A major advantage of industrialization is that it
- A. leads to self-reliance
- B. curbs inflation
- C. leads to growth and development
- D. improves the terms of trade
Mobility of labour is higher when there
- A. is a monopoly of jobs in one location
- B. is intense competition for jobs in the same location
- C. are alternative jobs in the same location
- D. are no alternative jobs in the same location
The organization whose aim is to solve the trade problems of less developed nations is
- A. UNCTAD
- B. OECD
- C. UNECA
- D. WTO
Import substitution policy is used to
- A. protect local industries
- B. check government expenditure
- C. correct the balance of payments problem
- D. encourage increased volume of trade
The exchange rate determined by market forces is known as
- A. pegged exchange rate
- B. floating exchange rate
- C. fixed exchange rate
- D. dual exchange rate
An association formed by a group of individuals solely for the marketing of their product is a
- A. credit and thrift society
- B. consumer cooperative society
- C. producer cooperative society
- D. voluntary organization
Economic growth can be accelerated through
- A. excess current consumption
- B. excess consumption over investment
- C. increased current consumption
- D. increased current investment
Nigeria’s exports usually comprise
- A. consumer goods
- B. capital goods
- C. intermediate goods
- D. primary goods
A characteristic common to partnership and sole proprietorship is
- A. limited liability
- B. accessibility to loan
- C. transferability of shares
- D. unlimited laibility
Choice involves opportunity cost because
- A. goods give different utilities
- B. available resources are inadequate
- C. there are many goods to select from
- D. not all goods have the same price
A decision on input combination solves the economic problem of
- A. how to produce
- B. for whom to produce
- C. when to produce
- D. what to produce
A distribution is said to be positively skewed if it
- A. has a long tail to the left
- B. has a long tail to the right
- C. is bimodal
- D. is bell-shaped
Given that demand and price remain unchanged an outward shift of the supply curve will lead to
- A. hoarding
- B. excess supply
- C. excess demand
- D. a blank market
A straight line indifference curve indicates that the two products are
- A. normal goods
- B. inferior goods
- C. perfect substitutes
- D. close substitutes
Derived demand is normally used with reference to
- A. superior goods
- B. inferior goods
- C. the cost of production
- D. the factors of production
A commodity will be demanded only if
- A. consumers income increases
- B. it has no close substitutes
- C. the price is low
- D. it has utility
If the marginal utility of good X exceeds that of good Y, this implies that
- A. a rational consumer will buy less of X
- B. consuming more of X will increase total utility
- C. Y is an inferior good
- D. X will be cheaper than Y
The range of the data 14,13,15,18,20,35 and 13 is
- A. 20
- B. 22
- C. 13
- D. 18
An important determinant of price elasticity of demand is
- A. the state of technology
- B. the prices of other commodities
- C. the ease of substitution
- D. government policy
The burden of a government tax on a commodity whose demand is inelastic will
- A. be borne only by the government
- B. fall more heavily on consumers
- C. be shared equally between consumers and producers
- D. fall more heavily on producers
The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for
- A. maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
- B. evolving an acceptable wage for public servants
- C. evolving an acceptable revenue-sharing formula
- D. ensuring equity in the sharing of fiscal responsibilities