An economy system that uses what is regarded as the “Market mechanism” is called_______
- A. Mixed economy
- B. Socialism
- C. Command economy
- D. Capitalism
The determination of price by bargaining between buyers and sellers is________
- A. Sales by Auction
- B. Tender
- C. Higgling and Haggling
- D. Price Control
Economics is a social science concerned with the proper use and______
- A. production of goods and services
- B. distribution of wealth
- C. allocation of resources for growth
- D. creation of utility
ECOWAS was formed for the purpose of________
- A. promoting co-operation and integration
- B. to facilitate the expansion of international trade
- C. to provide insurance
- D. to insure new investment
The release of a liquid petroleum hydrocarbon into the environment is_______
- A. Oil glut
- B. Oil spill
- C. Oil shock
- D. Oil wastage
The most reliable and acceptable index of economic growth is the__________
- A. Wholesale Price Index
- B. Consumer Price Index
- C. National Income
- D. Retailer's Price Index
Among the disadvantages of the one-man business is the fact that______
- A. its capital may not be increased without government permission
- B. the proprietor is personally liable for the firm's debts
- C. the proprietor is not able to obtain credit
- D. the proprietor may not sue for bad debts
The lands that belong to the community is referred to as__________
- A. sacred land
- B. individual land
- C. communal land
- D. rent land
A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________
- A. Import monopoly
- B. Import licence
- C. Import quota
- D. Embargo
The sector which contribute highly to the economy is___________
- A. Primary sector
- B. Secondary sector
- C. Tertiary sector
- D. Education sector
One of these is not a way by which government encourage industrialization?
- A. Protection of Infant industries
- B. Establishment of Nigeria Enterprises Promotion Decree
- C. Low Productivity and inefficiency
- D. Establishment of higher institutions
Industrialization is the process of___________
- A. concentrating a firm in a place
- B. transforming as economy based on extractive to manufacturing
- C. transferring a government industry to individual
- D. transforming finished goods into semi-finished goods
A form of tax that is mildly progressive and regressive is_______
- A. Proportional tax
- B. Progressive tax
- C. Regressive tax
- D. Digressive tax
The use of government income and expenditure instrument to regulate the economy is termed______
- A. monetary policy
- B. physical policy
- C. fiscal policy
- D. public finance
The demand for labour is a________
- A. Derived demand
- B. Joint demand
- C. Complementary demand
- D. Composite demand
Which of the following is not a cause of unemployment_______
- A. poor education
- B. lack of skills
- C. good government planning
- D. corruption
As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________
- A. Input
- B. Commodities
- C. Output
- D. Factors
The shape of the production possibility frontier is determined by the_________
- A. law of returns to scale
- B. law of diminishing returns
- C. factors of productions
- D. technology
One of these is not an assumption of the cardinalist theory of utility?
- A. The consumer is rational
- B. Diminishing marginal utility
- C. The concept of money utility
- D. Consistency and transivity of choice
In the case of highly or close complementary goods, the indifference curve is_______
- A. A straight line
- B. A right-angled
- C. L - shaped
- D. Curvature
The most important cost curve for the firm is_________
- A. MC
- B. AC
- C. TC
- D. FC