From an economic point of view, an activity does not have a cost when
Answer
(C)
the choice involves giving up nothing
3
Which would you NOT consider an agro-based industry in Nigeria?
Answer
(E)
none of the above
4
Price control indicate the following
Answer
(D)
price is fixed below equilibrium level
5
Which is NOT a function of Central Bank in West Africa
Answer
(C)
Accepting deposit from private customers
6
Which is NOT a cause of high population growth in Nigeria?
Answer
(A)
Family planing Unit of Nigeria
7
Commercial banks can create money in the following ways?
Answer
(C)
by receiving deposit from individuals
8
Utility of a commodity means?
Answer
(D)
satisfaction derived from the product of commodity
9
International trade arise because?
Answer
(E)
All of the above
10
By balance of visible trade we mean?
Answer
(A)
import and export of goods
11
Nigeria earns the major part of her foreign exchange from the export of?
Answer
(B)
crude oil
12
Which would you NOT consider an advantage of one-man business?
Answer
(B)
limited liabiities
13
The budget of Nigeria will be deficit if
Answer
(D)
the government is spending more than its receipts
14
An economic problem arises when?
Answer
(E)
scarcity and choice are involved
15
By subsistence production we mean?
Answer
(A)
goods and services are produced for consumption only
16
Division of labour means?
Answer
(B)
the work is divided into different parts to be completed by each labour
17
A limited liability company is owned by?
Answer
(C)
shareholders
18
If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as
Answer
(C)
inferior
19
Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?
Answer
(E)
regressive tax
20
Which sector can you say is growing fastest in the Nigeria economy?
Answer
(E)
Labour
21
Which is NOT a method of raising capital funds in Nigeria?
Answer
(C)
Nigerianization of foreign companies
22
If a firm doubles its output and its cost increase by 60%, the firm is experiencing
Answer
(B)
economies of scale
23
The fundamental problem of Economics is?
Answer
(D)
the scarcity of resources relative to wants
24
If you do not have to give anything in order to get a particular thing, then its opportunity cost is?
Answer
(A)
zero
25
Which of the following is the standard concept for measuring and analyzing population growth?
Answer
(E)
All of the above
26
When we draw a market demand curve, we?
Answer
(D)
assume that tastes, incomes and all other prices remain constant
27
Capital earns income because?
Answer
(A)
it is productive
28
In a free market economy, the rationing of scarce goods is done principally by
Answer
(D)
consumers
29
A disadvantage of the corporate form of business is the?
Answer
(D)
problems presented by separation ownership from control
30
The value of money depends primarily on?
Answer
(C)
the general price level
31
A commercial bank is able to create money
Answer
(C)
by creating a demand deposit as it gives a new loan
32
Which of the following is NOT one of the balance of payment entries?
Answer
(B)
foreign exchange
33
Which of the taxes appear generally progressive in nature?
Answer
(B)
The personal income tax
34
In a subsistence economy?
Answer
(C)
production is largely oriented towards consumption in the rular sector
35
In a normal (typical) demand schedule, the quantity demand is?
Answer
(B)
inversely related to price
36
Division of labour is limited by the?
Answer
(B)
size of the labour force
37
In a limited liability company, the greatest risk is borne by?
Answer
(C)
ordinary shareholders
38
Which of the following is NOT a function of Nigeria commercial Banks?
Answer
(D)
Issue of currency
39
In Nigeria, cheques are not money because?
Answer
(C)
they are not legal tender
40
Indicate which of the following are invisible trade items in a country’s balance of payments?
Answer
(E)
Expenditure on the shipping and tourism
41
Which of the following is NOT a measure for controlling inflation?
Answer
(C)
Reduction in taxes and increase in government spending
42
Which of the following is NOT a determinant of changes in supply?
Answer
(E)
Changes in the number buyers
43
The marginal physical product of labour is?
Answer
(D)
additional output achieved when one extraworker is added to fixed account of other factors
44
One of the disadvantages of division of labour is that?
Answer
(C)
there is a greater risk of unemployment
45
In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid
