Which of these statement is NOT true of economics as a discipline?
- A. it is a social science
- B. it is analytical
- C. it is concerned with people's material well-being
- D. it assumes limited human wants
- E. it assumes limited human resources
The most basic concern of economists is to?
- A. create human wants
- B. satisfy all human want
- C. redistribute income so that it is used correctly
- D. create perfect competition
- E. study ways of allocating scarce resources in order to satisfy human wants
Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?
- A. The value of industrial exports is declining
- B. The value of industrial imports is constant
- C. The share of agricultural exports is increasing
- D. The share of agricultural export is decreasing
- E. The value of mineral export is declining
Which of the following is NOT a visible item on international trade payment?
- A. Payment for imported cars
- B. Receipt from cocoa exports
- C. Payments to foreign shipping companies
- D. Payments for steel imports
- E. Payment for petroleum imports
Prohibiting the sale of lace materials in Nigeria would probably lead to?
- A. Increase supply of lace material in Nigeria
- B. Production of better quality lace abroad
- C. Lower price of lace material in Nigeria
- D. Higher price of lace material in Nigeria
- E. Increase income to all dealers of lace materials in Nigeria
Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?
- A. Climate influences
- B. Development of trade and markets
- C. Soil fertility
- D. Processing of petroleum oil
- E. Concentration of educational facilities
An economy in which both the public and the private sectors contribute substantially to the growth of output is?
- A. a socialist economy
- B. a capitalist economy
- C. a mixed economy
- D. an industrial economy
- E. a peasant economy
Government budget can be described as the sum of?
- A. Indirect tax, direct tax, and loans expected within a financial year
- B. Planned recurrent expenditure and planned investment expenditure
- C. Planned capital expenditure for a development plan within a plan period
- D. Planned expenditure and expect revenue within a financial year
- E. Planned expenses of all ministries within a financial year
Which of the following does NOT belong in respect of the quantity of money?
- A. Durability
- B. Division into the smallest units of value
- C. Portable
- D. Identifiable by all
- E. Measure of value
Surplus in balance of payment leads to?
- A. inflation or increasing prices generally
- B. increases in foreign reserves
- C. decreases in foreign reserves
- D. Government budget surplus
- E. none of the above
Which of the following statement does NOT describe a situation of perfect competition.?
- A. The firm faces an infinitely elastic demand curve
- B. The firm makes no pure profit in the short run
- C. The price does not change with changes in the output level of the firm
- D. There is freedom of entry into, and exit out of the industry
- E. The firm can sell all it produces at the market price
If a commodity has many substitutes, it is most likely that?
- A. the demand curve is fairly inelastic
- B. the demand curve is fairly elastic
- C. the demand curve is paraell to the quantity axis
- D. the demand curve is positively sloped
- E. the price of the commodity is too high
Elasticity of demand is given by
- A. the prcentage change in quantity demanded divided by the corresponding percentage change in price
- B. the percentage change in price divided by the corresponding percentage change in quantity demanded
- C. the percentage change in quantity demanded divided by the corresponding price
- D. the percentage change in price divided by the corresponding quantity demanded
- E. none of the above
Economics may be defined as?
- A. the study of money and banking
- B. the study of markets and prices
- C. the study of production and distribution
- D. the study of human behaviour in the allocation of scarce resources
- E. the study of the employment of labour, land, and capital
The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?
- A. industrialization
- B. export-promotion
- C. import-substitution
- D. export--substitution
- E. import-expansion
Which of the following statement is NOT true about agriculture in West Africa?
- A. Agriculture employs over 60% of West Africa’s occupied population
- B. Agriculture production is the basis for excise taxes in West Africa
- C. Many West Africa countries depend on agricultural exports for foreign exchange earnings
- D. Agriculture supplies West African industries with raw materials
- E. Agriculture provides incomes to West African farmers who engaged in it
The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?
- A. budget deficit
- B. balance budget
- C. budget surplus ‘
- D. budget statement
- E. unfavourable budget.
Indirect taxes are taxes?
- A. which are levied on the incomes and profits of individuals and firms
- B. whose incidence always falls on the consumer
- C. which are based on the progressive principle
- D. on casinos, airports and capitals gains
- E. which are levied on people and economic units through the goods and services they purchase
Invisible trade refers to trade in?
- A. services
- B. goods and services
- C. tangible goods
- D. short-term and long-term capital
- E. goods that cannot be seen
The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect
- A. Industries producing baby food and clothing
- B. Industries owned by infants
- C. Newly set-up industries
- D. Industries in which infants will be taken care of
- E. Industries that behave like infants
Summary of product condition in countries i and ii
Amount of labour days, cocoa(tons) Cloth(tons)
Country i 200 600 900
country ii 200 300 800
From the above table, we can correctly say in respect of international trade that
- A. Country I has absolute disadvantage in the production of both cocoa cloth
- B. Country I has absolute advantage in the production of both cocoa and cloth
- C. Country II has absolute advantage in the production of both cocoa and cloth
- D. Country II has comparative advantage in the production of cocoa
- E. Country II should leave the production of both cocoa and cloth to country I