National Income estimates can be used to?
- A. differentiate between the rich and the poor in a country
- B. prepare a country's annual budget
- C. protect the level of a country's economic develompent
- D. compare a country's growth rate with that of another over a period of time
The stock exchange is a market for the buying and selling of?
- A. monetary instruments
- B. new shares
- C. existing shares
- D. treasury bills
The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?
- A. competitve
- B. composite
- C. supplementary
- D. complementary
In a centrally planned economy, the economic problem of deciding what to produce is dependent on?
- A. average profit
- B. state command
- C. average cost
- D. relative prices
A scientific approach in economic analysis entails?
- A. a deductive method only
- B. both inductive and normative methods
- C. a normative method only
- D. both inductive and deductive methods
One of the reason for an exceptional demand curve is the?
- A. expectation of a future change in price
- B. availability of credit facilities
- C. change in the price of the commodity
- D. availability of substitutes
A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
- A. consumers are willing to pay higher prices
- B. supply is facing competition
- C. other factors than price have changed
- D. price has changed
A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?
- A. the ruler
- B. the exercise book
- C. N25.00
- D. 18.00
The demand for factors of production is an example of?
- A. joint demand
- B. competitive demand
- C. derived demand
- D. composite demand
The elasticity of supply of perishable goods is?
- A. unitary
- B. inelastic
- C. zero
- D. elastic
A country with over-valued currency will?
- A. expect balance of payments surplus
- B. have increased demand forthe exports
- C. increase her foreign reserve
- D. decreased her foreign reserve
The major reason why nations engage in international trade is that?
- A. it allows free movement of factors of production
- B. it makes possible the use of capital-intensive method of production
- C. nations are substantially different in their endowments of economic resources
- D. it affords the trading nations the opportunity to earn high profit
The loans from the World Bank to developing countries are mainly to support?
- A. the establishment of more universities
- B. capital-intensive technology
- C. infrastructural investments
- D. their low level of consumption
GNP is not a good measure of social welfare because there are unrecorded?
- A. indirect taxes
- B. social costs
- C. government subsidies
- D. transfer payments
If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?
- A. 0.4%
- B. 40.0%
- C. 10.0%
- D. 4.0%
In order to accelerate economic development, a country must?
- A. stimulate her population growth rate
- B. pursue a high population growth rate
- C. pursue a rational population policy
- D. pursue an incremental population policy
Money may not be accepted as a store of value if?
- A. its value is unstable
- B. it is easily transferable
- C. its value is stable
- D. it is easily divisible
The distribution channel that contributes most to the cost of production is?
- A. producer-wholesaler-consumer
- B. producer-retailer-consumer
- C. producer-retailer-wholesaler-consumer
- D. producer-wholesaler-retailer-consumer
National debts is an expected outcome of?
- A. deficit budget
- B. consolidation budget
- C. balanced budget
- D. surplus budget
The reduction of high fertility rate is a measure in population control designed to make the?
- A. female population higher than the male
- B. female and male population equal
- C. male population higher than the female
- D. growth in population more sustainable
In Nigeria, revenue sharing from the federation Account is between the?
- A. executive, the judiciary and the legislature
- B. federal and state governments and the parastatals
- C. federal and state governments and the senate
- D. federal, state and local governments