\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)
Using the table above. The ATC at 30 units of output is
- A. ₦3.00
- B. ₦4.00
- C. ₦60.00
- D. ₦120.00
In a planned economy, the emphasis is on
- A. public ownership and control
- B. prices and competition
- C. individual choices and decisions
- D. private ownership and control
If there is an increase in demand without a corresponding increase in supply, there will be a
- A. rise in price
- B. shift in demand curve to the left
- C. fall in price
- D. shift in supply curve to the right
The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is
- A. perfectly inelastic
- B. fairly inelastic
- C. perfectly elastic
- D. fairly elastic
Utility is the satisfaction derived from?
- A. demand
- B. production
- C. distribution
- D. consumption
In economic analysis, a statement is said to be normative if it?
- A. relates to value judgement
- B. is incorrect
- C. can be tested scientifically
- D. is contradictory
For an inferior good, a decreased in real income will lead to?
- A. a lower equilibrium price
- B. a change in quantity demanded
- C. an outward shift of the demand curve
- D. an inward shift of the demand curve
When two variables are positively related, the graph of the relationship?
- A. is a downward-sloping curve
- B. has a negative intercept
- C. is a straight line
- D. is an upward-sloping curve
As a country gets more developed, the percentage of labour engaged in agriculture tends to?
- A. remain constant
- B. decrease steadily
- C. switch over to trading
- D. increase steadily
The major purpose of African Development Bank is to?
- A. provide loans for trade development
- B. provide loans for infrastructural development
- C. provide loans for develpment banks in distress
- D. educate peasant farmers in new techniques
One of the problems arising from the localization of industries is?
- A. high prices of output
- B. the exportation of output
- C. the scarcity of foreign exchange
- D. structural unemployment
The present privatization policy in Nigeria is aimed at?
- A. reducing income inequality
- B. reducing the prices of goods and services
- C. poverty alleviation
- D. increasing efficiency in production
The types, sources and uses of government income are mainly concerned with?
- A. public expenditure
- B. public revenue
- C. public budget
- D. public finance
One of the major factors militating against industrialization in Nigeria is the?
- A. inadequacy of infrastructural facilities
- B. absence of government participation
- C. frequent breakdown of equipment
- D. failure to get foreign partners and supporters
A deficit budget can be used to?
- A. stimulate recovery from a trade depression
- B. protect the economy from inflation
- C. starve the economic of funds for economic development
- D. provide measures to remedy the balance of payments
ECOWAS has taken a giant step towards economic integration by?
- A. presenting a united front against foreign economic exploiters
- B. introducing a common currency for travellers
- C. holding frequent meeting at various state capitals
- D. increasing economic stability among members states
One of the major criticisms of the 1992-1968 National development Plan was that?
- A. it failed to incorporate lessons gained from earlier plans to enhance its efficiency
- B. it came too quickly after the country's indepedence
- C. planned expenditure was based too heavily on expected earnings from crude oil
- D. its execution was based largely on foreign sourced financial resources
Import substitution aims at?
- A. substituting agricultural products with industrial ones
- B. substituting imports with agricultural exports
- C. the diversification of industries
- D. improving the balance of payments
Which of the following yields more revenue to Nigeria?
- A. Value added tax
- B. Royalties
- C. indirect tax
- D. Direct tax
One way of correcting the balance of payments problem of a country is to?
- A. introduce import-promotion measures
- B. buy investments abroad
- C. devalue the currency
- D. de-emphasize import-substitution industries
One of the roles of NNPC in the production and refining of crude oil is to?
- A. secure maximum government revenue and regulate price
- B. prevent the smuggling of petroleum products
- C. satisfy the domestic consumption of petroleum products
- D. protect the local operators in the petroleum industry