By utility we mean________
- A. Uselessness
- B. Power of satisfying a want
- C. Beneficial
- D. Consumable
If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______
- A. Zero
- B. 10
- C. 2
- D. 1
Which of these is not usually the function of a wholesaler?
- A. Branding
- B. Storage
- C. Transport
- D. Advertising
If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______
- A. Progressive
- B. Proportional
- C. Indirect
- D. Regressive
The price mechanism______
- A. Rations the consumers
- B. Rewards the producers
- C. Regulates supply and demand
- D. Allocates scarce resources.
A typical corporate form of business organization is owned by ______
- A. Shareholders
- B. A local government
- C. The president of a country
- D. Foreigners and citizens of the country.
Inflation can be curbed by _______
- A. Deficit budget
- B. Paying higher wages
- C. Increased aggregate demand
- D. Reducing aggregate demand
Which of these is not a cause of high population growth in Nigeria?
- A. Improved hygiene
- B. Reduction in death rate
- C. Family planning unit of Nigeria
- D. Increased birth rate
An economic problem arises when________
- A. Sellers are few
- B. Scarcity and choices are involved
- C. Buyers are many
- D. Money is in short supply
If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________
- A. Scarce
- B. Normal
- C. Superior.
- D. Inferior
In a free market economy. the rationing of scarce goods is done principally by_______
- A. Consumers
- B. The government
- C. The price mechanism
- D. All of the above
The value of money depends primarily on _________
- A. The gold backing of the currency
- B. The general price level
- C. Government decree that it is legal tender
- D. None of the above
Division of Labour is limited by the________
- A. Size of labour firm
- B. Availability of raw material
- C. Size of the labour force
- D. Absolute size of the country's population
In Nigeria, cheques are not money because________
- A. Most Nigerians cannot identity them
- B. They are not legal tender
- C. There are no banks in rural areas
- D. They are not generally acceptable as a medium of exchange
Money becomes a very poor store of value in a period of _______
- A. Harvest
- B. Deflation
- C. Recession
- D. Inflation
Economics may be defined as ________
- A. The study of human behaviour in the allocation of scarce resources
- B. The study of money and banking
- C. The study of markets and prices
- D. The study of production and distribution
Surplus in balance of payments leads to ________
- A. Government budget surplus
- B. Increase in foreign reserves
- C. Decrease in foreign reserves
- D. None of the above
When a nation’s exports are greater than its imports,_________
- A. The net foreign trade is zero
- B. A favourable balance of trade exists
- C. A favourable balance of payment exists
- D. An unfavourable balance of trade exists
Inflation is likely to benefit_______
- A. Debtors
- B. Persons with back savings
- C. Creditors
- D. Persons who lived on fixed pension funds
Which of the following is NOT a character of perfect competition?
- A. Supply and demand are equal
- B. Products are identical
- C. There is perfect knowledge
- D. There is no advertising
The Power Holding Company of Nigeria (PHCN) is a ________
- A. Public limited company
- B. Private authority
- C. Public Corporation
- D. Public Liability company