The main function of retailer in the distribution channel is
- A. advertising the product on behalf of manufacturers
- B. bulk breaking
- C. branding and packaging of good
- D. direct customer services
- E. storage facilities for finished products
The 1962-1968 development plan in nigerian failed because of
- A. absence of indigenous bank
- B. higher exchange rate
- C. non availability of finance house
- D. movement of colonial masters
- E. over dependency on foreign capital
In production, total cost comprises of
- A. averages cost and marginal cost
- B. variable cost and averages cost
- C. variable cost and fixed cost
- D. marginal cost and variable cost
- E. fixed cost and averages cost
The demand for labour in an economy is a depiction of
- A. competitive demand
- B. Composite demand
- C. Complementary demand
- D. Deductive demand
- E. derived demand
One of the function of united nation conference on trade and development (UNTAD) is to
- A. carry out feasibility study for projects in less developed countries
- B. increase impact of developed countries over less developed countries
- C. increase share of less developed countries in world trade
- D. make goods available in developed countries
- E. transfer technology from developed to less developed countries
Disposable income in national income accounting is an income which
- A. cannot be used again
- B. is available for consumption and saving
- C. is a available to disabled people
- D. must be wasted once and for all
- E. pensioners receive from the treasury board
The following are reward for factors of production EXCEPT
- A. interests
- B. profit
- C. Rent and commissions
- D. rates and deposits
- E. wage and salaries
Which of these is a necessary condition for trade by barter?
- A. double coincidence of wants
- B. double exchange rate
- C. durability of goods
- D. divisibility of commodities
- E. homogeneity of goods
In a two-sector economy, income is a function of
- A. consumption + investment
- B. consumption + investment + tax
- C. consumption + investment + expenditure
- D. consumption + exports + imports
- E. saving + investment
An economic system in which the decision on what and how to produce is determined by the individual is called
- A. capitalism
- B. communism
- C. Socialism
- D. traditionalism
- E. welfarism
If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are
- A. complimentary goods
- B. composite goods
- C. derived good
- D. independent goods
- E. substitute good
Which of the folowing NOT among the objectives of OPEC?
- A. to stabilize the revenue from oil to producing countries
- B. to stabilize the price of iol in the world market
- C. to make sure that oil flows to all the consuming countries
- D. to estabilished petroleum refineries in all member state
- E. to co-ordinate and harmonize the oil policies of member countries
The following are type of business organization EXCEPT
- A. co-operative society
- B. Entrepreneurship
- C. partnership
- D. public corporation
- E. Sole proprietorship
Tc/Q =
- A. marginal cost
- B. Average coat
- C. total cost
- D. equilibrium level
Which of the following measure will NOT serves as a control during inflation period?
- A. increase in personal income tax
- B. increase in bank rate and interest
- C. increase in government capital expenditure
- D. reduction in money supply
- E. reduction in government recurrent expenditure
Government expenditure on universal basic education and subsidy on agriculture are aimed at
- A. encouraging growth of the economy
- B. projecting images of government
- C. re-allocation of resources
- D. redistribution of income and wealth
- E. stabilization of the economy
A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as
- A. duopoly
- B. monopolist
- C. monopsonist
- D. oligopoly
- E. perfect competitor
The formular used by the Expenditure approach to calculate National income is
- A. Y=C + I + X - M –G
- B. Y= C + X – M – I + G
- C. Y = C + I + G + X – M
- D. Y = C – I + X – M + G
- E. Y = C + G – X + M – I
To discourage the consumption of harmful commodities, government should tax such commodities if they have
- A. elastic demand
- B. inelastic demand
- C. negative demand
- D. positive demand
- E. unitary demand
Long-run in economic mean a period of time in which
- A. all factor inputs are not being used
- B. all factor inputs are variable
- C. all factor inputs are fixed
- D. only few factor inputs are variable
- E. firms are not producing at all
When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as
- A. demand curve
- B. indifference curve
- C. opportunity curve
- D. utility curve
- E. supply curve