which of the following is not true about occupational distribution of the labour force of West Africa?
Answer
(C)
The manufacturing sector employs a large percentage of the population
2
Which of the following is not true of the theory of optimum population?
Answer
(B)
The quantity of labour which combined with the other factors gives the minimum output is known as optimum population
3
Production covers all but one of the following activities:
Answer
(E)
the use of good and services to satisfy individual wants
4
If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called
Answer
(D)
competitive demand
5
One of the reason why the condition of supply of a commodity may change is
Answer
(B)
changes in the technique of production
6
when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following
Answer
(E)
none of the above
7
When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as
Answer
(E)
none of the above
8
The central bank controls the activities of other banks by all but one of the following
Answer
(E)
taxation
9
which of these alternative is wrong? central banks are
Answer
(C)
merchant banks
10
The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions
Answer
(A)
there are restrictions in trade
11
Which of the following is not a direct tax?
Answer
(C)
purchase tax
12
Division of labour means
Answer
(B)
splitting the process of production into different parts to be completed by each person
13
By utility we mean
Answer
(B)
power of satisfying a want
14
Which of the following is not an indirect tax?
Answer
(B)
company tax
15
Average cost is
Answer
(C)
cost of producing a unit of output
16
opportunity cost is the
Answer
(E)
althernative forgone in other to satisfy a want
17
The quantity supplied of a commodity increases best when
Answer
(C)
Price of the commodity increases
18
The country will be over populated when
Answer
(D)
population is increasing more than resources in the country
19
The value of money is generally measured in reference to
Answer
(B)
the general price level
20
If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is
Answer
(C)
2
21
The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as
Answer
(C)
balance of payments
22
Which of the following type of capital is not rewarded by means of dividends?
Answer
(E)
debentures
23
Which of these is not usually the function of a wholesaler?
Answer
(E)
Branding
24
Net national income is
Answer
(E)
gross national product plus subsidies minus indirect taxes
25
If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is
Answer
(C)
Regressive
26
Which of the following is not an asset of a commercial bank?
Answer
(B)
money at call
27
The lowering of the exchange rate between country's currency and other currencies is known as
Answer
(E)
None of the above
28
When the average physical product curve is rising the marginal physical product is
Answer
(B)
above it
29
The proportion of currency in the money supply
Answer
(A)
is higher in developing countries than advanced countries
30
If a government is running deficit, this means
Answer
(E)
tax inflow is less than expenditure
31
Pure monopoly describes market where
Answer
(E)
None of the above
32
Which of the following assets of the commercial bank does not yield revenue?
Answer
(A)
Money in the tills of the bank
33
Which of the following is not a component of national income at factor cost?
Answer
(C)
Indirect tax
34
which of the financial institutions cannot direct tax loans to individuals?
Answer
(C)
The central bank
35
An ad valorem tax means
Answer
(B)
a certain percentage on the value of a commodity
36
The foreign exchange rate of a country is
Answer
(B)
the price of one national currency in terms of another
37
The 'terms of trade' means
Answer
(C)
the value of a unit of export in relation to the value of a unit of import
38
Which is the most liquid of the following financial assets held by an individual?
Answer
(B)
A credit balance on a savings account
39
The price mechanism
Answer
(A)
regulates supply and demand
40
When marginal cost equals marginal revenue of products
Answer
(B)
the firm is at a break-even point
41
Disposable income equals
Answer
(E)
personal income less taxes plus subsidies
42
What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?
Answer
(B)
Perfectly competitive market
43
A typical corporate form of business organization is owned by
Answer
(B)
Shareholders
44
The burden of tax on a commodity whose demand is infinitely inelastic
Answer
(C)
will be borne by the buyer alone
45
The pre-dominance of non-working housewives and maids in West Africa
Answer
(A)
will understate the national income of the countries
