2024 Economics
- Which of the following is not emphasized in a product possibility curve?
- A. Scarcity of resources
- B. Unemployment of labour
- C. Inefficiency in the use of resources
- D. Economic development
- Which of the following NOT among the objectives of OPEC?
- A. to stabilize the price of oil in the world market
- B. to established petroleum refineries in all member state
- C. to stabilize the revenue from oil to producing countries
- D. to make sure that oil flows to all the consuming countries
- A market situation with few sellers and many buyers is called
- A. duopoly
- B. Omonopoly
- C. perfect competition
- D. oligopoly
- MPC + MPS equals
- A. Zero
- B. Multiplier
- C. One
- D. APS
- Producers operating in a free market economy are more efficient as a result of
- A. the existence of competition
- B. government regulation of their activities
- C. the very few number of participants
- D. the commitment of the shareholders
- In income determination theory, acceleration principles shows that
- A. investment is the causes, while income is the effects
- B. income and investment are both effects
- C. incomes is of on effect on investment
- D. income and investment are both causes
- The largest component of national income in developing countries consist of
- A. wages and salaries
- B. rent
- C. profit
- D. profit and rent
- Holding money to take care of contingencies is
- A. a precautionary motive
- B. a transactions motive
- C. an expansionary motive
- D. a speculative motive
- In the long-run, a firm must shut down if its average revenue is
- A. greater than average cost
- B. equal to the average cost
- C. equal to the minimum average revenue is
- D. less than average variable cost
- The act of cultivating land and rearing of animal for man’s use is
- A. forestry
- B. agriculture
- C. mono culture
- D. horticulture
- In the event of bankruptcy, owners of joint-stock companies lose
- A. both company and private assets
- B. only the capital invested
- C. only their dividends
- D. their private properties
- The main disadvantages of deflationary policies is
- A. full employment in the country
- B. increasing cost of living
- C. unemployment in the country
- D. improved standard of living
- If government in a fiscal year has its revenue receipts less than the expenditure, such country is having
- A. deficit budget
- B. favorable budget
- C. balanced budget
- D. surplus budget
- A firm’s average cost decreases in the long-run because of
- A. increasing returns to scale
- B. diminishing average returns
- C. decreasing average fixed cost
- D. decreasing marginal returns
- What is the median term in the distribution below; 14, 13 29,15,13,17,12.
- A. 14
- B. 13
- C. 15
- D. 12
- The following are type of business organization EXCEPT
- A. co-operative society
- B. partnership
- C. Entrepreneurship
- D. public corporation
17
From the diagram below, moving from point A to B and from B to c is due to
- A. Economic depression
- B. Unemployment
- C. Economic growth
- D. Opportunity cost
- The contribution of petroleum to the economy of Nigerian is most prominent in the area of
- A. revenue generation
- B. infrastructural development
- C. fuel provision
- D. employment generation
- Which of the following is NOT a feature of capitalism?
- A. Free enterprise
- B. private ownership of property
- C. competition
- D. detailed economics planning
- When an economy is having a balance of payment surplus the best alternative opened to it is to
- A. devalue its currency
- B. borrow from abroad
- C. promote imports into the country
- D. increase its foreign reserve
- One of the function of united nation conference on trade and development (UNTAD) is to
- A. transfer technology from developed to less developed countries
- B. increase share of less developed countries in world trade
- C. increase impact of developed countries over less developed countries
- D. make goods available in developed countries
- Wholesalers play an important in the distribution of goods and services because they
- A. are located very close to consumers
- B. pass information on from retailers to consumers
- C. sell in small units to consumers
- D. finance both producers and retailers
- Economics problems arise in all societies because
- A. the services of economists are not employed
- B. resource are not in adequate supply
- C. there is no proper planning
- D. resources are mismanaged by leaders
- A downward sloping demand curve means that
- A. price must be lowered to sell more
- B. total revenue declines as price is lowered
- C. demand falls as output increases
- D. demand falls as output falls
- The bank established to finances project aimed at promoting economic and social development within the African continent is
- A. African bank for commerce and industry
- B. economic bank for African
- C. recovery fund bank for Africa
- D. African development bank
26
The diagram belwo, shows the relationship between
- A. minimum wage and unemployment
- B. equilibrium wage rate and philip curve
- C. W4 and W3
- D. wage rate and unemployment
- Which of these is NOT associated with the problem of internal trade?
- A. bargaining
- B. market trade unions
- C. lack of specialization
- D. natural barriers
- The middle value of an array figure arranged in descending order is referred to as the
- A. Variance
- B. mean
- C. mode
- D. median
- An exceptional demand curve can result from
- A. increase in price of raw materials
- B. change in taste of consumer
- C. increase in the size of the population
- D. expectation of future price increase
- If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, wha is the price elasticity of demand for the commodity?
- A. 1
- B. 0.8
- C. 0.5
- D. 1.5
- An exceptional demand curve can result from
- A. increase in price of raw materials
- B. change in taste of consumer
- C. increase in the size of the population
- D. expectation of future price increase
- If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, wha is the price elasticity of demand for the commodity?
- A. 1
- B. 0.8
- C. 0.5
- D. 1.5
- A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to
as
- A. duopoly
- B. monopolist
- C. monopsonist
- D. oligopoly
- Which of the following is NOT a factor that brings about changes in demand?
- A. the price of the good or service
- B. a change in real income
- C. government policy
- D. increase in population
- A price floor is usually fixed
- A. above the equilibrium and causes surpluses
- B. below the equilibrium and causes surpluses
- C. above the equilibrium and causes shortage
- D. at the equilibrium and causes no shortage
- If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are
- A. inferior goods
- B. substitutes
- C. complements
- D. bought together
- The willingness of an individual backed up with purchasing power at a given time is
- A. effective demand
- B. demand
- C. desire
- D. utility
- The formular used by the Expenditure approach to calculate National income is
- A. Y=C+I+X-M-G
- B. Y=C+I+G+X-M
- C. Y=C+X-M-I+G
- D. Y=C-I+X-M+G
- If the marginal utility of commodity is equal to its price, then
- A. the market is not in equilibrium
- B. more of the commodity can be consumed
- C. total utility is also equal to its price
- D. the consumer is in equilibrium
38
From the diagram below, the equilibrium wage rate is
- A. L3
- B. L2
- C. W2
- D. W1
- When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as
- A. opportunity curve
- B. utility curve
- C. demand curve
- D. indifference curve
- The comparison of the standard of living between Nigeria and Ghana is best down through the use of
- A. gross National incomes
- B. per capita income
- C. Net National income
- D. Net disposable income