which of the following is not an advantage of tubular presentation of data?
Answer
(C)
occupy more space than mathematical equations
4
The problem of scarcity is reduced by
Answer
(C)
ensuring efficient allocation of resources
5
The reward for labour is
Answer
(A)
wage
6
Which of the following factors of production consists of man made goods?
Answer
(C)
capital
7
one major function of the entrepreneur is
Answer
(A)
bearing of risks
8
A major limiting factor of mass production is
Answer
(C)
small size of the market
9
Division of labour leads to
Answer
(A)
improved craftsmanship
10
which of the following is an advantage of localization of industry?
Answer
(A)
development of subsidiary firms
11
The additional satisfaction derived from the consumption of one or more unit of a good is called
Answer
(B)
marginal utility
12
when the total products is at its maximum marginal products is
Answer
(D)
zero
13
Marginal cost can be derived from the
Answer
(C)
total cost
14
The market supply curve slopes upwards from left to right indicating that
Answer
(C)
at a lower price, less is supplied
15
The term underpopulation refers to a situation where the population is
Answer
(B)
small in relation to available resources
16
West African countries experience rapid population growth due to
Answer
(B)
early marriages
17
which of the following could be used to measure the efficiency of labour?
Answer
(D)
input-output ratio
18
which of the following is necessary for the survival of small firms in West Africa?
Answer
(C)
government assistants in form of loans and tax holidays
19
A normal demand curve slopes
Answer
(A)
downward from left to right
20
If the quantity demanded of a commodity increases from 20 to 30 units where there is an increase in price from 4naira to 5 naira, the elasticity of demand is
Answer
(C)
2
21
Price elasticity supply measures the responsiveness of quantity supplied to
Answer
(C)
a change in the rpice of the commodities
22
The most common type of business in West African countries is
Answer
(B)
sole proprietorships
23
Which of the following is a type of business organization?
Answer
(D)
co-operatives
24
one advantage of the sole proprietor is that
Answer
(A)
control and supervise is under one man
25
The shares which do not carry any fixed rate of dividend are known as
Answer
(C)
ordianry shares
26
The economic goals of public corporation is to
Answer
(D)
provide essential services
27
one of the factors responsible for low agricultural production in West Africa is
Answer
(C)
inadequate implements
28
Efficient distribution of goods in West Africa will be facilitated by
Answer
(B)
adequate transportation system
29
The demand for money is
Answer
(A)
derived demand
30
money becomes a very poor store of value in a period of
Answer
(D)
inflation
31
A continuous fall in the general price level is called
Answer
(C)
deflation
32
Which of the following is the function of a central bank?
Answer
(B)
lending to the commercial banks
33
Cost-push inflation is likely to raise when
Answer
(C)
demand for higher wages is granted
34
The most important function of merchant banks is the
Answer
(C)
provision of medium and long term loans
35
Precautionary motive relates to
Answer
(A)
demand for money
36
Invisible trade refers to trade in
Answer
(A)
services
37
When the demand for foreign exchange exceeds its supply, the value of the domestic currency
Answer
(B)
depreciates
38
Which of the following is part of the capital account of the balance of payments?
Answer
(A)
Net investment from abroad
39
The most common index for measuring developments is
Answer
(B)
the per capita income
40
Government of West African countries levy taxes to
Answer
(D)
finance government projects
41
Which of the following is a direct tax?
Answer
(D)
personal income tax
42
The tax whose rate increase as the level of income increases is known as
Answer
(C)
progressive tax
43
Public expenditure on on education and health is known as expenditure on
Answer
(B)
social services
44
budget deficit can be financed by
Answer
(B)
printing more money
45
A major problem facing the Economic Community of West African States (ECOWAS) as an economic integration , is the
