The main economic objective behind the production of goods and services in any economy is to?
Answer
(B)
satisfy human wants
2
Demand for a commodity by a consumer is the quantity of that commodity that the consumer
Answer
(A)
demands at a given price at a point in time
3
Division of labour is limited by?
Answer
(A)
the size of market
4
The production within the domestic territory of a country is called the
Answer
(B)
gross domestic product
5
In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?
Answer
(A)
Length and cost of training
6
The advantages that accrue to a firm as the size of the firm increases are known as
Answer
(C)
internal economies
7
Which Of the following is NOT an obstacle to economic development?
Answer
(E)
Dedicated leadership
8
An aging population refers to the preponderance of?
Answer
(E)
old people in the population
9
Which of the following is NOT a determinant of the size economically active population?
Answer
(B)
Occupation of workers
10
The population level that yields the maximum output when combined with available resources is known as
Answer
(E)
optimum population
11
If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?
Answer
(A)
percentage change in the quantity of X divded by the percentage change in the price of Y
12
For two substitution goods, the cross elastic of demand is?
Answer
(D)
positive
13
The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?
Answer
(A)
Excess supply
14
For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is
Answer
(B)
greater than marginal cost
15
A demand curve slopes downwards because of ?
Answer
(C)
the substitution effect and the rise in real income of the consumer
16
An imperfectly competitive market is one where?
Answer
(E)
commodities are differentiated
17
In taxation, the benefit principle requires that?
Answer
(C)
only those who derive benefit from services provided from public revenue should be taxed
18
A perfectly competitive firm does not influence the demand for its commodities by lowering its price below the market price because?
Answer
(C)
total revenue will decline due to its elastic demand curve
19
pricing and output decisions of sellers are highly interdependent in markets known as?
Answer
(A)
oligopoly
20
One disadvantage of sole proprietorship is its?
Answer
(D)
low credit rating
21
The channel for food distribution in Nigeria consist of?
Answer
(B)
producers, wholesalers and retailers
22
Which of the following is NOT true of debentures and debenture holders?
Answer
(E)
Preference shareholders recieve their share of profits before debenture holders receive their entitlements
23
The economic goal of public utilities is to?
Answer
(D)
provide essential services
24
The basic principles of co-operative societies are those of?
Answer
(B)
worker ownership and worker control
25
The most important factor determining the location of the cement industry in Nigeria today is ?
Answer
(E)
raw materials
26
The most important characteristic of money is?
Answer
(C)
acceptability
27
The Central Bank instrument of control does NOT include
Answer
(B)
moral sanctions
28
Cost push inflation takes place due to?
Answer
(C)
a rise in the cost of production
29
Lord Keynes identified three motives for holding money, that is, keeping one’s resources in liquid form instead of in some form of investment. the motive which relates to making provision for the ‘rainy day’ is known as?
Answer
(B)
precautionary motive
30
Generally, property taxes?
Answer
(C)
are borne by all (renter, owner occupiers and landlords)
31
One of the major effects of an increase in government expenditure on a nation’s economy is that it?
Answer
(D)
raises the level of aggregate demand
32
Public expenditure on services, such as education and health, is known as expenditure on
Answer
(C)
social services
33
Question 39 and 40 are based on the table below:
The international production set for Nigeria and Austria is:
\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)
The opportunity cost ratio for cocoa and lace for Austria and Nigeria is
Answer
(D)
1.5,2
34
The international production set for Nigeria and Austria is:
