'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?
Answer
(B)
Given numerous wants and limited resources only individuals and businesss firms make choice
2
Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?
Answer
(A)
Immigration
3
Two goods, X and Y, are said to be complementary when?
Answer
(A)
A fall in the price of X raises the demand for Y
4
Which of the following is NOT true about specialization or division of labour?
Answer
(C)
Division of labour needs not take account of the extent of the market
5
Money becomes a very poor store of value in a period of
Answer
(D)
Inflation
6
Government in West Africa countries engage in running a number of enterprises because ?
Answer
(E)
All of the above
7
The function of money as a standard of deferred payments
Answer
(B)
Makes it possible for payment to be postponed from the present to a future date
8
Which of the following is NOT a major function of a Central Bank?
Answer
(C)
Acceptance of deposit from the public
9
Summary of product condition in countries i and ii
Amount of labour days, cocoa(tons) Cloth(tons)
Country i 200 600 900
country ii 200 300 800
From the above table, we can correctly say in respect of international trade that
Answer
(B)
Country I has absolute advantage in the production of both cocoa and cloth
10
The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect
Answer
(C)
Newly set-up industries
11
Invisible trade refers to trade in?
Answer
(E)
goods that cannot be seen
12
Indirect taxes are taxes?
Answer
(E)
which are levied on people and economic units through the goods and services they purchase
13
The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?
Answer
(A)
budget deficit
14
Which of the following statement is NOT true about agriculture in West Africa?
Answer
(B)
Agriculture production is the basis for excise taxes in West Africa
15
The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?
Answer
(C)
import-substitution
16
Economics may be defined as?
Answer
(D)
the study of human behaviour in the allocation of scarce resources
17
Elasticity of demand is given by
Answer
(A)
the prcentage change in quantity demanded divided by the corresponding percentage change in price
18
If a commodity has many substitutes, it is most likely that?
Answer
(B)
the demand curve is fairly elastic
19
Which of the following statement does NOT describe a situation of perfect competition.?
Answer
(B)
The firm makes no pure profit in the short run
20
Surplus in balance of payment leads to?
Answer
(B)
increases in foreign reserves
21
Which of the following does NOT belong in respect of the quantity of money?
Answer
(E)
Measure of value
22
Government budget can be described as the sum of?
Answer
(D)
Planned expenditure and expect revenue within a financial year
23
An economy in which both the public and the private sectors contribute substantially to the growth of output is?
Answer
(C)
a mixed economy
24
Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?
Answer
(D)
Processing of petroleum oil
25
Prohibiting the sale of lace materials in Nigeria would probably lead to?
Answer
(D)
Higher price of lace material in Nigeria
26
Which of the following is NOT a visible item on international trade payment?
Answer
(C)
Payments to foreign shipping companies
27
Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?
Answer
(D)
The share of agricultural export is decreasing
28
The most basic concern of economists is to?
Answer
(E)
study ways of allocating scarce resources in order to satisfy human wants
29
Which of these statement is NOT true of economics as a discipline?
Answer
(D)
it assumes limited human wants
30
An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?
Answer
(A)
substitute goods
31
An equilibrium price?
Answer
(E)
equates the quantity supplied to be equal to the quantity demanded.
32
When a nation’s exports are greater than its imports
Answer
(E)
A favourable balance of trade exists
33
unlimited liability means?
Answer
(D)
A firm must pay its debts from business as well as private funds
34
One of the probable effects of an increased minimum wage in Nigeria is?
Answer
(D)
to create involuntary unemployment
35
If the income of a consumer rises and his demand for good X falls, good X can be described as
Answer
(E)
none of the above
36
Inflation is likely to benefit?
Answer
(C)
debtors
37
Which of the following is NOT a characteristic of perfect competition?
Answer
(C)
Supply and demand are equal
38
Opportunity cost is best defined as?
Answer
(B)
sacrificed alternative (output, income etc.)
39
Progressive income tax can be expressed as
Answer
(D)
tax that rises as income rises
40
From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are
Answer
(E)
18k, 15,000
41
In this diagram, So So is the original supply curve while S1 S1 represent?
Answer
(C)
decrease in supply
42
From the above, the Growth Rate of Total National Output or GDP is
Answer
(D)
5.0%, i.e,(2 +5 + 10 + 3)/ 4%
43
Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that
Answer
(B)
country I has absolute advantage in the prodcttion of both cocoa and cloth
44
Which of the following statements does NOT describe a situation of perfect competition?
Answer
(B)
The firm makes no pure profit in the short run
45
Which of the following is NOT a visible iterm in international trade payments?`
