If income rises from N200.00 to N250.00 and the amount spent on good X fails from N30.00 to N28.00, then good X is
- A. an income elastic good
- B. a normal good
- C. an inferior good
- D. demand elastic
- E. supply elastic
Use the table above to answer the question below
What is the growth rate of employment?
- A. 18%
- B. 10%
- C. 6.7%
- D. 5.7%
- E. 4.1%
What is the growth rate of GNP?
- A. 18%
- B. 10%
- C. 6.7%
- D. 0.5%
- E. 4.1%3
In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT?
- A. imposing import bans on some commodity
- B. imposing import duties
- C. drawing down on external reserves
- D. purchasing foreign exchanges from foreign countries
- E. devaluation of the currency
Which of the following countries is NOT a member of the economic Community of West African States?
- A. Sierra Leone
- B. Sudan
- C. Gambia
- D. Nigeria
- E. Guinea
All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria
- A. Price stabilization
- B. Efficient marketing of agriculture crops
- C. Provision of funds for building access roads
- D. Development of the agricultural industry
- E. Establishment of agro-allied industries
Balance of payments of a country explains the overall position of?
- A. current account of the balance of payments
- B. capital account in the balance of payments
- C. both the current and capital acounts
- D. position of the balance of trade
- E. visible and invisible trade
When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as
- A. tariffs
- B. quotas
- C. exchnge control
- D. devaluation
- E. revaluation
If the Central Bank intends to increase the money supply through open market operations then it will
- A. sell securities in the open market
- B. buy securities in the open market
- C. issues more currency note
- D. withdraw money supply from the market
- E. print more demand deposit
Demand for money for speculative purposes means?
- A. buying goods and services whose prices have risen
- B. keeping money for unforseen expenditure
- C. buying financial assets because of possible gains
- D. buying real estate
- E. keeping money for a rainy day
Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is
- A. elastic in both markets
- B. uniltary elastic in both market
- C. inelastic in both markets
- D. elastic in one market and inelastic in the other
- E. unitary elastic in none of the markets
Oligopoly means
- A. large number of sellers in the markets
- B. single seller in the market
- C. few sellers in the markets
- D. few buyers in the market
- E. single buyer in the market
Full equilibrium under perfect competition requires that?
- A. MC =MR and AC =AR
- B. MC = MR but AR>AC
- C. MR =MC =AR=AC
- D. TR>TC
- E. MR=MC
\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\\
\hline
1 & 20 \\
2 & 32 \\
3 & 42 \\
4 & 48 \\
5 & 50 \\
\end{array}\)
in the above table, the marginal cost of the 3rd unit of output is
- A. 12
- B. 6
- C. 10
- D. 2
- E. 9
Public enterprises are supported on the grounds that they are undertaken for
- A. increasing profit of the private sector
- B. reducing the burden of the private sector
- C. improving the welfare of the people
- D. earning profit for the people
- E. earning profit for the government
The most dominant economic activity which employs the largest number of people in West Africa is?
- A. manufacturing
- B. transport
- C. government
- D. agriculture
- E. the petroleum industry
which is not responsible for the decline in food production in West Africa?
- A. Neglect of agriculture by many people
- B. drift of young people rural to urban areas
- C. Influence of weather and climate
- D. Many of the countries do not balance of payments problems
- E. Lack of good prices for agricultural products on the farm
If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?
- A. an income elastic good
- B. a normal good
- C. an inferior good
- D. demand elastic
- E. supply elastic
The PAYE (Pay As You Earn) in Nigeria is an example of?
- A. indirect tax
- B. progressive tax
- C. regressive tax
- D. community tax
- E. flat rate tax
A commodity can be sold for two or more different prices if it is?
- A. produced or sold by oligopoly
- B. sold in perfect market
- C. produce or sold by monopsony
- D. produced or sold by monopoly
- E. produced or sold by perfect competition
A good measure of the standard of living usually used for international comparison is
- A. gross natioal income (GNI)
- B. net national income (NNI)
- C. gross national product (GNP)
- D. gross domestic product (GDP)
- E. per capital income (PCI)