What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
- A. Availability of labour in the area
- B. Acces to transport facilities
- C. Nearness of raw materials
- D. Availability of power
- E. Nearness of Technical and Engineering School
One of the ways by which Government derives revenue from industrial enterprises in West Africa is?
- A. tariffs
- B. excise duties
- C. poll tax
- D. import duties
- E. community tax
Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks?
- A. Open market operation
- B. Reserve requirements
- C. Bank rate
- D. Directives
- E. Special deposits
In an economy, if the proportion of people who are below 18 years is 40% and those above 60 years is 30% what would this imply? the
- A. dependency ratio is high
- B. population is optimum
- C. ratio of females to males is high
- D. population is growing at less than equilibrium
- E. population is growing according to Malthus theory
Monetary policy does NOT involve
- A. increasing the import duties
- B. buying or selling treasury bills by the Central Bank
- C. printing of more currency note
- D. increasing or decreasing cash reserve ratio by the Central Bank
- E. raising the level of interest
Function of commercial banks do NOT include?
- A. lending with interest charges
- B. carrying out transactions on behalf of customers
- C. expansion of money supply
- D. keeping of security document s for customers
- E. printing of currency
The chief sources of Federal Government revenue in Nigeria are?
- A. import duties, petroleum, import tax, profit tax, royalties and government dividends
- B. personal income tax, excise tax and vehicle licenses
- C. export duties, personal income tax and royalties
- D. property income, sales tax and excise tax
- E. import duties, sales tax and poll tax
The purpose of import duties does NOT include the?
- A. generation of revenue for government
- B. protection of domestic industries
- C. promotion of international trade
- D. conservation of foreign exchange earnings
- E. control of comsuption pattern
Retailers are greater in numbers than wholesalers because?
- A. retail business may not be registered or incorporated
- B. retail business requires less expertise
- C. retailers deal with final consumers
- D. all retail businesses are large enterprises
- E. all retail businesses are small enterprises
Population growth can be calculated as ?
- A. Birth rate + death rate + migration rate + immigration rate
- B. Birth rate – death rate + migration rate -immigration rate
- C. Birth rate + death rate – migration rate + immigration rate
- D. Birth rate – death rate – emigration rate + immigration rate
- E. Birth rate – death rate
if AC = Average Cost of production ,
TC = Total Cost of production
VC = Variable Cost of production
FC = Fixed Cost of production
Q = Quantity of goods produced
Then,
- A. AC = TC; TC = VC + FC
- B. AC = \(\frac{(TC)}{Q}\): TC = VC + FC
- C. AC = TC; TC = (VC)(FC) Q
- D. AC = TC- FC: VC = TC- AC
- E. AC = TC ; TC = VC + AC Q
The sloping downward of the demand curve implies that?
- A. an increase in price leads to an increase in quantity demanded
- B. an increase in price leaves the quantity demanded unchanged
- C. a decrease in price leads to a decreased in quantity demanded
- D. a decrease in price leads to an increase in quantity demanded
- E. supplies respond by offering less commodities for sale
The equilibrium market price is determined at a point where?
- A. consumers can buy all they desire
- B. sellers can dispose of all their wares
- C. the price is moderate
- D. quantity consumers desires equal quantity sellers offer
- E. sellers and buyers are not quarrelling
some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?
- A. development projects
- B. infrastructural facilities
- C. monoculture
- D. capital investment
- E. superstructure
Taxes which are levied on a person’s expenditures are known as?
- A. Purchase tax
- B. Sales tax
- C. Direct tax
- D. Poll tax
- E. Income tax
The main economic goal of ECOWAS is the attainment of ?
- A. regional free trade
- B. Multilateral trade
- C. bilateral trade
- D. economic self-reliance
- E. The economic emancipation of Africa
The difference between visible exports and invisible exports of a country, in money terms, is known as the?
- A. Balance of trade
- B. Balance of payments
- C. Terms of trade
- D. Foreign reserves
- E. Special drawing right
Which one of the following functions of banks in Nigeria is reserved to the Central Bank?
- A. Accepting deposits
- B. Serving as agents for payments
- C. Issuing bank-notes
- D. Lending to customers
- E. Purchasing and selling of stock exchange securities
The National Electric Power Authority (NEPA) is a?
- A. Public limited company
- B. Public liability company
- C. Private authority
- D. Public corporation
- E. Federal government authority
Who controls a limited liability company ?
- A. The general manager
- B. The managing director
- C. The owner of 51% of shares
- D. The board of directors
- E. The government
A firm whose cost of production decrease as it continues to increase its output is said to be enjoying?
- A. profit maximization
- B. large-scale production
- C. a wind fall
- D. government subsidies
- E. economies of scale