price allocates resources between consumer and producer goods
2
Choice is necessary because resources
Răspuns
(D)
are scarce
3
Agriculture plays a dominant role in West African economies because
Răspuns
(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
Răspuns
(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
Răspuns
(B)
inflation
6
The value of money is determined by the
Răspuns
(B)
general price level
7
open market operation are the process by which
Răspuns
(A)
the Central Banks purchases and sells securities
8
Devaluation means
Răspuns
(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?
Răspuns
(D)
Distribution
10
A movement along the demand curve for some goods may be caused by a change in
Răspuns
(B)
the price of goods
11
which of the following item is not included in measuring national income by the income approach?
Răspuns
(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
Răspuns
(C)
level of human capital
13
A government treasury bill is a form of debt instrument which falls due for repayment after
Răspuns
(A)
3 months
14
Which of the following is not regarded as money in Economics?
Răspuns
(D)
cheques
15
Which of the following is not a reason why people migrate from one place to another ?
Răspuns
(E)
To buy foreign goods for sale in their country
16
A major function of the middlemen in Nigeria is the distribution of
Răspuns
(B)
commodities to consuming centres
17
International trade is necessary mainly because
Răspuns
(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?
Răspuns
(B)
15 - 65
19
Dumping in Economics means the selling of goods in a foreign market
Răspuns
(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
Răspuns
(A)
both price and quantity demanded will increase
21
The natural growth rate of a population is the
Răspuns
(C)
birth rate minus the death rate
22
in the event of a limited liability company going into liquidation, each shareholder
Răspuns
(A)
may lose a maximum of the amount he has invested
23
Which of the following are direct taxes?
Răspuns
(C)
income and company taxes
24
Which of the following is a function of money? It is
Răspuns
(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?
Răspuns
(B)
I and II only
26
A tax is said to be good when
Răspuns
(D)
its payment causes minimum incovenience to the tax payer
27
Which of the following is a public corporation?
Răspuns
(E)
National Electric Power authority
28
In a sole proprietorship decisions are made by the
Răspuns
(B)
owner
29
Which of the following statements is not true in an inflationary period?
Răspuns
(B)
Wages rise simultaneously with prices
30
Palm oil industry in located in Bendel State because the state
