Which of the following is not emphasized in a product possibility curve?
Answer
(D)
Economic development
2
Which of the following NOT among the objectives of OPEC?
Answer
(B)
to established petroleum refineries in all member state
3
A market situation with few sellers and many buyers is called
Answer
(D)
oligopoly
4
MPC + MPS equals
Answer
(C)
One
5
Producers operating in a free market economy are more efficient as a result of
Answer
(A)
the existence of competition
6
In income determination theory, acceleration principles shows that
Answer
(A)
investment is the causes, while income is the effects
7
The largest component of national income in developing countries consist of
Answer
(A)
wages and salaries
8
Holding money to take care of contingencies is
Answer
(A)
a precautionary motive
9
In the long-run, a firm must shut down if its average revenue is
Answer
(D)
less than average variable cost
10
The act of cultivating land and rearing of animal for man's use is
Answer
(B)
agriculture
11
In the event of bankruptcy, owners of joint-stock companies lose
Answer
(B)
only the capital invested
12
The main disadvantages of deflationary policies is
Answer
(C)
unemployment in the country
13
If government in a fiscal year has its revenue receipts less than the expenditure, such country is having
Answer
(A)
deficit budget
14
A firm's average cost decreases in the long-run because of
Answer
(A)
increasing returns to scale
15
What is the median term in the distribution below; 14, 13 29,15,13,17,12.
Answer
(A)
14
16
The following are type of business organization EXCEPT
Answer
(C)
Entrepreneurship
17
From the diagram below, moving from point A to B and from B to c is due to
Answer
(D)
Opportunity cost
18
The contribution of petroleum to the economy of Nigerian is most prominent in the area of
Answer
(A)
revenue generation
19
Which of the following is NOT a feature of capitalism?
Answer
(D)
detailed economics planning
20
When an economy is having a balance of payment surplus the best alternative opened to it is to
Answer
(D)
increase its foreign reserve
21
One of the function of united nation conference on trade and development (UNTAD) is to
Answer
(A)
transfer technology from developed to less developed countries
22
Wholesalers play an important in the distribution of goods and services because they
Answer
(D)
finance both producers and retailers
23
Economics problems arise in all societies because
Answer
(B)
resource are not in adequate supply
24
A downward sloping demand curve means that
Answer
(B)
total revenue declines as price is lowered
25
The bank established to finances project aimed at promoting economic and social development within the African continent is
Answer
(D)
African development bank
26
The diagram belwo, shows the relationship between
Answer
(D)
wage rate and unemployment
27
Which of these is NOT associated with the problem of internal trade?
Answer
(B)
market trade unions
28
The middle value of an array figure arranged in descending order is referred to as the
Answer
(D)
median
29
An exceptional demand curve can result from
Answer
(B)
change in taste of consumer
30
If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, wha is the price elasticity of demand for the commodity?
Answer
(B)
0.8
31
A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to
as
Answer
(B)
monopolist
32
Which of the following is NOT a factor that brings about changes in demand?
Answer
(A)
the price of the good or service
33
A price floor is usually fixed
Answer
(A)
above the equilibrium and causes surpluses
34
If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are
Answer
(B)
substitutes
35
The willingness of an individual backed up with purchasing power at a given time is
Answer
(A)
effective demand
36
The formular used by the Expenditure approach to calculate National income is
Answer
(B)
Y=C+I+G+X-M
37
If the marginal utility of commodity is equal to its price, then
Answer
(D)
the consumer is in equilibrium
38
From the diagram below, the equilibrium wage rate is
Answer
(C)
W2
39
When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as
Answer
(D)
indifference curve
40
The comparison of the standard of living between Nigeria and Ghana is best down through the use of
Answer
(B)
per capita income
41
The formular (N + 1)/2 is used to determine the
Answer
(A)
median
42
If the standard deviation of a set of numbers is 3.6, what is the variance?
Answer
(A)
12.96
43
The following will occur when maximum price is fixed below the free market price EXCEPT that
Answer
(C)
excess supply will occur
44
If the population of a school is 600 and 60% are In JSS, how many students are in SSS?
Answer
(B)
240
45
The revolution of Cassava from ordinary food crop to export crop will lead to
Answer
(B)
increase in the prices of cassava products
46
When the total product starts falling, then the marginal product is
Answer
(D)
negative
47
The following are the objectives of agricultural policies in Nigeria EXCEPT
A. provision of food
B. provision of agricultural raw materials to industrial sectors
C. increasing prices of agricultural Inputs
D. creation of rural employment
Answer
(D)
increasing prices of agricultural Inputs
48
The following can be used to improve a country's balance of payment EXCEPT
Answer
(C)
decreasing taxation on personal income
49
In the equation Q = a - bp + e; Q and P are ... Variables respectively.
Answer
(B)
dependent and independent
50
Which of the following is NOT an objective of Economic planning?
Answer
(B)
Widening the income gap
51
The following determine the level of consumption EXCEPT
Answer
(D)
the political climate
52
The following are problems of development planning in Nigeria EXCEPT
Answer
(B)
under-population
53
The system of farming which involves the use of a large hectare of land planted with economic crops is known as
Answer
(C)
plantation farming
54
At the equilibrium price,
Answer
(A)
demand equates supply
55
Which of the following is a disadvantage of localization of industries?
Answer
(D)
Encouraging subsidiary industries
56
Stock exchange market deals with
Answer
(A)
sales of second hand securities
57
Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?
Answer
(B)
Refining of petroleum products in member countries
58
The satisfaction derived from the consumption of a commodity is referred to as
Answer
(C)
utility
59
An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.
Answer
(C)
processing
60
An industry operating in a perfect competitive market situation will maximum profit when
Answer
(C)
MC = MR
61
Which of the following is NOT a function of marketing boards in Nigeria?
Answer
(B)
Importation of farm produce
62
Persistent fall In the general price level is known as
Answer
(A)
deflation
63
Which of the following will NOT bring about an increase in Labour force?
Answer
(D)
Emigration
64
The diagram below represent
Answer
(D)
Circular flow of income
65
What add funds to the circular flow?
Answer
(D)
injection
66
Economic problem arises as a result of
Answer
(D)
scarcity
67
The following are rewards for factors of production EXCEPT
Answer
(D)
subsidy
68
When an increase in the price of a commodity lead to a fall In the demand for another, the demand for the two commodities are said to be
Answer
(B)
joint
69
Which of the following is NOT a function of the IMF?
Answer
(D)
assisting member countries in printing and issuing their currency
70
Which of the following is NOT included in-measuring the National income through the income approach?
Answer
(D)
Allowance given to an aged mother by a civil servant
71
If two bags of rice were sold for #1,250 a month ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is
Answer
(D)
decreasing
72
The demand for factors of production is said to be
Answer
(C)
derived
73
The trade-off between two commodities along the Production Possibility Curve (PPC) shows
Answer
(D)
opportunity cost principle
74
A major characteristics of a firm operating at a long-run equilibrium position is that
Answer
(B)
all costs can be varied
75
An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.
