In international trade, when payments of a country are higher than the receipts, then the balance of payment is
- A. favourable
- B. in equilibrium
- C. perfect
- D. unfavourable
- E. uniform
The basic economics problem of what to produce arises as a result of
- A. competing demands for scarce resources
- B. excessive supply
- C. the availability of too many experts
- D. the failure of the price system
- E. the reduction of poverty
The main industrial cities in Nigeria are
- A. Ikeja, Kano, Onitsha and Port-Harcourt
- B. Kaduna, Dutse, Ogbomoso a Calabar
- C. Kano, Ilesa, Vadeikya and Afikpo
- D. Maiduguri, Ikote Ekiti, Moniya and Akungba
- E. Mokwa, Ijebu-ode, Warri and Gummel
Demand for labour depends on the following factors EXCEPT
- A. number of industries/enterprises
- B. nature of industries/business enterprises
- C. price of labour
- D. demand for labour output and prices
- E. the period of training
A negative effect of the discovery of petroleum on the Nigerian economy is
- A. conversion of the economy into a mono product type
- B. development of infrastructures
- C. encouragement of international recognition
- D. provision of job opportunities
- E. rapid industrialization
Which of the following is NOT a problem of population census in Nigeria?
- A. inadequate transportation
- B. High birth rate
- C. High cost
- D. Mass illiteracy
- E. Political interest
The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as
- A. average utility
- B. marginal cost
- C. marginal product
- D. marginal utility
- E. total utility
Which of the following factors will NOT affect supply of maize in Nigeria?
- A. Extension services to farmers
- B. Improve technology
- C. Price of maize
- D. Quantity of wheat produced
- E. Weather and climatic condition
Points outside the production possibility curves shows
- A. unequal allocation of resources among factors
- B. capital production level
- C. under utilization of resources
- D. unattainable production level
- E. effective consummation of resources
All the following are the objectives of economic planning EXCEPT to
- A. reduce the rate of inflation and achieve stable value for the naira
- B. encourage inflow of public and private capital
- C. evolve a sequential political transition and enthronement of popular government
- D. reduce economic dependence on foreign nations
- E. achieve full employment
A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?
- A. 0.02 tonnes
- B. 0.2 tonnes
- C. 2 tonnes
- D. 20 tonnes
- E. 200 tonnes
A one-man business is controlled by
- A. an active partner
- B. board of trustees
- C. board of directors
- D. dormant partner
- E. the owner
An inflation which occurs as a result of increase in production cost is known as
- A. cost-push inflation
- B. creeping inflation
- C. demand-pull inflation
- D. hyper-inflation
- E. runaway inflation
When Elasticity of Demand is greater than one, the demand is
- A. perfectly elastic
- B. unitary elastic
- C. zero elastic
- D. inelastic
- E. elastic
A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as
- A. comprehensive planning
- B. indicative planning
- C. perspective planning
- D. regional planning
- E. sectors planning
A business organization set up for the mutual benefits of member with similar interest is known as
- A. cooperative society
- B. partnership
- C. private limited company
- D. public corporation
- E. public limited company
Which of the following is NOT a function of the wholesaler in the distributive channel?
- A. Bulk breaking
- B. Direct contact with end users
- C. Feedback information to manufacturers
- D. Public relations and advertising of products
- E. Storage facilities for finished products
The main differences between money market and capital market is that money markets
- A. acts as advisers to investor while capital markets teleguides
- B. are owned by individuals, while capital markets are owned by government
- C. accepts collateral, while capital markets does not accept such
- D. accepts funds while capital markets disburse fun to investors
- E. provide short term loans, while capital markets provide long-term loans
Excise duties are taxes levied on
- A. goods coming into the country
- B. goods going out of the country
- C. industrial incomes
- D. locally manufactured goods
- E. selected consumer durable
Which of the following will NOT be a barrier to international trade?
- A. Communication hindrances
- B. Easy conversion of currencies
- C. Geographical locations
- D. Ideological differences
- E. Imposition of duties and quotas
In Economics, want means…………aspiration
- A. endless
- B. qualitative
- C. quantifiable
- D. satisfied