Which of the following is NOT include in measuring national income by the income approach?
Відповідь
(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?
Відповідь
(A)
both price and quantity will increased
3
Which of the following items is NOT an argument for locating industries in rural areas?
Відповідь
(D)
Capital is easily available in rural areas
4
The natural growth rate of a population is the
Відповідь
(C)
birth rate minus death rate
5
Which of the following sets fully represents factors of production?
Відповідь
(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?
Відповідь
(C)
one third of a unit of shelter
7
The concept of economic efficiency primary refers to?
Відповідь
(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?
Відповідь
(C)
the law diminishing returns
9
A Nigerian household's demand curve for semovita is downward because?
Marginal cost curve intersects average cost curve ?
Відповідь
(C)
from below at its lowest point
11
Palm oil industry is located in Bendel State because the State?
Відповідь
(B)
is a palm tree growing area
12
The meaning of ‘wage-price spiral’ is?
Відповідь
(B)
demand pull and cost push inflation intensifying each other
13
In an inflationary period which of the following statements is NOT true?
Відповідь
(A)
Wages rise simultaneously with prices
14
Retailers in an economy perform the function of
Відповідь
(C)
distribution
15
In a sole proprietorship, the decisions are made by the?
Відповідь
(E)
owner
16
Which of the following enterprises does NOT pursue the sole objective of profit maximization?
Відповідь
(C)
Nigeria Electric Power Authority
17
Public expenditure creates expansionary effects in the economy when it is
Відповідь
(B)
channelled into capital products
18
The maintenance of general economic stability in the country necessarily relies heavily on?
Відповідь
(B)
coordinated federal, state and local fiscal policies
19
The supply of loanable funds is significantly influenced by?
Відповідь
(C)
financial intermediaries
20
Division of labour has many advantages . Not withstanding, it is greatly limited by?
Відповідь
(C)
risk of unemployment
21
In the event of a limited liability company going into liquidation each
Відповідь
(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?
Відповідь
(C)
lower income group
23
Comparative cost doctrine of international trade means specialization in production
Відповідь
(D)
according to comparative cost advantage
24
The meaning of 'Dumping' is selling goods in a foreign market
Відповідь
(A)
at a low price that recieved in the home market
25
Disequilibrium in the balance of payment means?
Відповідь
(B)
overall deficit or surplus in the current account and capital account of the balance of payment
26
Petroleum 'glut' in international trade means
Відповідь
(B)
an over supply of petroleum
27
International trade is necessary because?
Відповідь
(B)
different countries are differently endowed in natural and man-made resources
28
Mono production economies are those that?
Відповідь
(D)
produce one main commodities
29
The quickest way of achieving an economic union on regional basis is to remove all?
Відповідь
(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?
Відповідь
(A)
land and related factors
31
A major function of middlemen in Nigeria is the distribution of?
Відповідь
(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?
Відповідь
(C)
Government workers may be indifferents towards the public
33
Which of the following is NOT an advantage of localization of industries?
Відповідь
(E)
Growth of conurbations
34
The monetary system that requires double coincidence of want is known as?
Відповідь
(B)
barter
35
The effect of emigration on a country's population, all other things remaining equal, is to
Відповідь
(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?
Відповідь
(D)
store of value
37
Agriculture plays a dominant role in West Africa economics because
Відповідь
(E)
it employs more than 50% of the total labour force in West Africa
38
Which of the following defines Economics most comprehensively?
Відповідь
(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
Відповідь
(B)
15-65
40
NEPA as a public corporation is?
Відповідь
(E)
a monopoly
41
When demand is elastic, it means that consumers
Відповідь
(A)
react more proportionately to price change
42
Full employment is a situation in which?
Відповідь
(E)
all those who are able and eligible can find employment
43
Demand for a factor of production is?
Відповідь
(C)
a derived demand
44
Differentiated product is the characteristic feature of?
