The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by
Answer
(C)
Lionel Robbins
2
The concept of economics efficiency primarily implies
Answer
(A)
containing the maximum output from available resources at the lowest possible cost
3
Which of the following is true of NEPA as a public corporation in Nigeria? It is
Answer
(E)
a monopoly
4
a situation of full employment exist when
Answer
(E)
all those who are able and eligible to work are employed
5
which of the following function of money makes it possible for any person to provide for old age?
Answer
(B)
stores of value
6
The primary objective of Agricultural Credit Guarantee Scheme is the provision of
Answer
(A)
guarantee for loans granted by by banks for agricultural purposes
7
which of the following is not an advantage of localization of industries ?
Answer
(D)
growth of conurbation
8
Which of the following is not an advantage of government ownership of enterprises?
Answer
(C)
Government workers may be indifferent towards the public
9
if the foreign exchange rate is N80 to £1, then a bicycle bought for £40 will cost
Answer
(E)
N320.00
10
The central banks controls commercial banks through all the following measures except
Answer
(D)
Accepting deposits
11
If a person supplements his current income by drawing on past savings in order to make both ends meet, he is said to be living
Answer
(C)
on his savings
12
Which of the following is not a set of measures of central tendency?
Answer
(D)
Median and percentage
13
Which of the following pairs can be referred to as middlemen?
Answer
(D)
Wholesalers and retailers
14
Mono-products economics are those that
Answer
(D)
produce one main commodity
15
A Nigerian household demand curve for semovita is downward sloping because
Answer
(E)
the higher the price of semovita, the lower the quantity demanded
16
To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as
Answer
(C)
wealth
17
The decision to consume more of one product swill under normal circumstances imply that
Answer
(B)
less of something else will be consumed
18
The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the
Answer
(C)
net income from abroad
19
one of the function of a commercial bank is that it
Answer
(B)
accepts demand and time deposits from constomers
20
which of the following is not a problem of distribution of goods in Nigeria?
Answer
(C)
ignorance of consumers
21
Mr Idowu needs a television and a refrigerator. Each cost N500.00, the exact amount he has . If Mr. Idowu buys the television , the refrigerator would be regarded as the
Answer
(C)
opportunity cost
22
Petro-chemicals industries are located in River State of Nigeria due to the presence of
Answer
(E)
oil deposits
23
Foreign exchange control in Nigeria is enforced by the
Answer
(D)
Central banks
24
The difference between the number of immigrants and emigrants is
Answer
(C)
net migration
25
Risk bearing and managerial control are the main function of the
Answer
(C)
entrepreneur
26
If successive unit of labour are added to a piece of land while capital and technology remains constant, a point will be reached in the level of production when each additional unit of labour will add less to the output than previous units. This concept is known as
Answer
(C)
law of diminishing returns
27
When a firm's total revenue is at the maximum , marginal revenue is
Answer
(C)
zero
28
Under normal circumstances, a producer will bear the entire burden of taxation on his output if the
Answer
(E)
demand for his products is completely elastic
29
Limited liability means that
Answer
(A)
the debt of a company can only be paid from its own assets
30
Factory buildings, machinery and raw materials are known in Economics as
