Among all the determinants of economic growth, the most important one is
- A. Human capital
- B. Increased GDP
- C. Land and Natural resources
- D. Technologies
A ………… in the price of the domestic currency in terms of a foreign currency is referred to as ………….
- A. Decrease, appreciation
- B. Increase, de-appreciation
- C. Decrease, depreciation
- D. Increase, consolidation
Economic problem occurs when
- A. There is scarcity relative to demand
- B. All raw materials are imported
- C. Many people are out of work
- D. There are no buyers for our goods
Business cycle is associated with
- A. Recession
- B. Unemployment
- C. Seasonal variation
- D. Inflation
Money could be defined as
- A. Options A, B and C
- B. Medium of exchange
- C. Settlement of debt
- D. Medium of payment
The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as
- A. Principle of economy
- B. Principle of convenience
- C. Principle of simplicity
- D. Principle of certainty
Government uses all of the following ways to redistribute income, except
- A. Market intervention
- B. Transfer earnings
- C. Limited liability
- D. Taxation
………………… is the highest body in ECOWAS organogram
- A. Authority of Head of State and Government
- B. The Executive Secretariat
- C. The Defense Council
- D. Council of Ministers
Real cost is
- A. Alternative commodities forgone
- B. Amount of money spent on goods and services
- C. Cost of goods and services
- D. True cost
What is the lowest price the monopolist can charge
- A. P2
- B. P1
- C. P3
- D. P4
The diagram above represent
- A. perfect competition
- B. mononpoly
- C. demand curve
- D. competitive market
The fundamental problem of economics is
- A. Finding striking determinants between the forces of supply and demand
- B. The scarcity of productive resources relative to society's unlimited wants
- C. The establishment of a political framework to determine the what, how and for whom of production
- D. To establish an equitable distribution of income
………….is presently used in Nigeria to measure inflation
- A. GNP implicit price deflator
- B. Consumer price index
- C. Wholesale price index
- D. Real Gross Domestic Product
A major factor contributing to productivity is
- A. Immigration of young workers
- B. The labour force
- C. The baby boom of generation
- D. The rate of GDP per year
The development of an economic hypothesis through intuition, insight, or logic is associated with
- A. Deduction
- B. Policy economics
- C. Normative economics
- D. Induction
One major problem facing West African countries is
- A. Relations with Colonial Masters
- B. Joint Military operations in Member States
- C. Political integration
- D. Financial crunch of Member States
If a business’ total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn
- A. A normal profit of N750,000
- B. An economic profit of N750,000
- C. A normal profit o N1,750,000
- D. An economic profit of N250,000
The theory of …………… was propounded by ………………
- A. Comparative advantage; Mercantilists
- B. Absolute advantage; Adam Smith
- C. Comparative advantage; Adam Smith
- D. Absolute advantage; David Ricardo
The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is
- A. Structural unemployment
- B. Cyclical unemployment
- C. Seasonal unemployment
- D. Frictional unemployment
An industry is
- A. A group of firms producing differentiated products
- B. A group of firms producing distinct commodities
- C. A group of firms producing related goods
- D. A group of firms producing unrelated goods