All the following are the canons of taxation given by Adam Smith except
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(A)
objective
19
Census can be classified as
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(A)
defacto and dejure
20
A firm that charges the maximum price without attracting competition from new entrants is
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(C)
Monopolistic firm
21
A monopolist has the power to influence the prices of goods and services. Therefore, he is a
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(A)
price maker
22
Which of the following business units can issue shares?
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(B)
Public limited liability company
23
Which of the following are examples of transfer payment
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(A)
gift and donations
24
The technical relationship between the physical inputs and the physical outputs of a firm is
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(D)
Production function
25
The income elasticity of demand of normal goods is
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(B)
positive
26
The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct
The marginal product at the fifth variable factor is
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(A)
7
34
The financial institution known as a building society is
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(C)
mortgage bank
35
A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is
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(C)
Budget line
36
The information that rank a consumer preferences is given by
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(A)
Scale of preference
37
The ownership of a public limited liability company is made up of
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(C)
minimum of seven and no maximum number
38
All the following are types of specialization except
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(A)
Manager Specialization
39
A market will be at equilibrium when
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(A)
demand and supply are equal
40
Which of the following will shift the demand curve for Bournvita to the right
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(B)
an increase in income
41
Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5.
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(C)
19
42
All the following are properties of an indifference curves except
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(A)
it can intersect
43
Isocost and isoquant can be attributed to
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(C)
Theory of production
44
The line Y in the diagram represents
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(C)
fixed cost
45
The curve labeled II illustrates a system of taxation
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(A)
proportional tax
46
The curve labeled III illustrate a system of taxation
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(A)
regressive tax
47
What would be likely to increase inflation in any economy?
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(A)
Increase in demand
48
The term of trade can be expressed as
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(C)
(Price index of export ÷ Price index of import)× 100
49
The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume
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(D)
0.5
50
The study of broad economic aggregates is
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(A)
Macro economics
51
Disposable income is total income
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(A)
less tax
52
In which of the following economic systems do we have the means of production and exchange controlled by private individuals
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(C)
capitalist system
53
The situation whereby the government of a country spends more than its budgets for a given financial year is known as
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(B)
deficit budget
54
The total stock of money available for use in an economy is
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(A)
supply of money
55
What does the accelerator principles state?
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(C)
Investment is a function of the rate of change of income
56
A major limiting factor of mass production is
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(C)
small size of the market
57
When elasticity is zero, demand curve is
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(B)
perfectly inelastic
58
In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when
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(B)
MUX = PX
59
Which of the following could be used to measure the efficiency of labour?
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(B)
input-output ratio
60
How can a firm benefit from external economies?
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(C)
Locating in an area in which the industry is already established
61
A smaller industry that grows to cater for the need of the major industry is
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(A)
subsidiary industry
62
In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?
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(B)
There has been a reduction in the price of both A and B
63
What would encourage the growth of international division of labour?
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(A)
Improvement in transport system
64
The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price
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(A)
N4
65
The practice of selling goods overseas and often below the cost of production is known as
