The central bank controls the activities of other banks by all but one of the following
- A. The use of bank rate
- B. The purchase or sale of government bonds on the open market
- C. special deposite
- D. the use of directives
- E. taxation
When the price of a commodity is below the equilibrium price the quantity demanded will exceed the quantity supplied. Such a situation is referred to as
- A. elastic supply
- B. joint demand
- C. excess supply
- D. derived demand
- E. none of the above
when the demand curve shift to the right it indicate that a larger quantity is demanded at each price. This is caused by one of the following
- A. a fall in income
- B. a rise in the price of a complement
- C. a fall in the price of substitute
- D. a change in taste against this commodity
- E. none of the above
One of the reason why the condition of supply of a commodity may change is
- A. a change in real income
- B. changes in the technique of production
- C. a change of fashion or taste
- D. change in population
If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called
- A. composite demand
- B. elastic demand
- C. derived demand
- D. competitive demand
- E. inelastic demand
Production covers all but one of the following activities:
- A. changing the position of a good in time as, for example, holding stock of goods until they are required
- B. the provision of some kind of service e.g retailing
- C. changing the form of a good from the raw material to the finished product
- D. changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
- E. the use of good and services to satisfy individual wants
Which of the following is not true of the theory of optimum population?
- A. It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors
- B. The quantity of labour which combined with the other factors gives the minimum output is known as optimum population
- C. The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population
- D. The test for over-population is whether it exceed the optimum
- E. It is possible for a thinly populated country to be over populated if it has a poor supply of other factor
which of the following is not true about occupational distribution of the labour force of West Africa?
- A. A large percentage of the labour force is engaged in agriculture
- B. Agriculture is the most important occupation in West Africa
- C. The manufacturing sector employs a large percentage of the population
- D. Agriculture does not constitute an important source of paid employment
- E. The public sector forms an important source of paid employment