ECONOMICS
- A firm owned and managed by a family is an example of ______?
- A. joint stock exchange
- B. cooperative society
- C. sole proprietorship
- D. partnership
- Which modal of the factor is inelastic?
- A. Wages
- B. capital
- C. labour
- D. land
- Which of the following budgets will increase government expenditure?
- A. zero base budget
- B. surplus budget
- C. deficit budget
- D. balanced policy
- The economic questions about what and how to produce in an economy is solely answered by the _______?
- A. government
- B. labour union
- C. private and public enterpriser
- D. system of economy practised
- The following are Methods of measuring National Income of a country EXCEPT; ?
- A. Expenditure method
- B. Consumption method
- C. Input Method
- D. Output method
- Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
- A. favourable soil
- B. coal deposit
- C. crude oil deposit
- D. favourable climate
- The bowed shape of the Production possibilities curve illustrates _________
- A. that production is inefficient
- B. that demand is relatively inelastic
- C. that production is unattainable
- D. the law of increasing marginal cost
- Which of the following is an indicator of economic growth?
- A. High tax rate
- B. Technology development
- C. High gross domestic product
- D. High interest rate
9
The graph above represents _______
- A. a decrease in quantity supplied
- B. an increase in supply
- C. a decrease in supply
- D. an increase in quantity supplied
- The law of diminishing marginal utility states:
- A. The supply curve slopes downward
- B. Your utility grows at a slower and slower rate as you consume more and more unit of a good.
- C. The elasticity of demand is infinite
- D. None of the above
- Which of the following is not a function of the money market?
- A. Provision of finance
- B. enhance loan savings
- C. creation of long term loans
- D. Provision of finance
- The population theory that is concerned with the cases of over population and shortage of food production is ______
- A. population density
- B. Malthusian population theory
- C. national population theory
- D. demographical transition theory
- The basic aim of Economic Community of West African States is the
- A. discouragement of trade among member states
- B. encouragement of revolts against former colonial masters
- C. establishment of its headquarters in each members state
- D. liberalization of trade among member states
- The production within domestic territory of a country is called the _____
- A. net national product
- B. gross domestic product
- C. net income
- D. disposable income
- Excess supply over demand will place a price advantage on _____
- A. government
- B. foreign investors
- C. suppliers
- D. consumers
- Given that ∑fx = 340 and N = 20, find the arithmetic mean.
- A. 20
- B. 17
- C. 32
- D. 9
- One of the reasons why Nigeria is a mono-economy is because of her _______
- A. huge volume of petroleum activities in the country
- B. diversification system of economic activities
- C. high demand for foreign commodities
- D. high rate of unemployment
- Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively.
Calculate the average product (AP) of the 4th unit of labour.
- A. 20
- B. 13
- C. 15
- D. 10
- Which of the following is NOT an instrument in the money market?
- A. Treasury bill
- B. Bill of exchange
- C. Stocks and shares
- D. Call money fund
- Given that Qd = 10 – 2p while Qs = 5 + 3P, if P = N 1 determine the equilibrium quantity
- A. 7
- B. 6
- C. 5
- D. 8
- A country’s terms of trade can be improved by ____?
- A. collective bargaining
- B. imposing lower export duties
- C. revelation of currency
- D. reducing demand for imported goods
- Changing the structure of a commodity in order to increase its utility is called?
- A. Time utility
- B. form utility
- C. marginal utility
- D. place utility
- Which of the following is not an indicator of economic growth?
- A. CPI
- B. PPI
- C. GDP
- D. High Level of Unemployment
- One of the unique features that distinguishes the perfect and imperfect market condition is _________
- A. profit motive principles
- B. absence of price control board
- C. price determines production and distribution
- D. number of sellers and buyers
- In economics, the “how” or input question refers to:
- A. The problem of allocating scarce resources among competing uses
- B. The way in which factors of production may be combined to produce output
- C. The way in which a firm decides on its profit maximising rate of output
- D. The problem of how output is distributed among individuals and groups in society.
- The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is
- A. 6
- B. 3
- C. 4
- D. 5
- One of the major causes of farmers’ unstable income in Nigeria is _________
- A. the effect of diseases and pests
- B. industrial pollution
- C. mining and extraction activities
- D. population growth
- Which of the following source of income is spectacular only to Government?
- A. Payment from business transfer
- B. Bonuses
- C. Tax
- D. Wages
- When the government fix the price of essential commodities, this is referred to as:
- A. Price equilibrium
- B. Price control
- C. Demanded price
- D. Asking price
- One of the functions of the price system is that it
- A. encourages high volume of production
- B. dictates what the citizens will consume
- C. discourages the consumption of harmful goods
- D. regulates production and consumption
- Which of the following is NOT illustrated by the production possibility curve
- A. Risk
- B. Scarcity
- C. Opportunity cost
- D. Allocative efficiency
- Which of the following statement is TRUE about ECOWAS?
- A. The aim of ECOWAS is to ensure economic stability
- B. Bigger state in the community dominate the small state
- C. Members of the ECOWAS community can form cartel and create monopolies
- D. English is the only official language of ECOWAS
- The equilibrium price clears the market; it is the price at which___________
- A. Everything is sold
- B. Buyers spend all their money
- C. Excess demand is zero
- D. None of the above
34
The graph above shows;
- A. a decrease in quantity supplied
- B. an increase in supply
- C. a decrease in supply
- D. an increase in quantity
- Goods sold in perfectly competitive markets are generally
- A. homogenous
- B. intermediate and final
- C. durable and non-durable
- D. heterogeneous
- Cost – push inflation occurs when_______
- A. production cost is high
- B. government embarks on deficits financing
- C. factors decrease
- D. there is too much in circulation
- The basic principle of cooperative societies is to ________
- A. maintain the integrity of their members
- B. protect the interest and pursue the welfare of members
- C. ensure better working conditions for members
- D. provide voluntary services to the members
38
From the table above, the average product of the 3rd unit of labour is
- A. 50
- B. 70
- C. 350
- D. 150
- Which of the following institutions does not operate in the money market?
- A. central bank
- B. mortgage banks
- C. money deposit banks
- D. insurance companies
- Other products gotten from Petroleum include the following EXCEPT:
- A. Rubber
- B. fuel
- C. paints
- D. insecticides
- [∑f(x−x̄ )]/N
Is a formula used to calculate for ____________
- A. variance
- B. the quartile
- C. standard deviation
- D. mean deviation
- Completely competitive market exist when each member is a —
- A. price maker
- B. price taker
- C. price seeker
- D. a and b
- Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20
- A. 36.60
- B. 22.00
- C. 30.60
- D. 26.00
- A partnership sourcing for funds to expand its business would approach _______
- A. a central bank
- B. a money market
- C. an insurance
- D. a stock exchange
- Opportunity cost helps the government to:
- A. Distribute money to citizens
- B. support better production
- C. remove competition
- D. prepare budget
- Which of the following is NOT a source of government revenue?
- A. Grants, aids and borrowing
- B. Taxes, fees, licenses and fines
- C. Interest, dividends, profits and earnings
- D. personal income, disposable income and transfer earnings
- Which of these is a type of partnership in business?
- A. Limited partnership
- B. limited liability company
- C. private partnership
- D. joint stock partnership
- Which of the following is an indirect tax?
- A. Poll tax
- B. personal income tax
- C. Company tax
- D. excise duties
- Localization of industry is encouraged because of ________
- A. low interest charges on loans
- B. improvements in infrastructure
- C. low foreign exchange rate
- D. high standard of living
- Which of the following is correct?
- A. Traditional budgeting focuses on goals and objectives
- B. Zero based budgeting produces a single level of appropriation for an activity
- C. Traditional budgeting starts with last year’s funding appropriation
- D. Zero based budgeting does not systematically consider alternatives to current operations