Plantation farming can best be defined as cultivation of
- A. crops using hoes and cutlasses for farming
- B. food crops for personal consumption
- C. food for use by the family
- D. large scale farms of cash crops
- E. livestock for commercial purposes
The equation MV PT is known as
- A. demand and supply equation
- B. equilibrium equation
- C. equation of exchange
- D. money supply equation
- E. price index numbers
Goods that are useful, scarce and can command price are called …………. goods.
- A. capital
- B. consumer
- C. economic
- D. free
- E. scarce
Which of the following Is NOT a function of Merchant Bank
- A. Helps public companies to issue new shares
- B. Provision of medium and long-term loans
- C. They accept bills of exchange
- D. They guarantee the buying of shares
- E. They implement government monetary policies
The Industrial strategy of producing locally those goods that could have been imported is known as
- A. balance growth
- B. export promotion
- C. import substitution
- D. Industrialization
- E. urbanization
The African Development Bank was set up in 1964 and has its headquarters in
- A. Burkina Faso
- B. Ivory Coast
- C. Liberia
- D. Niger Republic
- E. Senegal
A comprehensive statement of Income and expenditure on international accounts for one financial year is called
- A. balance of payments
- B. balance of trade
- C. budget
- D. Index of trade
- E. terms of trade
A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax.
- A. direct
- B. indirect
- C. progressive
- D. proportional
- E. regressive
The following countries are members of ECOWAS EXCEPT
- A. Angola
- B. Ghana
- C. Ivory coast
- D. Liberia
- E. Niger Republic
Which of the following goods are NOT examples of joint supply?
- A. Beef and hides
- B. fuel and kerosene
- C. Palm oil and kernel
- D. Tea and coffee
- E. Wool and Mutton
Standard deviation can be determined by the square root of the
- A. mean
- B. mean deviation
- C. mode
- D. variance
- E. variance divided by the mean
The following are types of monopolies EXCEPT
- A. cartels
- B. holding companies
- C. syndicates
- D. thrifts
- E. trusts
The following are bye-products of crude oil EXCEPT
- A. bitumen
- B. kerosene
- C. paraffin wax
- D. perfume
- E. petrol
The following are the objectives of economic planning EXCEPT
- A. achieving balanced growth
- B. diversification of the economy
- C. creation of more employment opportunities
- D. equitable allocation of resources
- E. rapid population growth
The theory of absolute advantage was propounded by
- A. Adam Smith
- B. David Ricardo
- C. Irving Fisher
- D. JB Kynes
- E. Thomas Malthus
The function muv/muz = py/pz represents
- A. consumer’s average utility level
- B. diminishing marginal utility
- C. increasing marginal utility
- D. marginal theory of price
- E. utility maximization
The first oil refinery in Nigeria was established at
- A. Alesa Eleme
- B. Araromi
- C. Kaduna
- D. Oloibiri
- E. Warri
Which of the following is NOT a feature of land?
- A. Free gift of nature
- B. Fixed in supply
- C. Geographically immobile
- D. Returns on land is wages
- E. Subject to law of diminishing returns
If the price Index of export is 140% and import is 200%, what is
- A. 60
- B. 70
- C. 100
- D. 140
- E. 280
Economics is regarded as a social science because It
- A. helps people to be acceptable In the society
- B. Is associated with social dubs
- C. is used by sociologist
- D. studies human behavior
- E. uses controlled experiment
Which of the following is a condition necessary
- A. Few sellers and buyers
- B. Free entry and exist
- C. Homogeneous goods
- D. Lack of preferential treatment
- E. Many callers and buyers