The demand for factors of production is an example of?
Answer
(C)
derived demand
3
A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?
Answer
(A)
the ruler
4
A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
Answer
(C)
other factors than price have changed
5
One of the reason for an exceptional demand curve is the?
Answer
(A)
expectation of a future change in price
6
A scientific approach in economic analysis entails?
Answer
(B)
both inductive and normative methods
7
In a centrally planned economy, the economic problem of deciding what to produce is dependent on?
Answer
(B)
state command
8
The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?
Answer
(D)
complementary
9
The stock exchange is a market for the buying and selling of?
Answer
(C)
existing shares
10
National Income estimates can be used to?
Answer
(D)
compare a country's growth rate with that of another over a period of time
11
In Nigeria, the bank that can correctly be described as a unit bank is?
Answer
(A)
the Central Bank
12
If a country's GNP in the current year is N65 billion, and the GNP in the base year is N50 billion, the GNP deflator is?
Answer
(A)
130.0
13
Insurance companies invest mainly in instruments trade on the?
Answer
(A)
capital market
14
Liquidity preference refers to the?
Answer
(B)
wish to hold more funds for precautionary purpose
15
Creeping inflation implies that there is a?
Answer
(A)
gentle and persistent increase in the general price level
16
The primary objective of the NDIC is to?
Answer
(D)
give protection to bank depositors
17
Excess demand inflation can be controlled through?
Answer
(A)
contractionary fiscal policy
18
The middlemen in the chain of distribution are?
Answer
(B)
wholesalers and retailers
19
If the growth rate of available resources continuously outpaces that of the population, a country will eventually experience?
Answer
(B)
underpopulation
20
The equilibrium wage in an economy is determined by the?
Answer
(D)
supply and demand for labour
21
The Malthusian theory of population growth is often said to be?
Answer
(C)
pessimistic
22
Improved labour efficiency can be measured by?
Answer
(A)
an increase in output-input ratio
23
As a firm increases its output, the average fixed cost?
Answer
(D)
tends to decreased continuously
24
The short-run equilibrium output for a monopolist is determined by the?
Answer
(C)
intersection of the average revenue and the average cost curves
25
The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called?
Answer
(D)
external economies
26
In the short-run a firm marginal cost curve above the point of shut-down is its?
Answer
(B)
supply curve
27
The economic policy of deregulation is aimed at encouraging?
Answer
(C)
a competitive market structure
28
Under conditions of perfect competition, a firm's supply curve is determined by its?
Answer
(B)
marginal cost curve
29
The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to?
Answer
(C)
raise its price as well as the equilibrium quantity
30
External finance for a limited liability company is mainly sourced through?
Answer
(A)
the leasing equipment
31
Some of the key indicators of underdevelopment in a country are?
Answer
(B)
poverty, low level of literacy and low income
32
One of the roles of NNPC in the production and refining of crude oil is to?
Answer
(C)
satisfy the domestic consumption of petroleum products
33
One way of correcting the balance of payments problem of a country is to?
Answer
(C)
devalue the currency
34
Which of the following yields more revenue to Nigeria?
Answer
(C)
indirect tax
35
Import substitution aims at?
Answer
(B)
substituting imports with agricultural exports
36
One of the major criticisms of the 1992-1968 National development Plan was that?
Answer
(D)
its execution was based largely on foreign sourced financial resources
37
ECOWAS has taken a giant step towards economic integration by?
Answer
(D)
increasing economic stability among members states
38
A deficit budget can be used to?
Answer
(B)
protect the economy from inflation
39
One of the major factors militating against industrialization in Nigeria is the?
Answer
(A)
inadequacy of infrastructural facilities
40
The types, sources and uses of government income are mainly concerned with?
Answer
(D)
public finance
41
The present privatization policy in Nigeria is aimed at?
Answer
(D)
increasing efficiency in production
42
One of the problems arising from the localization of industries is?
Answer
(D)
structural unemployment
43
The major purpose of African Development Bank is to?
Answer
(B)
provide loans for infrastructural development
44
As a country gets more developed, the percentage of labour engaged in agriculture tends to?
Answer
(B)
decrease steadily
45
In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is
