Under conditions of perfect competition, a firm’s supply curve is determined by its?
- A. total cost curve
- B. marginal cost curve
- C. variable cost curve
- D. fixed cost curve
The economic policy of deregulation is aimed at encouraging?
- A. a monopolistic market structure
- B. a duopolistic market structure
- C. a competitive market structure
- D. an oligopolistic market structure
In the short-run a firm marginal cost curve above the point of shut-down is its?
- A. demand curve
- B. supply curve
- C. cost curve
- D. supply curve
The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called?
- A. internal economies of scale
- B. economies of scale
- C. market economies
- D. external economies
The short-run equilibrium output for a monopolist is determined by the?
- A. highest point on the total revenue curve
- B. minimum point on the average revenue and the average cost curve
- C. intersection of the average revenue and the average cost curves
- D. intersection of the marginal cost and marginal revenue curves
As a firm increases its output, the average fixed cost?
- A. tends to rise continuously
- B. remains constant
- C. rises and then falls
- D. tends to decreased continuously
Improved labour efficiency can be measured by?
- A. an increase in output-input ratio
- B. an decrease in output-input ratio
- C. the constancy of input-output ratio
- D. an increase in input-output ratio
The Malthusian theory of population growth is often said to be?
- A. ambiguous
- B. oversimplified
- C. pessimistic
- D. optimistic
The equilibrium wage in an economy is determined by the?
- A. public service
- B. worker's union
- C. rate of inflation
- D. supply and demand for labour
If the growth rate of available resources continuously outpaces that of the population, a country will eventually experience?
- A. maximum population
- B. underpopulation
- C. overpopulation
- D. optimum population
The middlemen in the chain of distribution are?
- A. manufacturers and consumers
- B. wholesalers and retailers
- C. consumers and wholesalers
- D. retailers and consumers
Excess demand inflation can be controlled through?
- A. contractionary fiscal policy
- B. contractionary trade policy
- C. expansionary fiscal policy
- D. expansionary monetary policy
The primary objective of the NDIC is to?
- A. give protection to the CBN against fraud
- B. provide regulations guiding the finance houses
- C. give protection against fraud
- D. give protection to bank depositors
Creeping inflation implies that there is a?
- A. gentle and persistent increase in the general price level
- B. rapid and persistent increase in the general price level
- C. gentle but not permanent increase in the general price level
- D. rapid but not permanent increase in the general price level
Liquidity preference refers to the?
- A. needs to borrow money for short periods to meet some temporary crises
- B. wish to hold more funds for precautionary purpose
- C. need to increase the money supply in order to lower the interest rate
- D. demand to hold money as assets rather than as stocks
Insurance companies invest mainly in instruments trade on the?
- A. capital market
- B. Money market
- C. commodity market
- D. open market
If a country’s GNP in the current year is N65 billion, and the GNP in the base year is N50 billion, the GNP deflator is?
- A. 130.0
- B. 30.0
- C. 15.0
- D. 1.3
In Nigeria, the bank that can correctly be described as a unit bank is?
- A. the Central Bank
- B. people's bank
- C. mortgage bank
- D. community bank
National Income estimates can be used to?
- A. differentiate between the rich and the poor in a country
- B. prepare a country's annual budget
- C. protect the level of a country's economic develompent
- D. compare a country's growth rate with that of another over a period of time
The stock exchange is a market for the buying and selling of?
- A. monetary instruments
- B. new shares
- C. existing shares
- D. treasury bills
The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?
- A. competitve
- B. composite
- C. supplementary
- D. complementary