Economic activities are undertaken to solve the problem of
Answer
(D)
scarcity
2
Farming, mining and fishing are
Answer
(A)
primary production
3
A list of consumer's wants arranged in order of priorities is known as
Answer
(C)
A scale of preference
4
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
Answer
(C)
Olu's opportunity cost is the textbook
5
The remuneration of the entrepreneur as a factor of production is called
Answer
(D)
profit
6
The production factor, whose entire world supply is fixed is
Answer
(A)
land
7
when all factors input are reduced by half, the production possibility curve will shift
Answer
(B)
inwards
8
when a worker changes from one tye of job to another, it is called
Answer
(B)
occupational mobility of labour
9
which of the following determines the size of a country's population ? (I) Birth rate (II) Death rate (III) Migration rate (IV) Importation rate (V) Unemployment rate
Answer
(C)
(I),(II) and (III)
10
Age distribution is important because it helps the government to
Answer
(D)
undertake effective planning
11
A group of firm producing similar commodities for the same market constitute
Answer
(B)
an industry
12
a factor that has slowed down the rate of industrial development in West Africa is
Answer
(A)
inadequate technology
13
To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its
Answer
(A)
marginal utility
14
Price control refers to
Answer
(B)
a policy of ensuring stable price in the market
15
The desire for goods without the ability to pay is called
Answer
(D)
wants
16
amount of goods offered to the market at respective prices and presented in a table is called
Answer
(B)
supply schedule
17
At the equilibrium price, quantity demanded is
Answer
(B)
equal to quantity supplied
18
If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be
Answer
(C)
greater than quantity demanded
19
one of the factors determining price elasticity of demand for a commodity is the
Answer
(A)
availability of close substitutes
20
If elasticity of demand for a commodity is less than one, demand is
Answer
(B)
inelastic
21
The transfer of ownership of a public enterprise to individuals and firms is called
Answer
(C)
privatization
22
One-man business are popular in West Africa because of all the following except the
Answer
(D)
tendency to become joint-stock compsnies
23
Wholesalers are often criticized because they
Answer
(C)
increase prices
24
In which of the following business units are the owners mostly customers?
Answer
(A)
co-operatives
25
information about new goods is passed on to buyers through
Answer
(A)
advertising
26
The profit of the producers can be calculated as the
Answer
(C)
total revenue less total cost
27
The direct exchange of one goods for another without the use of money is known as
Answer
(D)
barter
28
Acceptability, durability, homogeneity and portability are all attributes of good
Answer
(B)
money
29
The term demand for money means
Answer
(C)
willingness of people to hold money
30
A persistent and appreciable rise in the general level of price is known as
Answer
(B)
inflation
31
A commercial banks deposits are
Answer
(A)
liabilities
32
The lender of last resort in the banking system is the
Answer
(D)
central banks
33
Discounting a bill of exchange means the bill is
Answer
(C)
bought for less than its face value
34
The central banks control credit in the economy through the use of
Answer
(D)
open market operation
35
Among the principles of taxation propounded by Adam Smith was that
Answer
(B)
A tax should be convenient to pay
36
Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. If Messrs. Bala and Jtau pay $80.00 and $120.00 respectively as taxes, the tax system is
Answer
(A)
progressive
37
Government revenue from the groundnut industry is from
Answer
(D)
taxes
38
The theory of comparative cost advantage is associated with
Answer
(C)
David Ricardo
39
When the value of a nation’s export is greater than its imports
Answer
(A)
a favourable balance of trade exists
40
To improve the balance of payment s position in West African countries, there must be
Answer
(B)
increase rate of exportation of goods and services
41
The Economic Community of the West African States (ECOWAS) is an example of
Answer
(B)
economic integration
42
One reason for the low agricultural production in West African countries is that
Answer
(C)
farmers lack the finance and technology required
43
Mono-product economies are those that
Answer
(A)
produce one main commodity
44
An essential characteristics of market economy is
Answer
(D)
consumer sovereignty
45
In a capitalist system goods are produced for those who
