The theory of income determination is traced to
- A. Rev Thomas Mathus
- B. Lord John Mynard Keynes
- C. Prof Adam Smith
- D. R G Lipsey
- E. Prof Umar SI
Abdul is faced with a choice between buying a new NOTE book and a pen with N10. Since the N10 can NOT give him both items he decide to buy NOTE book. The money cost to him is
- A. N10
- B. N20
- C. N30
- D. N40
- E. N50
Which of the following is NOT an internal dis-economy of scales?
- A. Easy management and less administrative cost
- B. large firm suffers from bureaucracy or red tapism
- C. less personal relationship between management and employees
- D. Motivation may be lacking in the large firm
- E. slow response to changes
Using functional relationship in economics QX = f (px, po, y, T); po stand for
- A. level of income of the consumer
- B. price of x
- C. price of other commodities
- D. production function of x
- E. price index
Which of the following is NOT a function of taxation?
- A. make few people rich in the country
- B. raise revenue for the government
- C. redistribution of income
- D. reduces production and consumption of harmful goods
- E. used as anti-inflationary device
Price legislation means
- A. directing market specialist to fix prices
- B. interplay of either demand or supply
- C. producers are prices givers
- D. regulating the price system by the government
- E. the use of market forces
Which of the following is a motive for holding money?
- A. celebration
- B. daily purchases
- C. election campaign
- D. payment of taxes
One of the following is NOT a reason for increase in public expenditure
- A. decrease arising from public debt and its servicing
- B. increase in capital expenditure to provide social services
- C. increase financial commitment for defence and security
- D. increase in recurrent expenditure with regard to wages and salary paid to public servant
- E. returns on viable public corporation
Which of the following is NOT a cause of inflation?
- A. excessive bank lending
- B. excessive deficit financing
- C. increase in domestics productivity
- D. increase in wages and salaries of workers
- E. increase in government expenditure
Efficiency of labour implies
- A. education and training
- B. good working condition
- C. healthier workforce
- D. increased productivity worker accompanied by improvement in the quality of output
- E. the amount of incentives or remuneration given to workers
A tax system which takes lesser percentage of a tax payers income as his income increase is known as
- A. direct tax
- B. indirect tax
- C. progressive tax
- D. proportional tax
- E. regressive tax
In economics, electricity, water supply, communication networks, road, etc are known as
- A. capital structure
- B. development induces
- C. development projects
- D. infrastructural facilities
- E. project growth
Equilibrium prices is
- A. a price which equates demand with supply
- B. a price where there is excess demand
- C. where consumers gain much
- D. where producers gain much
- E. where supply is more than demand
According to the theory of comparative advantages, countries are to specialize based on their
- A. absolute cost advantages
- B. absolute cost disadvantages
- C. comparative cost advantages
- D. comparative cost disadvantages
- E. the availability of labour
Which of the following is a major export crop in Nigeria?
- A. cocoa
- B. coffee
- C. copper
- D. kola nut
- E. soy beans
In the equation MV = PT; V stand for
- A. velocity of circulation of money
- B. velocity of price change
- C. volume of goods produced
- D. volume of money
- E. volume of transaction
The best way of presenting data in tabular form is in
- A. bars and columns
- B. charts and lines
- C. maps and rows
- D. pictographs and histogram
- E. rows and columns
Which of the following is true of a perfect market situation?
- A. price = AR=MC=AC
- B. price = DD = MC = AC
- C. price = AC = MC = AR
- D. price = AR = MR = DD
- E. price = MR but MR < AR
The professional that view cost in term of alternatives sacrificed is the
- A. accountant
- B. cashier
- C. economist
- D. manager
- E. tax collector
Which of the following is NOT a component of agriculture?
- A. crop farming
- B. drilling
- C. fishing
- D. forestry
- E. livestock farming
Data presented in a circular chart is known as
- A. circular chart
- B. component chart
- C. histogram
- D. pictograph
- E. pie chart