1. The privatization of public enterprises will lead to the efficient management of resources in the economy. This statement can best be described as_____________

• A. deductive reasoning
• B. positive reasoning
• C. normative reasoning
• D. inductive reasoning

2. The type of business finance that entitles the holder to a fixed rate of dividend is______________–

• A. bank load
• B. debenture
• C. preferred stock
• D. semi-fixed

3. In the long run, all production factors are____________

• A. variable
• B. fixed
• C. semi-variable
• D. semi-fixed

4. Commercial bank reserves at the Central Bank____________

• A. advancing trade, prospects
• B. controlling credit and money supply
• C. reducing bank frauds
• D. discouraging banking operations

5. If the standard deviation of a given data is 8.2, find its variance_______________

• A. 82.0
• B. 91.8
• C. 67.2
• D. 4.1

6. The ultimate objectives of economics is to_________?

• A. decide under what circumstances that government should intervene in the economy
• B. Organize production at the lowest cost
• C. Make the best use of scarce resources
• D. make efforts to understands how the economy works

7. The savings deposit in a commercial bank is called____________?

• A. near money
• B. call money
• C. capital
• D. fund

8. A major determinant of the demand for a luxury good is____________?

• A. the price of other goods
• B. the price of the good
• C. tastes and fashion
• D. the income of consumers

9. When a variable is associated with time period, it is_____________

• A. circular
• B. a flow
• C. static
• D. a stock

10. The factor of production that has the highest degree of mobility is__________?

• A. entrepreneurship
• B. land
• C. labour
• D. capital

11. The minimum number of share holders for joint stock companies is_______________

• A. 4
• B. 2
• C. 7
• D. 3

12. If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then____________

• A. only the quantity will increase
• B. The prices will remain constant
• C. the equilibrium price and quantity will increase
• D. only the price will increase

13. The basic economic problems of society include___________

• A. scarcity, for whom to produce and where
• B. what to produce, how and for whom
• B. scarcity, when to produce and how
• D. how to produce and sell

14. In an open economy, the GNP is measured as_____________?

• A. C + 1 + G(X-M)
• B. C + 1 + G
• C. C + 1 + G + X
• D. C + 1 + G + M

15. In a developing economy, productivity is measured by the____________

• A. output – labour ratio
• B. capital – output ratio
• C. output growth rate
• D. Output per capital

16. The need to construct a scale of preference is necessitated by____________

• A. scarcity and the need for choice
• B. The needs to satisfy wants
• C. Non – availability of factors of production
• D. Scarcity of resources

17. The privatization exercise in Nigeria is a move towards a____________

• A. command economy
• B. mixed economy
• C. subsistence economy
• D. market economy

18. The mean is the best measure of central tendency because it__________

• A. can be calculated from incomplete data
• B. is a balancing point in an observation
• C. is a midpoint value in an array of data
• D. is not affected by extreme values in a data

19

No of Men	1	2	3	4	5	6	7	8
Total Product(unit)	200	440	540	600	640	660	660	640

If the price per unit  is N2, what is the average revenue when 6 men are employed?

• A. N110
• B. N120
• C. N220
• D. N330

20.

The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________

• A. an Improvement in capital goods technology but not In consumer goods technology
• B. a movement from unemployment to full employment
• C. that the output for the society has declined
• D. a gain in consumer goods technique and not in capital goods technique

21. When elasticity is zero, the demand curve is_____________

• A. circular
• B. downward sloping
• C. perfectly inelastic
• D. concave

22. Which of the following is not a direct tax?

• A. capital gains tax
• B. purchase tax
• C. personal income tax
• D. capital tax

23. A limited liability company is owned by________________

• A. a bank
• B. an individual
• C. two or more partners
• D. share holders

24. If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

• A. 0.50
• B. 0.40
• C. 1.25
• D. 0.80

25. If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

• A. a decrease in profit by 43%
• B. an increase in profit by 43%
• C. a net loss
• D. a net gain

26. The money paid per hour for work done is_________

• A. cost
• B. salary
• C. bonus
• D. wage rate

27.

From the graph above the consumer will attain equilibrium at point_______________

• A. J
• B. K
• C. M
• D. L

28. By utility we mean____________

• A. beneficial
• B. power of satisfying a want
• C. advantageous
• D. consumable

29. Concentrating industries in one place is advantageous because there are gains in terms of_____________

• A. cost economies
• B. economies of scale
• C. internal economies
• D. external economies

30. The effects on the demand for product A caused by a change in the price of product B is Called____________

• A. Joint demand
• B. cross-elasticity of demand
• C. elasticity of supply
• D. competitive demand

31. An upward movement along the same supply curve result in_____________

• A. a decrease in price
• B. an increase
• C. an increase in quantity supplied
• D. a decrease In quantity supplied

32. The coefficient of the price elasticity of supply is always_____________

• A. Constant
• B. Zero
• C. Positive
• D. Negative

33. In the history of economics the concept of division of labour is usually associated With______________-

• A. Karl Marx
• B. Adam Smith
• C. David Ricardo
• D. J.M Keynes

34. Given that Y = C + I, where C = 50 + 0.75Y and I = N45m, what is the equilibrium level of income?

• A. N20m
• B. N380m
• C. N200m
• D. N180m

35.

From the diagram shown, the optional point of production is_____________?

• A. R
• B. T
• C. S
• D. U

36. An ad valorem tax is imposed on_____?

• A. Exports
• B. Imports
• C. The Value of a Commodity
• D. Special Commodities

37. The labour force of a country is determined by the___________

• A. geographical distribution of the population
• B. age structure of the population
• C. number of people available for work
• D. sex distribution of the population

38. The transfer of public share holding in corporations to private enterprise is___________?

• A. Incorporation
• B. Concession
• C. Privatization
• D. Commercialization

39. An economy in which both the public and private sectors contribute to economic growth is a__________?

• A. socialist economy
• B. feudal economy
• C. mixed economy
• D. capitalist economy

40. A  capital market differs from the money market in that in the former ________?

• A. The percentage of interest charged is more
• B. Loan sought is long term
• C. Loan repayment is guaranteed
• D. Loan sought is short-term

41. The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________

• A. Deflation
• B. Inflation
• C. Devaluation
• D. Revaluation

42

X	8	10	12	16	18	20	24
F	2	1	4	3	3	1	6

 

From the table, Calculate the median___________

• A. 24.0
• B. 17.0
• C. 18
• D. 16

43. The expression of cost in terms of alternative forgone is referred to as ____?

• A. Scarce resources
• B. Decision making
• C. Opportunity cost
• D. Choice

44. The full meaning of NAPEP is?

• A. National Poverty Eradication Programme
• B. National Agency for Poverty and Education Program
• C. National Air Pollution and Environmental Purification
• D. None of the above

45. Taxes and government expenditures are instruments of____________ 

• A. Monetary policy
• B. Tax policy
• C. Economic policy
• D. Fiscal policy

46. As a factor of production, the reward for land is?

• A. Profit
• B. Interest
• C. Rent
• D. Wage

47.

The diagram below represents a production function. At which of the points does diminishing returns set in__________

• A. R
• B. S
• C. T
• D. V

48. The two major types of international trade are Bilateral trade and?

• A. Internal trade
• B. Multilateral trade
• C. Dilateral trade
• D. Trilateral trade

49.

A country’s budget allocation to various sectors of the economy is shown in the pie chart .

  If the budget of the country was $7,200.00, how much is allocated to education?

• A. $2,400.00
• B. $2,000.00
• C. $1,200.00
• D. $1,000.00

50. In a capitalist economy, factors of production are owned and controlled by the _____?

• A. Citizen
• B. Business Men
• C. Government
• D. Foreigners