price allocates resources between consumer and producer goods
2
Choice is necessary because resources
Answer
(D)
are scarce
3
Agriculture plays a dominant role in West African economies because
Answer
(E)
it emplys more than 50% of the total labour force in West Africa
4
The monetary system that requires a double coincidence of wants is known as the
Answer
(B)
barter system
5
if over a period of time there is more money in the economy than the available goods and services , the economy is likely to experience
Answer
(B)
inflation
6
The value of money is determined by the
Answer
(B)
general price level
7
open market operation are the process by which
Answer
(A)
the Central Banks purchases and sells securities
8
Devaluation means
Answer
(C)
a reduction in the value of the domestic currency relative to foreign currencies
9
Which of the following functions do retailers perform in an economy?
Answer
(D)
Distribution
10
A movement along the demand curve for some goods may be caused by a change in
Answer
(B)
the price of goods
11
which of the following item is not included in measuring national income by the income approach?
Answer
(B)
Student's grants and scholarships
12
if an economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvement in labour ans capital combined, the balance of 3% is usually attributed to
Answer
(C)
level of human capital
13
A government treasury bill is a form of debt instrument which falls due for repayment after
Answer
(A)
3 months
14
Which of the following is not regarded as money in Economics?
Answer
(D)
cheques
15
Which of the following is not a reason why people migrate from one place to another ?
Answer
(E)
To buy foreign goods for sale in their country
16
A major function of the middlemen in Nigeria is the distribution of
Answer
(B)
commodities to consuming centres
17
International trade is necessary mainly because
Answer
(C)
some countries have comparative cost advantage in the production of certain commodities
18
Which of the following is the approximate working agent in Nigeria?
Answer
(B)
15 - 65
19
Dumping in Economics means the selling of goods in a foreign market
Answer
(A)
ata a price below that received in the home market
20
A shift of the demand curve to the right when the supply curve remains constant , implies that
Answer
(A)
both price and quantity demanded will increase
21
The natural growth rate of a population is the
Answer
(C)
birth rate minus the death rate
22
in the event of a limited liability company going into liquidation, each shareholder
Answer
(A)
may lose a maximum of the amount he has invested
23
Which of the following are direct taxes?
Answer
(C)
income and company taxes
24
Which of the following is a function of money? It is
Answer
(B)
A standard of diferred payment
25
The productivity of labour does not depend only o its own effort and efficiency, but also on I the level of technical knowledge II. the quality of other factors III. racial qualities which allow persons from certain races to have good physique and be very active . Which of the above statements is /are correct?
Answer
(B)
I and II only
26
A tax is said to be good when
Answer
(D)
its payment causes minimum incovenience to the tax payer
27
Which of the following is a public corporation?
Answer
(E)
National Electric Power authority
28
In a sole proprietorship decisions are made by the
Answer
(B)
owner
29
Which of the following statements is not true in an inflationary period?
Answer
(B)
Wages rise simultaneously with prices
30
Palm oil industry in located in Bendel State because the state
