The economic system in which resource are privately owned dis known as
Answer
(A)
Capitalism
3
Quasi-rent refers to
Answer
(D)
payments made on any factors of production that is temporaly fixed in supply
4
Reward for entrepreneurship is
Answer
(D)
profit
5
Which of the following is the function of an entrepreneur?
Answer
(B)
decision making
6
The difference between the highest and lowest in a set of data is
Answer
(A)
range
7
In which of the following economic system is the consumer referred to as the king?
Answer
(A)
Capitalist economy
8
The dispersal of people in a country is called
Answer
(B)
geographical distribution
9
In a country with ageing population , the total population
Answer
(C)
is increasing at a low rate
10
Population growth can be controlled by all the following except
Answer
(B)
incentives on immigration
11
Performance of one task in a production process is known as
Answer
(A)
specialization
12
The cost incurred by using both fixed and variable factors in production is called
Answer
(C)
total cost
13
Consumer buy more of a commodity at a lower price than at a higher price because
Answer
(D)
with the same amount of money they will be able to buy more
14
The demand for a commodity not directly for immediate consumption but for the production of another commodity is
Answer
(B)
derived demand
15
Which of the following is a luxury item?
Answer
(D)
Gold
16
If the quantity demanded of a particular commodity is represented by the function Qd = 30 - 2p, what is the quantity demanded at a price of twelve Naira?
Answer
(A)
6 units
17
The responsiveness of demand to a change in income is the measurement of
Answer
(C)
income elasticity of demand
18
The upward slope of the supply curve indicates that
Answer
(A)
more will be supplied as price rises
19
monocultural agriculture means
Answer
(B)
the cultivation of one major crop
20
Industries are not sited in most rural areas of Nigeria because ?
Answer
(A)
of inadequate basic infrastructure
21
Which of the following business units can issue shares?
Answer
(B)
private limited companies
22
When the government initiates measures to make an organization in which it has substantial interest more profit oriented, such a business is described as being
Answer
(D)
commercialized
23
which of the following is not a trade union in Nigeria?
Answer
(C)
Nigerian Ecoonomic Society
24
The monopolist power can be controlled by the government through
Answer
(B)
price legislation
25
Which of the following is not a condition for a perfect market?
Answer
(B)
ignorance of consumers
26
The reward for a shareholdership of a company is
Answer
(C)
dividends
27
In a public corporation , the risks of business are borne by the
Answer
(B)
tax payers
28
One of the function of money is
Answer
(B)
unit of accounts
29
Money is demanded for which of the following reasons?
Answer
(A)
to meet unforseen contigencies
30
The quantity theory of money states that a reduction in the quantity of money in circulation would bring about
Answer
(B)
a proportionate fall in prices
31
which of the following is the most liquid asset?
Answer
(C)
Bank deposit
32
The situation in which there is persistent fall in the general price level is referred to as
Answer
(C)
deflation
33
commercial banks settle their daily interbank indebtedness through the
Answer
(D)
Clearing House
34
One disadvantage of inflation is that?
Answer
(B)
fixed income eaners lose
35
Short-term loans can be sourced from
Answer
(D)
commercial banks
36
if there is an increase in wages and salaries without corresponding increase in the supply of goods and services, the situation will lead to
Answer
(B)
inflation
37
public expenditure can be financed from all the following sources except the
Answer
(D)
mobilization fees
38
which of the following is a direct tax
Answer
(C)
capital gain tax
39
Tax evasion means
Answer
(C)
making false declaration of taxable income
40
A greater burden of tax on a product with high price elasticity of demand rests mainly on the
Answer
(A)
producer
41
An ad volarem tax refers to a tax
Answer
(C)
based on the value of the commodity
42
Which of the following is associated with the development of petroleum industry in Nigeria?
Answer
(A)
Neglect of agriculture
43
Balance of payment deficit can be corrected by
Answer
(C)
export promotion measures
44
The exchange of goods and services across countries can be described as
Answer
(B)
multilateral trade
45
Which of the following is a major barrier to international trade?
