Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year
- A. The population increased by 2.25million
- B. There were 2.25 million live births
- C. The government have to make provisions for 2.25 million children
- D. 2.25 million - children were born
In the diagram below, the curve which represents firm’s short-run average variable cost is curve
- A. l
- B. ll
- C. lll
- D. IV
From the diagram above, the quantity of output is determined by the point
- A. M
- B. N
- C. H
- D. F
The movement of curve I to ll suggests
- A. an improvement in capital goods technology but not in consumer goods technology
- B. a movement from unemployment to full employment
- C. that the output for the society has declined
- D. a gain in consumer goods technique and not in capital goods technique
The current stage of the economy is depicted in curve 1. Point P suggests that the economy is
- A. reaching full employment but not full prodduction
- B. attaining full production but not full employment
- C. under capitalized
- D. attaining both full employment and full production
An important feature of a cartel is that?
- A. members do not reduce price below the cartel price
- B. each member has a fixed output above which it is not expected to produce
- C. a powerful member fixes the price at which others will sell
- D. membes fix the prices for their products
The organization which provides credit to help countries achieve short-term balance in their balance of payment is the?
- A. Economic Community of West Africa States
- B. International Monetary Fund
- C. International Bank for Reconstruction and Development
- D. African Develoment Bank
In recent years, Nigeria’s balance of payments has continued to register a deficit due to (i) increased government overseas’ spending.
(ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas’ investors.
- A. i, ii and iii
- B. i, ii and iv
- C. i, ii, iii and vi
- D. i, ii, iii and iv
Counter trading is an international arrangement whereby?
- A. goods and services are exchanged in a manner similar to barter
- B. goods and services are sold on the counter
- C. crude oil is sold to a foreign country
- D. goods are shipped to countries on which the United Nations has placed a trade embargo
Which of the following classes of goods accounts for largest proportion of Nigeria’s imports?
- A. Food and animal products
- B. Consumers goods
- C. Chemicals
- D. Machinery and transport equipment
The most important factor ensuring economic development is the?
- A. effective mobilization of domestic savings
- B. presence of foreign capital
- C. formulation of appropriate government policies
- D. attraction of foreign aids and grants
The major determinant of the total volume of output in an economy is the?
- A. level of wholesale prices
- B. size of the labour force
- C. level of total expenditure
- D. composition of consumer spending
Privatization of government-owned companies means the?
- A. relinquishing of government equility participation to private individuals
- B. recapitalization of distressed government-owned companies
- C. joint paticipation of government and private individuals
- D. commercialization and deregulation of the economy
The total money values of all goods and services produced in a country during a certain period is measured by using the?
- A. income method
- B. expenditure method
- C. output method
- D. factor method
Given: Investment = N100 million
Consumption = N200 m + 0.75Y
Y = C + I
where, Y =Income, C = Consumption and where
I = Investment
What is the income level to the nearest million?
- A. N100 Million
- B. N300 Million
- C. N1,000 Million
- D. N1,200 Million
If the marginal propensity to consume is 0.75 and private investment increases by N10 billion while government expenditure decreases by N15 billion, GDP will decrease by?
- A. N12 billion
- B. N15 billion
- C. N20 billion
- D. N25 billion
One of the factors which is likely to check the growth of public debts is?
- A. bridging the resources gap
- B. debt reputation
- C. debts rescheduling
- D. debt-equility swap
The greatest proportion of government revenue in Nigeria comes from?
- A. export of raw materials
- B. income taxes on individuals and business
- C. custom duties and excise duties
- D. loans and grants from industrially advanced countries
The use of legally permissible means to reduce tax liabilities is known as tax?
- A. evasion
- B. avoidance
- C. reliefs
- D. exemption
Stock and shares as well as bonds are examples of instruments used in the?
- A. commodity markets
- B. money markets
- C. capital markets
- D. security markets
Banks can create more money by?
- A. increasing its cash ratio with the Central Bank
- B. issuing more banks cheques
- C. accepting more deposits from customers
- D. lending out money from customers deposits