If goods P and Q are purchased by a consumer, a fall in the price P with the price Q unchanged will cause the budget line to
- A. shift parallel inwards
- B. rotate outwards away from the origin
- C. rotate inwards towards the origin.
- D. shift parallel outwards
In the diagrams, the opportunity cost of a unit of cotton in terms of cocoa is
- A. 4 for Ghana; 2 for Nigeria
- B. 20 for Ghana; 60 for Nigeria
- C. 1/4 for Ghana; 1/2 for Nigeria
- D. 5 for Ghana; 30 for Nigeria
In the diagram above, what is the excess demand at the price of N60
- A. 200
- B. 300
- C. 600
- D. 100
In the pie chart below, the percentage for children is equivalent to
- A. 288 o
- B. 720 o
- C. 90 o
- D. 144 o
In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is
- A. 13:3
- B. 1:5
- C. 18:4
- D. 5:1
As a country gets more developed, the percentage of labour engaged in agriculture tends to?
- A. remain constant
- B. decrease steadily
- C. switch over to trading
- D. increase steadily
The major purpose of African Development Bank is to?
- A. provide loans for trade development
- B. provide loans for infrastructural development
- C. provide loans for develpment banks in distress
- D. educate peasant farmers in new techniques
One of the problems arising from the localization of industries is?
- A. high prices of output
- B. the exportation of output
- C. the scarcity of foreign exchange
- D. structural unemployment
The present privatization policy in Nigeria is aimed at?
- A. reducing income inequality
- B. reducing the prices of goods and services
- C. poverty alleviation
- D. increasing efficiency in production
The types, sources and uses of government income are mainly concerned with?
- A. public expenditure
- B. public revenue
- C. public budget
- D. public finance
One of the major factors militating against industrialization in Nigeria is the?
- A. inadequacy of infrastructural facilities
- B. absence of government participation
- C. frequent breakdown of equipment
- D. failure to get foreign partners and supporters
A deficit budget can be used to?
- A. stimulate recovery from a trade depression
- B. protect the economy from inflation
- C. starve the economic of funds for economic development
- D. provide measures to remedy the balance of payments
ECOWAS has taken a giant step towards economic integration by?
- A. presenting a united front against foreign economic exploiters
- B. introducing a common currency for travellers
- C. holding frequent meeting at various state capitals
- D. increasing economic stability among members states
One of the major criticisms of the 1992-1968 National development Plan was that?
- A. it failed to incorporate lessons gained from earlier plans to enhance its efficiency
- B. it came too quickly after the country's indepedence
- C. planned expenditure was based too heavily on expected earnings from crude oil
- D. its execution was based largely on foreign sourced financial resources
Import substitution aims at?
- A. substituting agricultural products with industrial ones
- B. substituting imports with agricultural exports
- C. the diversification of industries
- D. improving the balance of payments
Which of the following yields more revenue to Nigeria?
- A. Value added tax
- B. Royalties
- C. indirect tax
- D. Direct tax
One way of correcting the balance of payments problem of a country is to?
- A. introduce import-promotion measures
- B. buy investments abroad
- C. devalue the currency
- D. de-emphasize import-substitution industries
One of the roles of NNPC in the production and refining of crude oil is to?
- A. secure maximum government revenue and regulate price
- B. prevent the smuggling of petroleum products
- C. satisfy the domestic consumption of petroleum products
- D. protect the local operators in the petroleum industry
Some of the key indicators of underdevelopment in a country are?
- A. poverty, high level of literacy and low income
- B. poverty, low level of literacy and low income
- C. low level of illiteracy, low income and poverty
- D. poverty, low incoe and low unemployment level
External finance for a limited liability company is mainly sourced through?
- A. the leasing equipment
- B. the issuing of shares
- C. trade credits
- D. banks loans
The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to?
- A. raise the price of the commodity and affect the quantity in an indeterminate way
- B. decrease the equilibrium quantity and affect the price in an intermediate way
- C. raise its price as well as the equilibrium quantity
- D. lower it price while affecting the equilibrium quantity in an interminate way