Non-bank financial intermediaries do not?
- A. provide credit facilities
- B. accept deposits
- C. accept demand deposits
- D. sell shares
One of the major problems of product distribution in most developing countries is?
- A. lack of storage facilities
- B. large number of middlemen
- C. inadequate manpower
- D. inadequate means of transportation
The value of the multiplier depends on?
- A. MPC and level of income
- B. level of personal income
- C. level of personal savings
- D. government policy and MPC
National income at factor cost means national income at?
- A. current prices
- B. nominal prices
- C. last year prices
- D. base year prices
When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?
- A. an opportunity cost
- B. an economic rent
- C. transfer earnings
- D. surplus value
Optimum population is defined as the level of population at which?
- A. per capital output is maximized
- B. population is neither increasing nor decreasing
- C. total national income is maximized
- D. marginal efficiency of population is maximized
An entrepreneur will continue to employ labour up to a point where?
- A. costs are minimized
- B. maximized efficiency is attained
- C. wages are equal to marginal product of labour
- D. marginal product of labour is equal to zero
Import substitution industrialization refers to?
- A. the concentration of industries for even regional development
- B. setting up of industries for even development
- C. a situation in which local industries are set up to produce goods formerly imported
- D. the banning of imports which are subtitutes for domestically produce goods
Concentrating industries in one place is advantageous because there are gains in terms of?
- A. external economies
- B. internal economies
- C. economies of scale
- D. cost economies
The first petroleum exploring company to discover crude petroleum in Nigeria was?
- A. Mobil
- B. Texaco
- C. Agip
- D. Shell-BP
The primary objective of establishing the Export Process Zone is to?
- A. facilitate agricultural production
- B. encourage the production and processing of export commodities
- C. erect imported raw materials
- D. erect economic structures near the port
The major problem of cooperative societies in Nigeria is that?
- A. they often lack cohersion and continuity
- B. their liability is unlimited to members
- C. voting is by proxy
- D. their management style is poor
The land tenure system in Nigeria impedes agricultural production because?
- A. land fragmentation makes possible easy access to land ownership
- B. it discourages specialization of factors of production
- C. it limits opportunity for mass production of agricultral goods
- D. small land holders generally do not get enough fertilizer to use
A major obstacle to rapid agricultural development in Nigeria is the?
- A. ineffective use of crude implements
- B. inability of farmers to adopt modern technology
- C. introduction of the Green Revolution programme
- D. declining population growth rate
Which of the following falls continuously as output expands?
- A. Average fixed cost
- B. Marginal cost
- C. Average variable cost
- D. Average cost
Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.
Find the average total cost of producing one units?
- A. N 60
- B. N 45
- C. N 35
- D. N 30
In a perfect competition, every firm is a price?
- A. maker
- B. taker
- C. giver
- D. bidder
A characteristic of the average fixed cost is that, it?
- A. rises and falls faster than the marginal cost
- B. is U-shaped and intersects the price axis
- C. is always higher than the average variable cost
- D. falls continuously but is never equal to zero
One of the characteristics of an imperfect market is the?
- A. large number of buyers and sellers in the market
- B. awareness of market conditions by buyers
- C. availability of substitutes
- D. heterogenetity of products
The main function of price in the economic system is to?
- A. allocate scarce resources among competing uses
- B. ensure equitable distribution of income and wealth
- C. determine the demand for and the supply of goods and services
- D. remove all the constraints on production of goods and services
The downward sloping part of the long-run average cost curve of a firm may be attributable to?
- A. diminishing returns
- B. the law of variable proportions
- C. diseconomies of scale
- D. increasing returns to scale