When two variables are positively related, the graph of the relationship?
Answer
(D)
is an upward-sloping curve
2
For an inferior good, a decreased in real income will lead to?
Answer
(C)
an outward shift of the demand curve
3
In economic analysis, a statement is said to be normative if it?
Answer
(A)
relates to value judgement
4
Utility is the satisfaction derived from?
Answer
(D)
consumption
5
The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is
Answer
(B)
fairly inelastic
6
If there is an increase in demand without a corresponding increase in supply, there will be a
Answer
(A)
rise in price
7
In a planned economy, the emphasis is on
Answer
(A)
public ownership and control
8
\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)
Using the table above. The ATC at 30 units of output is
Answer
(B)
₦4.00
9
If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be
Answer
(B)
a monopolist as it can have a great influence on price
10
A normal supply curve is usually positively sloped because the relationship between
Answer
(A)
price and supply is positive
11
Short-run period in production is a period too short for a firm to be able to change its
Answer
(A)
scale of operation
12
Price elasticity of supply is a ratio of the change in
Answer
(B)
quantity supplied to the change in price
13
The long-run average cost curve is called a planning curve because it shows what happens to costs when
Answer
(C)
variable inputs are increased
14
Imperfect market is characterized by
Answer
(B)
many buyers and few sellers
15
The term 'Near money' is best described as
Answer
(D)
a financial asset that is convertible to cash
16
The distinguishing characteristic between the money market and the capital market lies in whether the
Answer
(B)
debt instruments provided are long-term or short-term
17
For a firm, value added can be defined as the difference between the
Answer
(B)
value of its output and inputs purchased from other firms
18
Insurance companies, pension and provident funds and unit trusts are all examples of
Answer
(D)
non-bank financial institutions
19
Inflation that is usually associated with periods of trade boom is
Answer
(D)
demand-pull inflation
20
The monetary control instrument most effectively used by the Central Bank of Nigeria is the
Answer
(A)
open market operations
21
Securities are described as listed when they are
Answer
(B)
traded on a recognised stock market
22
An advantage of the sole proprietorship over the partnership from of business organisation is that
Answer
(C)
the possibility of conflict in management is virtually non-existent
23
The distinction between capital and recurrect expenditure lies in the
Answer
(B)
time frame of the expenditure
24
Under a floating exchange rate regime, the determinant of the exchange rate is
Answer
(C)
demand for and supply of foreign goods
25
The major objective of a revenue allocation formula in a country is to
Answer
(A)
share revenue between the different tiers of government
26
A greater burden of the taxes on essential goods is borne by the
Answer
(A)
lower income group
27
Privatization and commercialization of public enterprise in Nigeria is necessitated by
Answer
(C)
their operational inefficiency
28
The effectiveness of devaluation as a solution to a balance of payments problem depends on the
Answer
(C)
relative elasticities of demand and supply of imports and exports
29
Statutory organisations usually established by Acts of Parliament are called
Answer
(A)
public corporations
30
The effect of an increase in the personal income tax is to
Answer
(C)
reduce the disposable income
31
IBRD as an international monetary institution is concerned with the
Answer
(B)
development of infrastructure in member nations
32
To compare the standard of living among nations, the most widely used economic indicator is the
Answer
(C)
real per capita income
33
The major role of multi-national companies in the petroleum industry in Nigeria is
Answer
(B)
oil marketing and prospecting
34
Two basic features common to an industry are
Answer
(D)
similarity of products and production processes
35
When a union is composed of workers with the same skill,it is termed
Answer
(B)
a craft union
36
The demand for labour is an example of
Answer
(C)
derived demand
37
Occupational mobility as applied to factors of production means the ease by which
Answer
(A)
factors can be transferred from one form of use to another
38
An adverse environmental impact of the petroleum industry on the economy is
Answer
(C)
oil spillage
39
country is said to be overpopulated when
Answer
(C)
the resources are inadequate to cater for the population
40
An important factor hindering the rapid development of the industrial sector in Nigeria is
Answer
(C)
inadequate infrastructural facilities
41
Fixing the prices of agricultural products can be a problem because of the
Answer
(D)
unpredicatable output of farmers
42
The labour force of a country can be determined by examining the
Answer
(A)
age structure of the population
43
Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at
Answer
(D)
Z
44
If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
Answer
(B)
W
45
In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility
