The definition of economics as 'the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses' was given by
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(C)
Lionel Robbins
2
The concept of economics efficiency primarily implies
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(A)
containing the maximum output from available resources at the lowest possible cost
3
Which of the following is true of NEPA as a public corporation in Nigeria? It is
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(E)
a monopoly
4
a situation of full employment exist when
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(E)
all those who are able and eligible to work are employed
5
which of the following function of money makes it possible for any person to provide for old age?
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(B)
stores of value
6
The primary objective of Agricultural Credit Guarantee Scheme is the provision of
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(A)
guarantee for loans granted by by banks for agricultural purposes
7
which of the following is not an advantage of localization of industries ?
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(D)
growth of conurbation
8
Which of the following is not an advantage of government ownership of enterprises?
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(C)
Government workers may be indifferent towards the public
9
if the foreign exchange rate is N80 to £1, then a bicycle bought for £40 will cost
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(E)
N320.00
10
The central banks controls commercial banks through all the following measures except
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(D)
Accepting deposits
11
If a person supplements his current income by drawing on past savings in order to make both ends meet, he is said to be living
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(C)
on his savings
12
Which of the following is not a set of measures of central tendency?
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(D)
Median and percentage
13
Which of the following pairs can be referred to as middlemen?
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(D)
Wholesalers and retailers
14
Mono-products economics are those that
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(D)
produce one main commodity
15
A Nigerian household demand curve for semovita is downward sloping because
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(E)
the higher the price of semovita, the lower the quantity demanded
16
To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as
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(C)
wealth
17
The decision to consume more of one product swill under normal circumstances imply that
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(B)
less of something else will be consumed
18
The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the
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(C)
net income from abroad
19
one of the function of a commercial bank is that it
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(B)
accepts demand and time deposits from constomers
20
which of the following is not a problem of distribution of goods in Nigeria?
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(C)
ignorance of consumers
21
Mr Idowu needs a television and a refrigerator. Each cost N500.00, the exact amount he has . If Mr. Idowu buys the television , the refrigerator would be regarded as the
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(C)
opportunity cost
22
Petro-chemicals industries are located in River State of Nigeria due to the presence of
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(E)
oil deposits
23
Foreign exchange control in Nigeria is enforced by the
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(D)
Central banks
24
The difference between the number of immigrants and emigrants is
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(C)
net migration
25
Risk bearing and managerial control are the main function of the
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(C)
entrepreneur
26
If successive unit of labour are added to a piece of land while capital and technology remains constant, a point will be reached in the level of production when each additional unit of labour will add less to the output than previous units. This concept is known as
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(C)
law of diminishing returns
27
When a firm's total revenue is at the maximum , marginal revenue is
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(C)
zero
28
Under normal circumstances, a producer will bear the entire burden of taxation on his output if the
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(E)
demand for his products is completely elastic
29
Limited liability means that
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(A)
the debt of a company can only be paid from its own assets
30
Factory buildings, machinery and raw materials are known in Economics as
