Which of the following is correct?
- A. Traditional budgeting focuses on goals and objectives
- B. Zero based budgeting produces a single level of appropriation for an activity
- C. Traditional budgeting starts with last yearβs funding appropriation
- D. Zero based budgeting does not systematically consider alternatives to current operations
Localization of industry is encouraged because of ________
- A. low interest charges on loans
- B. improvements in infrastructure
- C. low foreign exchange rate
- D. high standard of living
Which of the following is an indirect tax?
- A. Poll tax
- B. personal income tax
- C. Company tax
- D. excise duties
Which of these is a type of partnership in business?
- A. Limited partnership
- B. limited liability company
- C. private partnership
- D. joint stock partnership
Which of the following is NOT a source of government revenue?
- A. Grants, aids and borrowing
- B. Taxes, fees, licenses and fines
- C. Interest, dividends, profits and earnings
- D. personal income, disposable income and transfer earnings
Opportunity cost helps the government to:
- A. Distribute money to citizens
- B. support better production
- C. remove competition
- D. prepare budget
A partnership sourcing for funds to expand its business would approach _______
- A. a central bank
- B. a money market
- C. an insurance
- D. a stock exchange
Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20
- A. 36.60
- B. 22.00
- C. 30.60
- D. 26.00
Completely competitive market exist when each member is a β
- A. price maker
- B. price taker
- C. price seeker
- D. a and b
\(\frac{βf(x-xΜ)}{N}\)
Is a formula used to calculate for ____________
- A. variance
- B. the quartile
- C. standard deviation
- D. mean deviation
Other products gotten from Petroleum include the following EXCEPT:
- A. Rubber
- B. fuel
- C. paints
- D. insecticides
Which of the following institutions does not operate in the money market?
- A. central bank
- B. mortgage banks
- C. money deposit banks
- D. insurance companies
From the table above, the average product of the 3rd unit of labour is
- A. 50
- B. 70
- C. 350
- D. 150
The basic principle of cooperative societies is to ________
- A. maintain the integrity of their members
- B. protect the interest and pursue the welfare of members
- C. ensure better working conditions for members
- D. provide voluntary services to the members
Cost – push inflation occurs when_______
- A. production cost is high
- B. government embarks on deficits financing
- C. factors decrease
- D. there is too much in circulation
Goods sold in perfectly competitive markets are generally
- A. homogenous
- B. intermediate and final
- C. durable and non-durable
- D. heterogeneous
The graph above shows;
- A. a decrease in quantity supplied
- B. an increase in supply
- C. a decrease in supply
- D. an increase in quantity
The equilibrium price clears the market; it is the price at which___________
- A. Everything is sold
- B. Buyers spend all their money
- C. Excess demand is zero
- D. None of the above
Which of the following statement is TRUE about ECOWAS?
- A. The aim of ECOWAS is to ensure economic stability
- B. Bigger state in the community dominate the small state
- C. Members of the ECOWAS community can form cartel and create monopolies
- D. English is the only official language of ECOWAS
Which of the following is NOT illustrated by the production possibility curve
- A. Risk
- B. Scarcity
- C. Opportunity cost
- D. Allocative efficiency
One of the functions of the price system is that it
- A. encourages high volume of production
- B. dictates what the citizens will consume
- C. discourages the consumption of harmful goods
- D. regulates production and consumption