Which of the following is NOT include in measuring national income by the income approach?
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(B)
student grants and scholarship
2
A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?
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(A)
both price and quantity will increased
3
Which of the following items is NOT an argument for locating industries in rural areas?
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(D)
Capital is easily available in rural areas
4
The natural growth rate of a population is the
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(C)
birth rate minus death rate
5
Which of the following sets fully represents factors of production?
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(B)
Land, labour, capital, enterprise, technology
6
Production possibilities(alternatives) P Q R S T
Units of shelter 5 4 3 2 0
Units of food 0 5 9 12 15
Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is?
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(C)
one third of a unit of shelter
7
The concept of economic efficiency primary refers to?
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(A)
obtaining the maximum output from available resources at the lowest cost
8
If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?
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(C)
the law diminishing returns
9
A Nigerian household's demand curve for semovita is downward because?
Marginal cost curve intersects average cost curve ?
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(C)
from below at its lowest point
11
Palm oil industry is located in Bendel State because the State?
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(B)
is a palm tree growing area
12
The meaning of ‘wage-price spiral’ is?
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(B)
demand pull and cost push inflation intensifying each other
13
In an inflationary period which of the following statements is NOT true?
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(A)
Wages rise simultaneously with prices
14
Retailers in an economy perform the function of
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(C)
distribution
15
In a sole proprietorship, the decisions are made by the?
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(E)
owner
16
Which of the following enterprises does NOT pursue the sole objective of profit maximization?
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(C)
Nigeria Electric Power Authority
17
Public expenditure creates expansionary effects in the economy when it is
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(B)
channelled into capital products
18
The maintenance of general economic stability in the country necessarily relies heavily on?
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(B)
coordinated federal, state and local fiscal policies
19
The supply of loanable funds is significantly influenced by?
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(C)
financial intermediaries
20
Division of labour has many advantages . Not withstanding, it is greatly limited by?
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(C)
risk of unemployment
21
In the event of a limited liability company going into liquidation each
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(A)
shareholder may lose the maximum of the amount he has invested
22
A greater burden of the taxes on essential goods is borne by the?
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(C)
lower income group
23
Comparative cost doctrine of international trade means specialization in production
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(D)
according to comparative cost advantage
24
The meaning of 'Dumping' is selling goods in a foreign market
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(A)
at a low price that recieved in the home market
25
Disequilibrium in the balance of payment means?
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(B)
overall deficit or surplus in the current account and capital account of the balance of payment
26
Petroleum 'glut' in international trade means
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(B)
an over supply of petroleum
27
International trade is necessary because?
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(B)
different countries are differently endowed in natural and man-made resources
28
Mono production economies are those that?
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(D)
produce one main commodities
29
The quickest way of achieving an economic union on regional basis is to remove all?
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(D)
customs barriers
30
If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?
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(A)
land and related factors
31
A major function of middlemen in Nigeria is the distribution of?
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(A)
commodities to all consumers regardless of income
32
When a government owns enterprises, a number of advantage arise. Which of the following is NOT one of such advantages?
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(C)
Government workers may be indifferents towards the public
33
Which of the following is NOT an advantage of localization of industries?
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(E)
Growth of conurbations
34
The monetary system that requires double coincidence of want is known as?
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(B)
barter
35
The effect of emigration on a country's population, all other things remaining equal, is to
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(E)
reduce its size
36
Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?
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(D)
store of value
37
Agriculture plays a dominant role in West Africa economics because
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(E)
it employs more than 50% of the total labour force in West Africa
38
Which of the following defines Economics most comprehensively?
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(C)
study of human behaviour in the allocation of scarce resources
39
Age-structure in Nigeria is such that the working age-group is in the years
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(B)
15-65
40
NEPA as a public corporation is?
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(E)
a monopoly
41
When demand is elastic, it means that consumers
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(A)
react more proportionately to price change
42
Full employment is a situation in which?
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(E)
all those who are able and eligible can find employment
43
Demand for a factor of production is?
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(C)
a derived demand
44
Differentiated product is the characteristic feature of?
