Investing heavily in the agricultural sector will lead to
- A. sufficient food production
- B. a vibrant commodity market
- C. capital inflow
- D. stable export prices
The main function of NNPC is to
- A. oversee the development of the oil sector
- B. develop the oil producing area
- C. fix the price of products
- D. ensure regular supply of products
Agricultural production in Nigeria is constrained by
- A. ineffective use of stabilization measures
- B. inadequate demand
- C. poor implementation of policies
- D. balance of payments deficits
Upstream oil activities involve the
- A. management of pollution
- B. marketing of refined products
- C. exploration of crude oil
- D. refining of crude oil
The import-substitution strategy of industrialization is to encourage
- A. domestic production
- B. large-scale production
- C. importation
- D. exportation
A country embarks on deficit financing in order to
- A. increase revenue
- B. reduce aggregate demand
- C. curb inflation
- D. stimulate investment
An indicator of growth in an economy over a period of time is the
- A. GDP gap
- B. GDP at factor cost
- C. GDP at market price
- D. GDP deflator
A country achieves economic development when there is
- A. an increase in military expenditure
- B. an increase in capacity utilization
- C. a sustained increase in per capital income
- D. an even distribution of goods and services
During the era of barter, money was generally in the form of
- A. notes
- B. precious metals
- C. coins
- D. commodities
If aggregate demand is lower than total output in an economy national income will
- A. be constant
- B. be at equilibrium
- C. increase
- D. fall
In national income accounts, an item counted as part of government spending is
- A. salaries and wages
- B. pension
- C. scholarship
- D. social welfare
An increase in the circulation of money without a corresponding increase in output will lead to
- A. a rise in income levels
- B. stagflation
- C. inflation
- D. deflation
Bank consolidation policy in Nigeria is a measure to increase
- A. the capital base of banks
- B. employment opportunities in banks
- C. the number of shareholders
- D. the number of branches
One of the characteristics of oligopoly is the availability of
- A. few sellers
- B. few buyers
- C. many sellers
- D. a single seller
The law of variable proportions is applicable only
- A. in the long-run period
- B. to large-scale enterprises
- C. to small-scale enterprises
- D. in the short-run period
A firm will experience diseconomies of scale when
- A. there are difficulties in coordinating production
- B. there is shortage in labour supply
- C. the size of market is small
- D. there is an increase in the price of raw materials
If a firm is faced with an elastic supply curve, its revenue will
- A. be supplied at a higher price
- B. double at a higher price
- C. increase by more than the percentage increase in price
- D. equal percentage change in price
Ranking is the method use in measuring
- A. marginal utility
- B. ordinal utility
- C. cardinal utility
- D. total utility
Minimum price legislation by government will
- A. reduce supply
- B. increase supply
- C. reduce demand and create surplus
- D. increase demand and create scarcity
When a consumer is at equilibrium, the MRSxy is equal to the
- A. sum of the prices
- B. product of the two prices
- C. ratio of the two prices
- D. difference of the two prices
In the process of production, total output is at maximum when
- A. MP=0
- B. MP > 0
- C. AP = 0
- D. AP > 0