How many units of good X is produced for 8 units of commodity Y?
- A. 80
- B. 40
- C. 20
- D. O
The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the
- A. Production indicator
- B. Maximum production curve
- C. Production possibility curve
- D. Total output curve
What type of unemployment is revealed by the dotted lines on the graph?
- A. frictional unemployment
- B. Cyclical unemployment
- C. Circular unemployment
- D. Underemployment
Using the table calculate the net income
- A. N58m
- B. N54m
- C. N50m
- D. N46m
From the diagram above, a shift in the demand curve from DoDo to D1D1 implies
- A. a rise in the demand for the commodity
- B. a fluctuation in the demand for the commodity
- C. a fall in the demand for the commodity
- D. an equilibrrium in the demand for the commodity
In the diagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?
- A. Pd
- B. P2
- C. P3
- D. P4
In the diagram, the marginal propensity to consume (MPC) is equal to
- A. \(\frac{RP}{TP}\)
- B. \(\frac{TP}{RP}\)
- C. \(\frac{RT}{RP}\)
- D. \(\frac{RT}{TP}\)
Determine the marginal revenue if the total revenue is 80.00
- A. 6.00
- B. 12.00
- C. 14.00
- D. 18.00
Given an output of 3 units, the average is
- A. N16.00
- B. N18.00
- C. 20.00
- D. 24.00
The international Bank for Reconstruction and Development is important to developing countries because it?
- A. gives loans to member countries for legal proceedings
- B. offers grants and aid for defence
- C. offers loans to member countries for socio-economics activities
- D. offers grants and aid to finance luxury projects
Tariff on imports are meant to?
- A. prevent a foreign goods
- B. discourage exports
- C. encourage exports
- D. increase the level of external dependency
From which of the following does Nigeria derive trade concessions?
- A. IMF
- B. World Bank
- C. ADB
- D. EEC
Devaluation is effective when?
- A. demand for imports is price inelastic
- B. demand for imports is neutral
- C. production for export is low
- D. demand for exports is price elastic
Comparative advantage implies that a country will specialize in producing the commodity?
- A. with the highest opprotunity cost
- B. for which output per worker is lower than in other countries
- C. with the lowest opportunity cost
- D. for which output per worker is the same with those of other countries
Which of the following are the advantages of Nigeria’s membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.
ii A large market industries producing under condition of decreasing cost.
iii Competition for home based monopoly firms
- A. i and ii only
- B. i and iii only
- C. ii and iii only
- D. i,ii and iii
Below equilibrium, the gap between aggregate demand and the full employment level of income is called the?
- A. inflationary gap
- B. income gap
- C. unemployment gap
- D. deflationary gap
The GDP of Nigeria will be greater than her GNP if?
- A. the value of goods and services to Nigeria is greater than the value of those from Nigeria
- B. consumption is greater than investment
- C. government expenditures are greater than the foreign aid received
- D. the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
The best index for international comparison of standards of living is the?
- A. gross national product
- B. net national income
- C. per capita income
- D. gross national income
According to the income approach to national income measurement, the national income of a country is equal to?
- A. the value of all output produced in the country over the relevant period of time at market prices
- B. the value of output at factors cost
- C. the value added to production
- D. C +I + G
Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work
ii,Difficulties in assessment and collection
iii, imperfection in tax assessment.
- A. i and ii
- B. i and iii
- C. ii and iii
- D. i, ii and iii
The joint ventures operating in the Nigerian oil industry are between?
- A. the NNPC and independent marketers
- B. the NNPC and multinational marketers
- C. the NNPC and producer marketers
- D. multinational corperations and independent marketers