It is impossible to satisfy all human wants because?
Answer
(D)
available resources are limited
2
The main function of the price system is to?
Answer
(B)
ensure efficient allocation of resources in the economic system
3
A system in which the means of production is held in trust for the people by government is known as a?
Answer
(A)
socialist economy
4
The working population refers to?
Answer
(C)
the economically active segment of the population
5
Which of the following factors is NOT responsible for the rural/urban drift in Nigeria?
Answer
(C)
Rural electrification programme
6
An accurate census is important to a country because it helps?
Answer
(D)
in providing a second basis for formulating development policy
7
If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be?
Answer
(B)
5.68 tonnes
8
In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its?
Answer
(A)
lowest point
9
A firm faces diminishing returns when its?
Answer
(C)
marginal output diminishes
10
If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be?
Answer
(B)
decreasing
11
If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the?
Answer
(B)
marginal revenue product of labour in the enterprise
12
If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?
Answer
(B)
smaller than the equilibrium supply
13
If the price elasticity of demand for a certain commodity is less than unity, then?
Answer
(A)
an increase in the price of the commodity will raise the total revenue of the producer
14
At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former?`
Answer
(A)
price is always equal to marginal cost
15
Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?` i Breaking the bulk ii Packing the goods in smaller containers iii Providing vital information iv Grant credit facilities
Answer
(A)
i and ii
16
Production is said to be completed when?
Answer
(A)
goods and services reach the consumers
17
a debenture share entitles its holder to?
Answer
(C)
recieve a fixed interest on sums invested
18
A public liability company is different from a private limited company because i?
Answer
(D)
can sell shares in the stock exchange
19
A modern corporation is owned by?
Answer
(B)
ordinary shareholders
20
Wheat grows best in?
Answer
(B)
temperate climate
21
On the basis of the contribution to employment, the most important economic sector in West African is?
Answer
(B)
agriculture
22
The most popularly adopted industrialization strategy in West Africa is?
Answer
(A)
import substitution
23
One of the most important factors that should be considered in the location of an industry is?
Answer
(C)
availabilities of inputs and market
24
Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is?
Answer
(D)
capacity under-utilization
25
The money market is a financial market that specializes in the provision of?
Answer
(A)
short-term loans
26
Which of the following programmes in the monetary sector is aimed at enhancing the banking habit of the rural areas?
Answer
(C)
The community banking scheme
27
The sum of N80,000 is deposited in a bank and the cash ratio of the banking system is 10%. calculate the sum of money the bank can create from the deposit?
Answer
(B)
N 800 000
28
Economic development is distinguishable from economic growth because the former?
Answer
(C)
also includes an efficient distribution of economic growth
29
Which of the following can be considered as being outside the objectives of public finance?
Answer
(D)
The deregulation of the economy
30
The joint ventures operating in the Nigerian oil industry are between?
Answer
(C)
the NNPC and producer marketers
31
Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work ii,Difficulties in assessment and collection iii, imperfection in tax assessment.
Answer
(C)
ii and iii
32
According to the income approach to national income measurement, the national income of a country is equal to?
Answer
(D)
C +I + G
33
The best index for international comparison of standards of living is the?
Answer
(C)
per capita income
34
The GDP of Nigeria will be greater than her GNP if?
Answer
(D)
the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
35
Below equilibrium, the gap between aggregate demand and the full employment level of income is called the?
Answer
(A)
inflationary gap
36
Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.
ii A large market industries producing under condition of decreasing cost.
iii Competition for home based monopoly firms
Answer
(A)
i and ii only
37
Comparative advantage implies that a country will specialize in producing the commodity?
Answer
(C)
with the lowest opportunity cost
38
Devaluation is effective when?
Answer
(D)
demand for exports is price elastic
39
From which of the following does Nigeria derive trade concessions?
Answer
(D)
EEC
40
Tariff on imports are meant to?
Answer
(A)
prevent a foreign goods
41
The international Bank for Reconstruction and Development is important to developing countries because it?
Answer
(C)
offers loans to member countries for socio-economics activities
42
Given an output of 3 units, the average is
Answer
(B)
N18.00
43
Determine the marginal revenue if the total revenue is 80.00
Answer
(B)
12.00
44
In the diagram, the marginal propensity to consume (MPC) is equal to
Answer
(B)
\(\frac{TP}{RP}\)
45
In the diagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?
