The total revenue of the firm is represented by
- A. GHEF
- B. GHJC
- C. EFJC
- D. GHOB
From the graph above, R represents
- A. marginal cost
- B. total cost
- C. variable cost
- D. fixed cost
From the indifference curve above, consumer will prefer combination
- A. F
- B. S
- C. M
- D. K
From the graph above, the price elasticity of demand is
- A. unitarily elastic
- B. perfectly elastic
- C. perfectly inelastic
- D. fairly inelastic
If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was
- A. structurally unemployed
- B. frictionally unemployed
- C. seasonally unemployed
- D. cyclically unemployed
A valid explanation for real wage growth is
- A. an increase in the rate of productivity
- B. the rising cost of capital accumulation
- C. a contraction of emploment in service industries
- D. an increase in the quantity of labour
The rate of interest change on loans depends largely on
- A. the prevailing exchange rate
- B. marginal efficiency of capital
- C. the risk associated with the loan
- D. the prevailing tax rate
One of the main achievements of the Economic Commission for Africa is
- A. eliminating trade restrictions among states
- B. encouraging transport and communication development
- C. guaranteeing a steady flow of foreign investment into Africa
- D. providing the machinery for collaboration on monetary issues
A fiscal policy instrument that can influence the demand pattern in an economy is
- A. government spending
- B. interest rate
- C. income tax
- D. tariff
A measure for preventing the external value of the naira from falling is for the government to
- A. increase its spending with foreign reserve
- B. sell its own currency
- C. reduce interest rate
- D. buy its currency with foreign reserve
The effect of emigration on a country’s population is
- A. decrease in the population
- B. decrease in job opportunities
- C. increase in population
- D. increase in dependency ratio
The quality of labour force in Nigeria can be improved by
- A. establishing more tertiary institutions
- B. creating sufficient job opportunities
- C. encouraging the study of science and technology
- D. establishing more skills acquisition centres
A major disadvantage of partnership business is
- A. difficulty in the transfer of shares
- B. distrust among members
- C. limited liability
- D. large capital outlay
A distinguishing characteristic of consumer co-operative society is that the
- A. the maximum number of shareholders is 20
- B. members are the owners
- C. members are the workers
- D. the minimum number of shareholders is 5
The deregulation of the petroleum sector in Nigeria will bring about
- A. efficiency in pricing and distribution of the products
- B. an end to the importation of fuel
- C. an end to foreign firms' dominance
- D. fixing appropriate production quotas
Government participation in the oil industry was necessitated by the
- A. annual increase in production
- B. formation of OPEC
- C. high demand for crude oil
- D. huge investment outlay
In Nigeria, efficiency in public corporations can be achieved through
- A. public offer
- B. indigenization
- C. privatization
- D. nationalization
The most important determinant for the location of a brick industry is the availability of
- A. market
- B. power supply
- C. water
- D. raw materials
The main reason for low agricultural produce in west Africa is need to
- A. the presence of large-scale agro-allied industries
- B. high dependency ratio
- C. over dependence on agriculture for subsistence
- D. the use of crude implements in farming process
In order to add value to Nigeria agricultural produce, there is need to
- A. cultivate high breed crops
- B. process them into finished goods
- C. adopt modern storage methods
- D. advertise them in European markets