In the diagram III refers to the calculation of national income through the
- A. Income approach
- B. Government earnings approach
- C. Expenditure approach
- D. Output approach
- E. Flow of funds approach
In the diagram I refers to the calculation of national income through the
- A. Expenditure approach
- B. Input - Output approach
- C. Flows of funds approach
- D. Income approach
- E. Output approach
Let P x represent the price of exports and Pm the price of imports. Then the terms of trade (TOT) are said to be favourable if
- A. \(\frac{Px}{Pm}\)
- B. \(\frac{Px}{Pm}\)=1
- C. \(\frac{Px}{Pm}\)>1
- D. \(\frac{Px}{Pm}\)+1
A rightward shift in the production possibility frontier may be due to
- A. Use of inferior inputs
- B. Inefficiency
- C. Improvement in production techniques and practices
- D. Changes in the product mix
- E. Changes in consumer's tastes and preferences
One of the advantages of large – scale production is that
- A. There is a rise in the cost of administration
- B. Consumers sacrifice their individual tastes
- C. The firm can use labour - saving machinery
- D. The demand for a firm's products become localized
- E. Decision making takes a long time because different levels of management are involved
If a person demands money for buying and selling securities. It is referred as demanding money for
- A. Transaction purposes
- B. Speculative purposes
- C. Precautionary purposes
- D. Meeting the educational expenses of the children
- E. Carrying out gambling activities
An improvement in Nigeria’s terms of trade should
- A. Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them
- B. Make made in Nigeria goods cheaper to buy
- C. Increase Nigeria's domestic output of commodities
- D. Lead to an increase in her exchange rates
- E. Lead to an increase in Nigeria's exports of petroleum
Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development?
- A. Complete dependence on oil exports
- B. Concentration on agricultural exports
- C. Diversification of the economy
- D. Building of more schools and universities
- E. Introduction of nuclear energy in Nigeria
The diagram illustrates
- A. the circular flow of income
- B. gross national product plus depreciation
- C. incomes of the private sector
- D. the profit of business enterprises
- E. the output approach to national income determination
The table above shows the short-run costs of a firm. What is the firm’s marginal cost for the third item produced?
- A. N350.00
- B. N340.00
- C. 360.00
- D. 370.00
- E. 55.00
In the diagram, the supply curve So So shifts to a new position S1 S1 to indicate
- A. a drop in supply
- B. a rise in supply
- C. a supply- push inflation
- D. a stable supply curve
- E. an increase in quantity supplied
Which of the following does NOT represent the behavior of a monopolist?
- A. Manipulating the market price of his goods
- B. Manipulating both the price and quantity of his goods at the same time
- C. Raising the price at one market, lowering it at another market
- D. Manipulating only quantity, price being a given factor
- E. Manipulating the quantity of his goods
Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development?
- A. Complete dependence on oil exports
- B. concentration on agricultural exports
- C. Diversification of the economy
- D. Building of more schools and universities
- E. Introductionn of nuclear energy in Nigeria
Which of the following is NOT a feature of economic underdevelopment of a country?
- A. A large number of High income earners relative to the population
- B. High annual income for the few
- C. High incidence of poverty
- D. Low daily calorie intake per person
- E. High infant mortality rate
Which of the following items does NOT belong to a country’s current account in the balance of payments accounts?
- A. Merchandise exports
- B. Merchandise import
- C. Travel
- D. Foreign currencies
- E. Insurance services
The following except ONE, are the differences between international trade and internal trade?
- A. Diferences in currencies
- B. Government control
- C. Mobility of factors of production
- D. Cultural differences
- E. Exchange of Goods and services
The international production set for Nigeria and Austria is:
\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)
from the table, it can be deduced that?
- A. Nigeria should produce cocoa and lace
- B. Austria should produce cocoa and lace
- C. Nigeria can benefit from producing lace only
- D. Nigeria should not produce any of the products because of her relative disadvantages
- E. Austria should produce lace and Nigeria should produce cocoa
Question 39 and 40 are based on the table below:
The international production set for Nigeria and Austria is:
\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)
The opportunity cost ratio for cocoa and lace for Austria and Nigeria is
- A. 2,2
- B. 2,1.5
- C. 1.5,4
- D. 1.5,2
- E. 0.5,1.5
Public expenditure on services, such as education and health, is known as expenditure on
- A. general services
- B. community services
- C. social services
- D. economic services
- E. administrative services
One of the major effects of an increase in government expenditure on a nation’s economy is that it?
- A. creates investment opportunities for foreign investors
- B. leads to indigenization of the private sector
- C. raises the level of total tax revenue
- D. raises the level of aggregate demand
- E. controls the spread of monopoly
Generally, property taxes?
- A. are borne entirely by landlords
- B. cannot be shifted in the long run
- C. are borne by all (renter, owner occupiers and landlords)
- D. are borne only by renters
- E. are borne by a few industrialist