One of the economic problems of Nigeria today arises from?
Answer
(D)
the under-utilization of human and natural resources
2
In certain circumstances, a centrally planned economy adopts the rationing system because of?
Answer
(C)
the need for equitable distribution of goods and services
3
Given that B = Births D = Death X = Emigrants M = Immigration
The population of a country over a period of time will rise if?
Answer
(B)
B - D = O and M > X
4
The short-run period in production is defined as a period when?
Answer
(A)
there is at least one fixed factor
5
Specialization often improves economic performance because it?
Answer
(D)
allocates resources according to absolute advantage
6
Which of the following statements best describes the relationship between average product and marginal products?
Answer
(B)
Marginal product equals average product at the minimum point of the latter
7
When a firm is reaping economies of large-scale production, it experiences a fall in its?
Answer
(B)
long-run average cost
8
If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is?
Answer
(C)
inelastic
9
Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is?
Answer
(D)
25.00
10
The producer in a perfectly competitive market is faced with a demand curve whose elasticity is?
Answer
(C)
infinite
11
Unlike the retailer, the wholesaler provides?
Answer
(D)
useful information about market trends and finance to the manufacturer
12
Liquidation of limited liability company implies that the?
Answer
(B)
debts of the company can only be paid from its own assets
13
One form of business organization which is not motivated solely by the profit objective is the?
Answer
(C)
co-operative society
14
Which of the following can have their shares quoted on the stock exchange?
Answer
(D)
A public limited liability company
15
The sector that employs the largest proportion of the active labour force in Nigeria is the?
Answer
(D)
agricultural sector
16
An entirely domestic effort directed at improving agricultural production in Nigeria is the?
Answer
(A)
Agricultural Development Programme
17
A factor that influences the location of a firm near its market is the?
Answer
(C)
high cost of transporting finished goods
18
In many developing countries, infrastructural problems is acute due to the shortage of?
Answer
(D)
supporting services that encourage economic activities
19
Export-promotion policy is primary concerned with the?
Answer
(D)
encourage of the production of export commodities
20
The petroleum industry in Nigeria is?
Answer
(C)
the mainstay of the economy
21
Crude petroleum is a good example of a?
Answer
(B)
wasting asset
22
One of the techniques of monetary control used by the Central Bank of Nigeria is?
Answer
(C)
foreign exchange control
23
Which of the following is true about the value of money?
Answer
(A)
it varies inversely with the price level
24
If the reserve requirement for commercial banking in Nigeria were 30%, a commercial bank which receives an initial cash deposit of N3000 is in a position to lend out?
Answer
(D)
N2,100
25
An issue of bank-notes not backed by gold but by government securities is known as?
Answer
(A)
fiduciary isssue
26
A rise in the market price of fixed interest securities is an indication that the?
Answer
(C)
market rate of interest has risen
27
An increase in government expenditure will lead to?
Answer
(B)
an increase in the level of aggregate demand
28
When an indirect tax is levied on the producer of a good, the burden on the consumer will depend largely on the?
Answer
(A)
elasticity of demand for the good
29
If a government wants to reduce the level of inflation, it will?
Answer
(D)
borrow more money
30
If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period?
Answer
(A)
5%
31
A fall in the marginal propensity to save will lead to?
Answer
(A)
a decrease in national income
32
The major objective of economic growth is to?
Answer
(D)
increase real per capital income
33
Which of the following is a transfer payment?
Answer
(A)
Dividend to a shareholder
34
The family Support Programme in Nigeria essentially focuses on?
Answer
(D)
economic emancipation of women
35
Economically, underdeveloped countries are characterized by?
Answer
(A)
high rate of population growth and low rate of economic growth
36
One of the major consequences of urban-biased development programmes in Nigeria is that they?
Answer
(A)
led o rapid rural-urban migration
37
Development plans have not been successful in some developing countries largely because of?
Answer
(D)
shortage of skilled labour and experts
38
The balance of visible trade is the difference between the values of?`
Answer
(A)
imported and exported goods
39
If a country has a balance of payments surplus on current account, this means that?
Answer
(D)
the aggregate of the balance of trade and the invisible balance must be positive
40
If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through?
Answer
(B)
a fall in the external value of its currency
41
The Economic Commission for Africa was set up by the?
Answer
(A)
UNO
42
In the diagram above, full employment is indicated by
Answer
(B)
M
43
From the table above, the total utility for the individual who consumes 3 units of commodity X is
Answer
(C)
230 units
44
Population Statistics of a Country. The dependency ratio between 1960 and 1990 is
Answer
(C)
decrease by 2%
45
Population Statistics of a Country. In 1990, the difference between the dependent population and the active population ratio is
