'Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to
Answer
(B)
wants
2
A review of occupational distribution of population from time to time helps us to know the
Answer
(B)
number of people that makes up the labour force
3
The price of a commodity is determined by the
Answer
(E)
interaction of demand and supply
4
The equilibrium position of a firm is attained
Answer
(C)
when MC = MR
5
in any economic system , which of the following is not an economic problem?
Answer
(D)
equal distribution of goods and services
6
In which of the following economics system is the consumer referred to as ‘The King’?
Answer
(D)
Free Market economy
7
Into which of these organization would you classify the International Monetary Fund (IMF) ?
Answer
(C)
Financial organization
8
A normal demand curve is
Answer
(B)
Is convex to the point of origin
9
A demand schedule is
Answer
(B)
A table showing the relationship between price and quantity demanded of a commodity
10
Which of the following is not an advantage of price control?
Answer
(B)
Distortion of price mechanism
11
Which of these factors does not cause a change in demand?
Answer
(E)
Price of the commodity concerned
12
Price control can be defined as the fixing by Government of maximum or minimum price of
Answer
(D)
Certain selected goods
13
When the price of commodity A increases, the demand for commodity B decreases, then A and B are
Answer
(B)
Complementary goods
14
When the demand for a commodity is inelastic, total revenue will fall if
Answer
(B)
Price is reduced
15
The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the
Answer
(A)
US dollars .
16
The two largest producers of crude oil in Nigeria are
Answer
(D)
Rivers and Bendel States
17
Nigerian indigenization decree was promulgated in order to
Answer
(A)
Allow indigenes to have the full participation in the economic activities of the country
18
An economic system in which most capital goods are owned by individuals and private firms is known as
Answer
(C)
Capitalist economy
19
Which of the following is not a feature of Sole Proprietorship?
Answer
(E)
Decision can be taken only by ten people
20
The International Bank of Reconstruction and Development (IBRD) is important to the developing nations because it
Answer
(C)
Enhances financial relationship among countries
21
Which of these best explains Malthusians theory of population?
Answer
(B)
The population increase faster than food supply
22
Which of the following are the most liquid assets to a commercial bank?
Answer
(E)
Cash
23
Which of the following statements is true about terms of trade?
Answer
(C)
It is the ration of price index of exports to imports
24
Which of these does not relate to the law of comparative advantage?
Answer
(C)
In order to specialize, a country must have absolute advantage
25
A condition which adversely affects expansion of production is
Answer
(B)
Limited size of the market
26
International trade and domestic trade are similar in all aspects except that
Answer
(D)
The same currency is used as the medium of exchange
27
The drawer of a cheque is the
Answer
(D)
Person who writes out the cheque
28
Which of the following is not an item of capital expenditure?
Answer
(E)
Payment of interest on loans
29
Which of the following roles is being played by the Organization of Petroleum Exporting Countries (OPEC) with regards to Nigeria’s crude oil?
Answer
(D)
Marketing
30
The coefficient of price elasticity of demand is zero when demand is
Answer
(B)
Perfectly inelastic
31
External economies occur when
Answer
(D)
Firms compromising an industry are concentrated in one area
32
When the demand for a commodity is inelastic, who bears the greater burden of the indirect tax?
Answer
(D)
The consumer
33
Which of the following crops can be referred to as Nigeria’s current export crops?
Answer
(C)
Rubber, Cocoa, Coffee, Palm Kernel
34
The imposition of high income tax by government to cut down demand is known as
Answer
(C)
Fiscal policy
35
Which of these factors does not affect revenue allocation in Nigeria?
