Scarcity in economics means?
A
human wants are limitless
B
the economy has very few resources
C
the economy can scarcely produce anything
D
resources are limited in relation to wants
↪ Answer
2
Economics is often described as a social science because?
A
laboratory experiments are performed
B
It makes use of controlled experiments
C
It uses scientific methods to explain an observed phenomenon and predict future events
D
It makes use of fieldwork
↪ Answer
3
Which of the following is an example of an invisible item on the balance of payments account
A
shipping and aviation
B
exports and imports
C
merchandise
D
Bullion
↪ Answer
4
A major factor affecting the value of money is the?
A
price level
B
banking habits
C
transaction motive
D
divisible nature of money
↪ Answer
5
The Nigerian bank for commerce and industry is?
A
a commercial bank
B
a development bank
C
an industrial bank
D
a merchant bank
↪ Answer
6
To control inflation, the monetary authorities of a country can
A
reduce taxes
B
advise the government to increase its expenditure
C
engage in expansive monetary policies
D
engage in restrictive monetary policies
↪ Answer
7
Which of the following is used by the central bank to control the rate of interest
A
bill of exchange
B
banker’s order
C
fixed deposit account
D
open market operation
↪ Answer
8
What form of market is found in an imperfect competition where there are few buyers and many sellers
A
monopoly
B
oligopoly
C
duopoly
D
oligopsony
↪ Answer
9
A budget with a projected revenue in excess of its expenditure is said to be?
A
balanced
B
surplus
C
deficit
D
inflationary
↪ Answer
10
In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demands are___
A
elastic
B
inelastic
C
perfectly elastic
D
unitary elastic
If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?
A
0.20
B
0.80
C
1.25
D
2.00
↪ Answer
12
The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?
A
frictional
B
cyclical
C
residual
D
hidden
↪ Answer
13
Collectivism refers to the management of state enterprises in a?
A mixed economy
B co-operative organizations
C capitalist economic system
D socialist economy
↪ Answer
14
Efficiency in production means?
A reducing the size of the work force
B producing a given output with the lowest cost of combination of factors of production
C adoption of capital intensive technology
D increasing the quantity of the fixed factors of production
↪ Answer
15
In economic life, the choice among alternatives depends on the?
A income of the decision maker
B scarcity of resources
C the scale of preference of the decision-maker
D status of the decison maker
↪ Answer
16
The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously
A total utility must fall
B marginal utility must fall
C marginal utility may rise
D marginal utility may fall even though his total utility may be rising
↪ Answer
17
Which of the following rewards is associated with entrepreneurship
A salaries
B profits
C interest
D rent
↪ Answer
18
Which of the following is likely to be inflationary
A taxes increase
B increase in unemployment
C budget surplus
D wages increase
↪ Answer
19
The relationship between the tax rate and income which is relevant to progressive tax is shown by?
A curve X
B curve Y
C curve Z
D curve X and Z
↪ Answer
20
The relationship between tax rate and income which is relevant to a proportional tax is depicted by?
A curve Z and Y
B curve X
C curve Z
D curve Y
Fiduciary issue is that part of?
A the issue of notes backed entirely by gold
B a country’s currency that is not negotiable
C the issue of notes not backed by gold
D a country’s currency officially issued
↪ Answer
22
The type of business finances that entitles the holder to a fixed rate of dividend is?
A preference stock
B common stock
C debentures
D bank loan
↪ Answer
23
A company’s expenditure on raw materials is regarded as?
A explicit cost
B implicit cost
C prime cost
D average cost
↪ Answer
24
Firms are often set up close to each other in order to take advantage of?
A supply of skilled labour
B agglomeration economies
C internal economies of scale
D external economies of scale
↪ Answer
25
A situation in which a commodity is sold abroad below its cost of production in the home country is known as?
A dumping
B counter trade
C bilateral trade
D C. trade liberalization
↪ Answer
26
The problem of conducting census include
A high rate of rural-urban migration
B poor geographical distribution of population
C high birth rate in the country
D poor town planning in urban areas
↪ Answer
27
The factor of production that has the highest degree of mobility is?
A land
B labour
C capital
D entrepreneur
↪ Answer
28
In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?
A lack of an effective agricultural policy
B employment opportunities in the agricultural sector
C rural-urban drift
D low prices of agricultural products
↪ Answer
29
The most important goal of OPEC is to?
A present a united front for the purpose of raise prices of crude oil
B bring unity among the petroleum exporting countries
C ensure political stability among member states
D ensure that rules on quota production are strictly followed
↪ Answer
30
Plywood industries are often located near the source of?
A finance
B labour
C power supply
D raw materials
When a country’s population is experiencing increasing returns, that country is said to be?
A overpopulated
B economically poor
C over-producing goods and services
D under-populated
↪ Answer
32
The most important attribute of money is?
A homogeneity
B relative scarcity
C divisibility
D general acceptance
↪ Answer
33
The use of legally permissible means to reduce tax liabilities is known as tax?
A evasion
B avoidance
C relief
D exemption
↪ Answer
34
The Economic Commission for Africa was set up by the?
A UNO
B ECOWAS
C OAU
D IMF
↪ Answer
35
One of the techniques of monetary control used by the central bank of Nigeria is
A selective credit control
B budget deficit
C foreign exchange control
D monitoring the general price level
↪ Answer
36
Crude petroleum is a good example of a
A lasting asset
B wasting asset
C synthetic product
D costless resources
↪ Answer
37
A major effect of a long distribution chain is
A scarcity of commodities
B high retail
C low retails prices
D low producer earnings
↪ Answer
38
One of the major criticism of the 1962 -1968 National Development Plan was that?
A it failed to incorporate lessons gained from earlier plans to enhance its efficiency
B it came too quickly after the country’s independence
C planned expenditure was based too heavily on expected earnings from crude oil
D its execution was based largely on foregn-sourced financial resources
↪ Answer
39
Utility is the satisfaction derived from?
A production
B distribution
C consumption
D demand
↪ Answer
40
Economic growth is different from economic development because economic growth
A describes expansion and changes
B is measurable but not objective
C describes expansion and not change
D is not measurable but objective
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