Which of the following is NOT an objective of Economic planning?
- A. Achieving economic self reliance
- B. Achieving economic growth
- C. Creating employment
- D. Equitable allocation of resources
- E. Widening the income gap
The problem of “how to produce” in any economy is solved by
- A. adopting the least cost method of production
- B. combining capital and labour intensive methods of production
- C. employing the services of a manager
- D. using capital intensive method of production
- E. using labour intensive method of production
A major characteristics of a firm operating at a long-run equilibrium position is that
- A. all costs can be varied
- B. average variable cost is fixed
- C. fixed cost can not be changed
- D. marginal cost is fixed
- E. only variable cost changes
Which of the following is NOT included in-measuring the National income through the income approach?
- A. Allowance given to an aged mother by a civil servant
- B. Income earned by a bricklayer
- C. Profit earned by Nigerian bottling company plc
- D. profit earned by NITEL plc
- E. Salary earned by a doctor
The following are problems of development planning in Nigeria EXCEPT
- A. death of skilled manpower
- B. inadequate capital
- C. inadequate statistical data
- D. poor implementation of economic planning
- E. under-population
Which of the following is NOT associated with minimum price legislation?
- A. Black market
- B. Excess demand
- C. Excess supply
- D. Unattainable equilibrium
- E. Unemployment
If the population of a school is 600 and 60% are In JSS, how many students are in SSS?
- A. 204
- B. 224
- C. 240
- D. 244
- E. 248
The use of tax and expenditure policy to regulate the economy is known as
- A. deregulation
- B. fiscal policy
- C. monetary policy
- D. physical measures
- E. structural adjustment
Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds
- A. as much to TR as to TC
- B. less to TR as to TC
- C. less to TC than to TR
- D. more to TC than to TR
- E. more to TR than to T
The following are rewards for factors of production EXCEPT
- A. interest
- B. profit
- C. rent
- D. subsidy
- E. wages
Which of the following is the correct order in the chain of distribution?
- A. Consumer —> Distributor → Retailer → Producer
- B. Producer → Consumer → Retailer → Wholesaler
- C. Producer → Wholesaler → Retailer → Consumer
- D. Retailer → Consumer → Producer → Wholesaler
- E. Wholesaler → Retailer → Producer → Consume
At the equilibrium price,
- A. demand is greater than supply
- B. demand equates supply
- C. demand is less than supply
- D. price is equal to demand only
- E. price is equal to supply only
Which of the following is a disadvantage of localization of industries?
- A. Aiding cooperation among firms
- B. Creating structural unemployment
- C. Encouraging subsidiary industries
- D. Encouraging the growth of skilled labour
- E. Reducing cost of production
The demand for factors of production is said to be
- A. competitive
- B. complementary
- C. composite
- D. derived
- E. joint
The satisfaction derived from Die consumption of a commodity is referred o as
- A. consumption
- B. demand
- C. production
- D. utility
- E. utilization
An industry operating in a perfect competitive market situation will maximum profit when
- A. DD = SS
- B. DD < SS
- C. MC > AC
- D. MC < AR
- E. MC = MR
The 2nd National Development plan in Nigeria was between
- A. 1962 — 1968
- B. 1970 — 1974
- C. 1975 — 1980
- D. 1980 — 1985
- E. 1985 — 1990
An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.
- A. capitalist
- B. communist
- C. mixed
- D. socialist
- E. welfarist
Persistent fail In the general price level Is known as
- A. deflation
- B. devaluation
- C. general price Increase
- D. inflation
- E. price index
ECOWAS secretariat is located in
- A. Abuja, Nigeria
- B. Accra, Ghana
- C. Conakry, Guinea
- D. Freetown, Sierra Leone
- E. Monrovia, Liberia V
In the equation Q = a – bp + e; Q and P are …. Variables respectively.
- A. constant and dependent
- B. dependent and independent
- C. error term and independent
- D. independent and constant
- E. independent and dependent