency of labour?
Responder
(D)
input-output ratio
18
which of the following is necessary for the survival of small firms in West Africa?
Responder
(C)
government assistants in form of loans and tax holidays
19
A normal demand curve slopes
Responder
(A)
downward from left to right
20
If the quantity demanded of a commodity increases from 20 to 30 units where there is an increase in price from 4naira to 5 naira, the elasticity of demand is
Responder
(C)
2
21
Price elasticity supply measures the responsiveness of quantity supplied to
Responder
(C)
a change in the rpice of the commodities
22
The most common type of business in West African countries is
Responder
(B)
sole proprietorships
23
Which of the following is a type of business organization?
Responder
(D)
co-operatives
24
one advantage of the sole proprietor is that
Responder
(A)
control and supervise is under one man
25
The shares which do not carry any fixed rate of dividend are known as
Responder
(C)
ordianry shares
26
The economic goals of public corporation is to
Responder
(D)
provide essential services
27
one of the factors responsible for low agricultural production in West Africa is
Responder
(C)
inadequate implements
28
Efficient distribution of goods in West Africa will be facilitated by
Responder
(B)
adequate transportation system
29
The demand for money is
Responder
(A)
derived demand
30
money becomes a very poor store of value in a period of
Responder
(D)
inflation
31
A continuous fall in the general price level is called
Responder
(C)
deflation
32
Which of the following is the function of a central bank?
Responder
(B)
lending to the commercial banks
33
Cost-push inflation is likely to raise when
Responder
(C)
demand for higher wages is granted
34
The most important function of merchant banks is the
Responder
(C)
provision of medium and long term loans
35
Precautionary motive relates to
Responder
(A)
demand for money
36
Invisible trade refers to trade in
Responder
(A)
services
37
When the demand for foreign exchange exceeds its supply, the value of the domestic currency
Responder
(B)
depreciates
38
Which of the following is part of the capital account of the balance of payments?
Responder
(A)
Net investment from abroad
39
The most common index for measuring developments is
Responder
(B)
the per capita income
40
Government of West African countries levy taxes to
Responder
(D)
finance government projects
41
Which of the following is a direct tax?
Responder
(D)
personal income tax
42
The tax whose rate increase as the level of income increases is known as
Responder
(C)
progressive tax
43
Public expenditure on on education and health is known as expenditure on
Responder
(B)
social services
44
budget deficit can be financed by
Responder
(B)
printing more money
45
A major problem facing the Economic Community of West African States (ECOWAS) as an economic integration , is the
