43
Which is an example of an invisible item in the trade Account of Ghana?
- A. Export of Cocoa from Ghana
- B. Import of oil from Nigeria
- C. A gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana
- D. Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
- E. None of the above
44
A commercial bank is unique in that it is the only institution that
- A. makes loans to private people and businessmen
- B. accept deposits
- C. can store peoples' valuables
- D. can transfer money from one place to another for its customers
- E. saves money through the granting of credits
45
Malthus became famous through his theory which may be stated simply
- A. the death rate may become so high that people may not be able to produce
- B. population may outgrow the means of subsistence
- C. people will eventually decide not to have children
- D. migration of people from one place to another may leave some parts of the world barren
- E. all of the above
46
Inferior goods are referred to in Economics as goods
- A. Whose quality is low
- B. Consumed by very poor people
- C. Whose consumption falls when cunsumers' income rises
- D. Which satisfy only the basic needs
- E. None of the above
47
The following is NOT a reason for the existence of small firms
- A. Scale of production is limited by size of the market
- B. Expansion brings diminishing returns
- C. Large firms can carter for wide markets
- D. Small firms can provide personal services
- E. All of the above
48
When elasticity is zero, the demand curve is
- A. Perfectly elastic
- B. Perfectly inelastic
- C. Concave
- D. Downward slopping
- E. Circular
49
A budget deficit means
- A. That a country is buying more than is selling
- B. That a country is selling more than is buying
- C. That a government is spending more than in takes in taxation
- D. That a government is spending less than it takes in taxation
- E. That a government is spending as much as it takes in taxation
50
Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be
- A. The same as equilibrium supply
- B. Greater than equilibrium supply
- C. Less than the equilibrium supply
- D. Determined later by government
- E. None of these