Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?
Answer
(B)
cost of the hat
3
An economic problem exists whenever
Answer
(A)
there is scacity and choice
4
The meaning of scale of preference is?
Answer
(A)
preparing a list of goods and services to be purchased in order of priority
5
Optimum population is desirable because it enables an economy to obtain maximum?
Answer
(A)
per capita income
6
The age distribution of a population is NOT influenced by?
Answer
(E)
school leaving age
7
One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?
If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
Answer
(A)
An increase in demand for X will increase the supply of Y
10
In market economies, resources are allocated through the?
Answer
(B)
price system
11
At every point on a indifference curve, the
Answer
(D)
level of utility is constant
12
Under perfect competition, the long-run equilibrium requires?
Answer
(D)
MR = MC = AR = AC
13
If monopoly is attempting to maximize profit which of the following should it attempt to do?
Answer
(E)
Equate marginal cost to marginal revnue
14
The amount of labour a producer hires relative to labour factor inputs depends on the?
Answer
(B)
price of labour, machinery and other inputs
15
Which of the following is NOT a feature of underdevelopment?
Answer
(E)
High per capita income
16
The inefficient distribution of scarce commodities in Nigeria is mostly due to the?
Answer
(C)
long chain of the distribution system
17
Warehousing facilities in the distribution and marketing of products are provided by?
Answer
(B)
wholesalers
18
A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?
Answer
(E)
10 or more years
19
A firm is said to be a public Joint Stock Company when it?
Answer
(D)
sells shares to members of the public and publishes its account
20
Limited liability means?
Answer
(A)
the debts of a company can only be paid from its own assets
21
The purchasing power of the naira will fall when?
Answer
(C)
there is inflation
22
When a business has unlimited liability
Answer
(D)
the owners are responsible for all its financial debts
23
Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?
Answer
(B)
presence of mineral deposits
24
The petro- chemical industries are located in the River State of Nigeria due to?
Answer
(C)
oil deposits
25
One of the functions of the commercial banks is that it is?
Answer
(E)
a banker of demand and time deposits of customers
26
Because money serves as a standard for deferred payments
Answer
(B)
goods can be bought on credit with pre-determined value
27
Which of the following is a necessary prerequisite for trade by barter?
Answer
(A)
Needs for double coincidence of wants
28
A state budget is an outline of planned
Answer
(A)
expenditures and revenues expected within a financial year
29
Which of the following is NOT among the canons of taxation as set out by Adam Smith?
Answer
(B)
Security
30
An example of a regressive tax is?
Answer
(C)
a general sales tax
31
Tax which is levied on goods manufactured, sold or used within a country is?
Answer
(B)
excise tax
32
By terms of trade, we mean the?
Answer
(D)
index of export prices to import prices expressed as a percentage
33
The argument of tariff protection in less developed economies is that such a measure would
Answer
(C)
protect young industries from ruinous competition from abroad
34
Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?
Answer
(D)
it would worsen Nigeria foreign exchange situation
35
Foreign exchange control in Nigeria is administered by the?
Answer
(D)
Central Bank of Nigeria
36
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?
Answer
(D)
90 days
37
How many National Development Plans did Nigeria have between 1960 and 1984?
Answer
(C)
Four
38
If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to
Answer
(C)
amount of natural resources
39
The process by which a country attempts to reduce the import of manufactured goods at home is described as?
Answer
(B)
import-substitution
40
Under normal circumstances a producer will bear the entire burden of taxation on his output if the?
Answer
(C)
demand for his product is more elastic than the supply
41
Which of the following is NOT a part of the fixed costs of a limited liability company?
Answer
(E)
Wages
42
The act of combining factor inputs in order to obtain specific output is known as
Answer
(E)
production
43
Disguised unemployment
Answer
(A)
exist when manpower is not being utilized efficiently
44
The unemployment associated with a recession is called?
Answer
(C)
cyclical
45
When total revenue is at a maximum, marginal revenue is?
