The theory of comparative advantage states that a commodity should be produced in that nation where the
- A. Absolute cost is least
- B. Absolute money cost is least
- C. Opportunity cost is least
- D. Production possibility curve increases
The commercial banks differ from non-bank financial institutions because they
- A. Accept deposits withdrawable by cheque
- B. Mobilize savings
- C. Invest surplus funds
- D. Contribute to economic development
The best method of production in an under populated country is
- A. Labour-extensive
- B. Land-intensive
- C. Capital-intensive
- D. Labour-intensive
In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility
- A. 3y and 3x
- B. 6y and 4x
- C. 3y and 6x
- D. 5y and 5x
If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
- A. V
- B. W
- C. X
- D. Z
Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at
- A. V
- B. W
- C. X
- D. Z
The labour force of a country can be determined by examining the
- A. age structure of the population
- B. sex distribution of the population
- C. geographical distribution of the population
- D. occupational distribution of the population
Fixing the prices of agricultural products can be a problem because of the
- A. activities of marketing boards
- B. size of agricultural exports
- C. instability of government policies
- D. unpredicatable output of farmers
An important factor hindering the rapid development of the industrial sector in Nigeria is
- A. rural-urban migration
- B. excessive demand for finished products
- C. inadequate infrastructural facilities
- D. the dominace of the oil sector
country is said to be overpopulated when
- A. the resocurce are more than enough to cater for the population
- B. the size of the population is greater than the annual budget
- C. the resources are inadequate to cater for the population
- D. there are too many able-bodied men and women in the country
An adverse environmental impact of the petroleum industry on the economy is
- A. communal riots
- B. the vandalization of oil equipment
- C. oil spillage
- D. community development
Occupational mobility as applied to factors of production means the ease by which
- A. factors can be transferred from one form of use to another
- B. resources can be transferred from one place to another
- C. resources can be transformed from one form to another
- D. factors can be transferred from one place to another
The demand for labour is an example of
- A. composite demand
- B. joint demand
- C. derived demand
- D. competitive demand
When a union is composed of workers with the same skill,it is termed
- A. a technical union
- B. a craft union
- C. an industrial union
- D. a workers' union
Two basic features common to an industry are
- A. production processes and source of capital
- B. source of capital and labour supply
- C. similarity of products and source of raw materials
- D. similarity of products and production processes
The major role of multi-national companies in the petroleum industry in Nigeria is
- A. the establishment of refineries
- B. oil marketing and prospecting
- C. oil marketing only
- D. oil prospecting only
To compare the standard of living among nations, the most widely used economic indicator is the
- A. real gross national income
- B. real domestic output
- C. real per capita income
- D. per capita nominal income
IBRD as an international monetary institution is concerned with the
- A. improvement of trade among member nations
- B. development of infrastructure in member nations
- C. balance of payments problems of member nations
- D. financing of private businesses in member nations
The effect of an increase in the personal income tax is to
- A. reduce unemployment
- B. raise the absolute price level
- C. reduce the disposable income
- D. distort the economy
Statutory organisations usually established by Acts of Parliament are called
- A. public corporations
- B. cooperative societies
- C. joint-stock companies
- D. public enterprises
The effectiveness of devaluation as a solution to a balance of payments problem depends on the
- A. value of visible and invisible goods
- B. value of invisible items of both domestic and foreign trades
- C. relative elasticities of demand and supply of imports and exports
- D. foreign investments of businessmen