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Question 1 : Restriction on credit creation by commercial banks can be effected through
an over draft
loans and advances
demand deposit
liquidity ratio
Question 2 : If technology becomes less capital intensive it means
an increase in the capital
an increase in the labour/capital ratio
a fall in capital ratio/labour
increase in unemployment
Question 3 : technology becomes less capital intensive it means
an increase in the capital
an increase in the labour/capital ratio
a fall in capital ratio/labour
increase in unemployment
Question 4 : Economics is often described as a science because
laboratory experiment are performed
it makes use of controlled experiments
it uses scientific methods to explain observed phenomena and predict future events
it makes use of field work
Question 5 : Air is essential to life but command no price, this is the paradox of
thrift
value
scarcity
abundance
Question 6 : Development outside a given firm which reduce the firm cost are called
External economics
external diseconomies
internal economics
optimum effect
Question 7 : Economic development is defined as
positive change plus growth
availability of more goods and services
outward shift of production possibility curves
growth in the national income
Question 8 : The main reason for charging interest is to
reward entrepreneurial effort
redistribute profit
reward investor for present use of capital
mobilize more fund for investment
Question 9 : The study of economics enables individual to
change jobs
evade taxes
accumulate huge wealth
make rational decision
Question 10 : The formular (index of export prices )/(index of import prices ) X 100/1 is used to mesure the
volume of trade
direction of international trade
commodity terms of trade
volume of import
Question 11 : A tax burden on a commodity will be shared equally if the demand is
fairly elastic
perfectly inelastic
fairly inelastic
unitary elastic
Question 12 : Deficit financing is mostly facilitated by the existence of
stock exchange market
commercial bank
central bank
capital market
Question 13 : The multiplier is defined as
the ratio of the change in income to the change in investment
1/(1-mps)
1/(mpc)
1/1 -mpc
Question 14 : At the point of profit maximization by a firm, marginal cost is
minimum
failing
constant
rising
Question 15 : Economic goods are termed scarce goods when they are
not available in sufficient quantities to satisfy all wants for them
not produced in sufficient quantities to satisfy the effective demand for them
of a high quality
of primary importance in satisfying the needs of society
Question 16 : An important function of the retailer is to
grant credit to the wholesaler
break bulk and sell products in small units
reduce cost of distribution
generate demand for products through advertisement
Question 17 : Production is said to be completed when
goods and service reached final consumer
prices of goods or services are determined
goods are sold to the wholesaler
goods are packaged
Question 18 : A firm determines its profit when it studies its
marginal cost
average cost
TC
average cost relative to price in the market
Question 19 : The money market is a financial market that specializes in the provision of
short term loan and advances
medium term loans
long term loans
venture capital for projects development
Question 20 : The necessity of choice is due to the fact that
human wants are insatiable
consumer like to maximize satisfaction
resources are abundant
consumer are selective
Question 21 : What is meant by labour supply?
number of people working in a population
number of men and hour they work
number of hour during which the middle age work
number of workforce multiplied by the hour they work
Question 22 : If the current market price of petrol is same as that of last year, it implies that the value of money is
stable
falling
rising
stronger with time
Question 23 : The ultimate aim of agricultural policies in Nigeria is to achieve
food sufficiency
fill employment
industrial capacity utilization
industrialization
Question 24 : In Nigeria, the huge public debt is as a result of
balanced budget
budget surplus
budget deficit
zero budgetary
Question 25 : National development plans in Nigeria fail mainly because of
over dependence on foreign aids
poor implementation strategies
inadequate funding of projects
shortage of skilled man power
Question 26 : The maximum number of shareholder for a public limited liability company is
twenty
seven
five
infinite
Question 27 : An effective way of controlling inflation in mixed economy is to
reduce income tax
decrease nation available output
increase import
increase productivity
Question 28 : The optimal range of output for a perfectly competitive firm is where
AVC is lowest
MC is rising
MC is falling
AC lowest
Question 29 : Demand patterns are determined by the market on the basis of
consumer sovereignty
consumer rationality
price of the commodity
scale of preference
Question 30 : The record of a country ‘s transactions in international trade is her
balance of payment
current account
balance of trade
capital account
Question 31 : The profit of a monopoly can be eliminated where price equals
MC
AC
AVC
AFC
Question 32 : The most common form of business enterprise in West Africa is
sole proprietorship
co-operative
partnership
joint stock company
Question 33 : Commodity market can best be described as a market in which
goods are sold
labour are sold and bought
short term loan is obtained
medium term loan is obtained
Question 34 : Deficit in balance of payment is financed through
capital account
current A/C
invisible A/C
invisible trade
Question 35 : International trade is an application of the principal of
industrial production
regional co-operation
comparative cost advantage
mass production
Question 36 : The reduction in value of a country’s currency in relation to the value of the currencies of other nations is known as
deflation
devaluation
inflation
revaluation
Question 37 : Provision of services is classified under
primary production
secondary production
tertiary production
production possibilities
Question 38 : Devaluation of currency in a country is likely to lead to
increasing population
increasing import
export becoming cheaper
reduced export
Question 39 : The money which government spends yearly for the maintenance of its school is
part of the government’s recurrent expenditure
the government budget for its schools
part of the government capital expenditure
used only for wages and salaries
Question 40 : Which of the following applies to a commodity sold abroad at price lower than that in the producing country?
dumping
counter-trade
bilateral trade
trade liberalization
Question 41 : Transfer payment are
transfer earnings
money transferred from one country to another
unearned income
payment transferred from one account to another
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