One way of solving the problem of double counting is by
- A. Value-added method
- B. Income method
- C. Output method
- D. Expenditure method
Life insurance companies contribute to economic development by holding a part of their assets in
- A. Long-term financial instruments
- B. Equipment
- C. Cash and near money
- D. Money-market instruments
In the circular flow of income model, the outflow variables represent
- A. Income
- B. Expenditure
- C. Injections
- D. Leakages
Corrections in the GNP figures for price changes require the use of a
- A. Retail price index
- B. Producer price index
- C. Price index
- D. Price deflator
A reduction in the bank rate encourages commercial banks to create money by
- A. Decreasing the interest rate
- B. maintaining the interest rate
- C. Doubling the interest rate
- D. Raising the interest
The non-bank financial institutions that are entrusted with workers contributions towards retirements are
- A. Mortgage institutions
- B. Investment companies
- C. Pension funds custodians
- D. Pension funds administrators
An advantage of electronic banking is that it
- A. Enables many customers to operate joint accounts
- B. Reduces risk of bank fraud
- C. Enables a customer to operate many accounts from different locations
- D. Enables a customer to operate his account from different locations
The logical sequence of basic concepts in economics is
- A. Wants, scarcity, choice and opportunity cost
- B. Wants , choice, scarcity and opportunity cost
- C. Scarcity, wants , choice and scale of perference
- D. Scarcity, choice ,scale of preference and opportunity cost.
If P = \(\frac{1}{2}\)(Qs + 15). What is the quantity supplied at N9.00?
- A. 33.0
- B. 12.0
- C. 3.0
- D. 1.5
The term ceteris paribus implies that
- A. Resources are scarce
- B. Human problems can be solved
- C. Human beings are unpredictable
- D. All factors are fully utilized
An increase in the marginal cost of production causes
- A. A downward movement along the supply curve
- B. A leftward shift of the supply curve
- C. A rightward shift of the supply curve
- D. An upward movement along the supply curve
A firm incurs short-run costs when
- A. It cannot increase prices
- B. Operation is at its later stages
- C. Operation is at its early stages
- D. Some inputs cannot be varied
When a firm’s average revenue curve is downward-slopping , it’s price elasticity of demand will be
- A. Zero
- B. Greater than one
- C. One
- D. Between zero and infinity
The price per unit of a commodity to a buyer is the same as the
- A. Normal profit of the seller
- B. Average revenue of the seller
- C. Marginal cost of the commodity
- D. Marginal revenue of the seller
The table shows the wage distribution of workers.Calculate the mean wage
- A. N7.40
- B. N4.00
- C. N10.00
- D. N14.80
What is the marginal productivity when the number of workers is increased from 2 to 3?
- A. 8kg
- B. 20kg
- C. 60kg
- D. 180kg
The maximum number of workers that should be hired is
- A. 2
- B. 3
- C. 4
- D. 5
The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its
- A. marginal cost
- B. average cost
- C. average revenue
- D. marginal revenue
The labour force of a country best describes
- A. the number of people in paid employment
- B. the number of people receiving pension
- C. people within the retirement age
- D. people within the working age
An upward review of the retirement age will affect the
- A. wage rate
- B. demand for labour
- C. supply of labour
- D. tax rate