The purchasing power of money depends upon the__________
- A. Value
- B. Index
- C. Price Level
- D. Wages
A retailer is distinguished by the nature of its sales, which is in___________
- A. Bulk
- B. Large
- C. Units
- D. Chain
Whatever form an economic system may take, choice is essential for members of the community because resources are__________
- A. scarce
- B. unlimited
- C. free
- D. many
Given two substitute goods (X and Y) with demand and supply function;
Qd = 7p – 12
Qs = 4p + 9
Find the magnitude of excess demand when p = ₦18
- A. 303
- B. 30
- C. 114
- D. 33
The basic and essential economic problems in a community are related to choice and________
- A. Freedom
- B. Scarcity
- C. Social class
- D. Politics
When a member’s currency is declared “scarce”, it is the duty of the IMF to______
- A. suspend the member state indefinitely
- B. ban all exports from that state
- C. suspend dealings in that currency for one year
- D. ration it among the countries demanding it
The oil boom between 1970 – 1980 caused the oil sector to become____________
- A. the main source of government
- B. management of spillage and pollution
- C. protection to the local operators in the petroleum industry
- D. decrease in the rate of inflation
Poverty simply refers to the low level of________
- A. planning
- B. per capita income
- C. rich people
- D. labour face
The business risks of a public corporation are borne ultimately________
- A. by the government
- B. by the treasury
- C. by the rate payers
- D. by the tax payers
One of these is not a problem of agriculture___________
- A. provision of employment
- B. lack of preservation and storage facilities
- C. land tenure system
- D. poor transportation systems
Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)
- A. 208
- B. 104
- C. 54
- D. 4
The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________
- A. there were 80,000 live births in the country
- B. there were 6,400 live births in the country
- C. there were 8 live births to every 100 women in working-class families
- D. 8 in every 1000 women of 21 - 45 gave birth to a live child
External economies arises essentially from__________
- A. a firm's individual policies
- B. localisation of industry
- C. government economic policy
- D. free transferability of shares
The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of______
- A. division of labour
- B. employment trends
- C. relative costs and benefits
- D. immobility of skilled labour
Most of the National debts is “dead weight” in the sense that is____
- A. bound to increase from year to year
- B. accumulated as the result of past capital investment
- C. the responsibility of the treasury
- D. not covered by any real asset
If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______
- A. buyer
- B. seller
- C. government
- D. local authority
The determination of wages in a labour market depends on the_______
- A. Government
- B. People
- C. Interaction between demand and supply of labour
- D. Economy
If wage rate is less than the average revenue product, the firms would be earning________
- A. loss
- B. super normal profit
- C. normal profit
- D. higher revenue
Let capital formation = CF, Production = P, C = consumption. Then CF =_______
- A. P - C
- B. P + C
- C. PC
- D. P/C
Which of the following persons is engaged in “Secondary Production”?
I – a bricklayer
II – an automobile assembly-line worker
III – an accountant
IV – a cinema projectionist
- A. I only
- B. I, II
- C. II, III
- D. I, II, III, IV
Adam Smith’s Theory of value stated that the value of a commodity depended on________
- A. The market price in a free market over a long period
- B. The over-all cost of production of the commodity
- C. The amount of labour expended on its production
- D. Its relative scarcity at any given time