The terms of trade of a country is defined as
- A. \(\frac{\text{Index of import prices}}{\text{Index of export prices}}\) x 100
- B. \(\frac{\text{Index of exportable}}{\text{Index of importable}}\) x 100
- C. \(\frac{\text{Index of visible imports}}{\text{Index of visible exports}}\) x 100
- D. \(\frac{\text{Index of export prices}}{\text{Index of import prices}}\) x 100
The type of business organizations mostly used for producing public goods in Nigeria is
- A. Sole proprietorships
- B. Limited liability companies
- C. Co-operative societies
- D. Statutory corporations
\(\begin{array}{c|c}
\text{Quantity of singlets} & \text{Short run total costs(N)} \\
0 & 1,000 \\
10 & 1,200 \\
20 & 1,400 \\
30 & 1,600 \\
40 & 1,800 \\
\end{array}\)
The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.
- A. N1000
- B. N400
- C. N70
- D. N20
\(\begin{array}{c|c}
\text{Population(Million)} & \text{Food Production(Milion tonnes)} \\
50 & 220 \\
70 & 210 \\
90 & 225 \\
100 & 275 \\
\end{array}\)
In the data above, what is the optimum population in million?
- A. 50
- B. 70
- C. 90
- D. 100
\(\begin{array}{c|c}
\text{Age group(years)} & \text{Distribution(%)} \\ \hline
\text{Above 60} & 30 \\
\hline
15 – 60 & 45 \\
\hline
0 – 14 & 25 \\
\end{array}\)
The estimated dependency ratio of the population distribution shown here is
- A. 11:9
- B. 9:11
- C. 7:3
- D. 3:7
At what level of input has diminishing marginal returns set in?
- A. 3
- B. 16
- C. 20
- D. 22
Calculate the marginal physical product of the last unit of input
- A. o
- B. 2
- C. 4
- D. 10
if in the graph, it is assumed that the price is initially P1, it can be deduced that price will
- A. fall because there is a surplus
- B. remain constant because it is the equilibrium price
- C. rise because there is a shortage
- D. double
In the diagram, the profit maximizing output is
- A. Q1 while 1 = AC and II = MC
- B. Q1, while l = MC and ll = AC
- C. Q2, while l = MC and ll AC
- D. Q3, while l = AC and ll = MC
One of the gains by member states of the Economic Community of West Africa?
- A. monocultural dependency
- B. trade creation
- C. trade inversion
- D. economic independency
The Nigerian Trust Fund is managed on behalf of Nigeria by the?
- A. World Bank
- B. International Monetary Fund
- C. African Development Bank
- D. Economic Commission for Africa
When a foreigner on a visit to Nigeria pays for hotel accommodation and meals with some foreign currency,the amount paid should be recorded in Nigeria’s balance of payment as an item of?
- A. Nigeria's invisible export trade
- B. Nigeria's import trade
- C. Nigeria's invisble trade
- D. foreign capital inflow into Nigeria
If a country has a balance of payment crisis, which of the following measures can best bring about a improvement in the short run?
- A. Large-scale importation of foreign goods
- B. Investment in capital market abroad
- C. Large-scale export of locally made abroad
- D. Repayment of debt to her creditors
If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to?
- A. the size of population
- B. technical progress
- C. the environment
- D. the amount of natural resources
Which of the following combinations is a veritable set of development indicators?
- A. Growth of governemnt expenditure and imports
- B. Growth of population and national income
- C. High fertility, literacy and school enrolment rates
- D. Low infant mortality and high per capital income and literacy rates
In national income accounting, aggregate saving in any year is defined as?
- A. all disposable income not spent on consumption
- B. all savings deposits in all banks during the year
- C. all savings and time deposits in all banks during the year
- D. the value of inventory change for the year
\(\begin{array}{c|c}
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)
Calculate the GNP per head of the population in year 1 and year 2.
- A. N2000.00, N1000.00
- B. N1125.00; N2000.00
- C. N1000.00, N2000.00
- D. N1000.00; N1125.00
\(\begin{array}{c|c}
& \text{Year 1} & \text{Year 2} \\
\hline
\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline
\text{Population(Million)} & 20 & 24 \\
\end{array}\)
What is the percentage increase in GNP between year 1 and year 2?
- A. 3.5.0%
- B. 14.0%
- C. 20.0%
- D. 35.0%
An account from which allocations are made to the three tier of government in Nigeria is called the?
- A. National Income Account
- B. Public Sector
- C. Federation account
- D. National Revenue Mobilization Account
The objective of public finance is to promote?
- A. full employment, national income and price stability
- B. government revenue drive and expenditure to as high a level as possible
- C. the expansion of government social services
- D. government revenue drive and minimize government expenditure
When interest rates are high and still rising the least-cost method used by public limited companies to obtain additional funds for their operations is by?
- A. obtaining life-term loans from merchant banks
- B. obtain short-term loans from commercial banks
- C. selling floating-rate debenture stocks to the general public
- D. selling new ordinary shares to the general public