The quickest way of achieving an economic union on regional basis is to remove all?
- A. currency barriers
- B. language barriers
- C. politcal barriers
- D. customs barriers
- E. legal barriers
Mono production economies are those that?
- A. have a rich cultural heritage
- B. produces only raw materials
- C. live from the export of their raw product
- D. produce one main commodities
- E. specialized in agricultral industries
International trade is necessary because?
- A. no country can live in economic isolation
- B. different countries are differently endowed in natural and man-made resources
- C. some countries have comparative costs advantage in the production of particular commodities over other countries
- D. the word demand for and supply of various categories of commodities is expanding very fast
- E. countries want to build up their foreign exchange reservers
Petroleum ‘glut’ in international trade means
- A. a fall in petroleum production
- B. an over supply of petroleum
- C. a higher petroleum price offered by the buyer
- D. a higher petroleum price demanded by the seller
- E. higher prices for the consumtion of petroleum
Disequilibrium in the balance of payment means?
- A. imports of the country exceeding its exports
- B. overall deficit or surplus in the current account and capital account of the balance of payment
- C. capital flowing out of the country exceeds the capital flowing into the country
- D. deficit in the trade balance
- E. export earnings exceeds cost of imports
The meaning of ‘Dumping’ is selling goods in a foreign market
- A. at a low price that recieved in the home market
- B. at a price higher than that recieved in the foreign market
- C. at a price equal to the cost price in the home market
- D. in order to encourage indigenous producers
- E. at a price equal to the selling price in the home market
Comparative cost doctrine of international trade means specialization in production
- A. according to absolute cost advantage
- B. according to absolute cost disadvantage
- C. according to comparative cost disadvantage
- D. according to comparative cost advantage
- E. on the basis of the availability of labour
A greater burden of the taxes on essential goods is borne by the?
- A. middle income group
- B. higher income group
- C. lower income group
- D. people falling between the middle and higher income groups
- E. top few richest people of the country
In the event of a limited liability company going into liquidation each
- A. shareholder may lose the maximum of the amount he has invested
- B. shareholder loses nothing
- C. shareholders loses everything including his house
- D. shareholder''s liability becomes unlimited
- E. shareholder will lose the amount he has invested plus a proportion of his bank account
Division of labour has many advantages . Not withstanding, it is greatly limited by?
- A. monotony of work
- B. decline of craftmanship
- C. risk of unemployment
- D. extent of market demand
- E. boredom
The supply of loanable funds is significantly influenced by?
- A. commercial banks
- B. mortage banks
- C. financial intermediaries
- D. the Central Bank
- E. insurance companies
The maintenance of general economic stability in the country necessarily relies heavily on?
- A. federal fiscal policy
- B. coordinated federal, state and local fiscal policies
- C. tax and revenue policies of state governments
- D. federal grants to state and local government
- E. federal grants to local governments
Public expenditure creates expansionary effects in the economy when it is
- A. in excess of government revenue
- B. channelled into capital products
- C. diverted into imports
- D. financed through part of the year's total collection of taxes
Which of the following enterprises does NOT pursue the sole objective of profit maximization?
- A. Roads of Nigeria Ltd
- B. Union Bank of Nigeria Ltd
- C. Nigeria Electric Power Authority
- D. Volkswagen (VW) Nigeria Ltd
- E. Kingsway Nigeria Ltd
In a sole proprietorship, the decisions are made by the?
- A. governmnet
- B. borad of directors
- C. management
- D. shareholders'conference
- E. owner
Retailers in an economy perform the function of
- A. production
- B. exchange
- C. distribution
- D. horading
- E. investment
In an inflationary period which of the following statements is NOT true?
- A. Wages rise simultaneously with prices
- B. The purchasing power of money diminishes
- C. More money runs after a limited quantity of goods
- D. Money supply increases
- E. Aggregate real demand exceeds aggregate real supply
The meaning of ‘wage-price spiral’ is?
- A. demand pull and cost push inflation pulling each other in different director
- B. demand pull and cost push inflation intensifying each other
- C. both of them bringing about a reduction in the price level
- D. that demand pull and cost push inflation increases employment
- E. that wages and prices are rising at a proportional rate
Palm oil industry is located in Bendel State because the State?
- A. imports raw material for palm oil Industry
- B. is a palm tree growing area
- C. soil is unsuitable for other crops
- D. government does engage land for other crops
- E. land is suitable for oil
Marginal cost curve intersects average cost curve ?
- A. from above at its lowest point
- B. from below before the lowest point
- C. from below at its lowest point
- D. from below after the lowest point
- E. at zero point
A Nigerian household’s demand curve for semovita is downward because?
- A. the demand for semovita is high
- B. the loal markets are flooded with semovita
- C. it is produced in Nigeria
- D. every household can afford to buy semovita
- E. higher prices attract lower quantities while lower prices attract larger quantities