The efficiency of labour can be increased by?
- A. constant training of workers
- B. retirement of workers on a regular basis
- C. engaging expatrirates only
- D. placing an embargo on recruitment
An increase in the discount rate is an indication of a central bank’s intention to pursue?
- A. an expansionary monetary policy
- B. a disciplined monetary policy
- C. a dynamic monetary policy
- D. a contractionary monetary policy
Economic growth can be accelerated through?
- A. balancing of savings and consumption
- B. postponement of current consumption
- C. planned current consumption
- D. increased current consumption
In national income accounting, NNP is derived by subtracting from the GNP?
- A. transfer payments
- B. indirect taxes
- C. allowance for wastage
- D. capital consumption
The capital market is a market for trading of financial assets such as?
- A. bankers' acceptances
- B. treasury bills
- C. long-term securities
- D. commercial papers
The price paid for labour services is the?
- A. commission rate
- B. wages rate
- C. income rate
- D. salary rate
A tax that increases at a higher percentage as income increase is called?
- A. a proportion tax
- B. a regressive tax
- C. a progressive tax
- D. an income tax
The raising of funds by selling stocks to the public is called?
- A. equity financing
- B. stock financing
- C. debt financing
- D. loan financing
An industry is?
- A. company producing unrelated commodities
- B. group of firms producing related commodities
- C. group of firms producing distinct commodities
- D. firms producing differentiated commodities
To facilitate the exportation of crude oil from Nigeria, special?
- A. airstrips were constructed for jets to evacute the oil
- B. roads were built to connect the major oil wells to the ports
- C. pipelines were laid to connect the major oil wellsto the ports
- D. railway lines were constructed to connect the major oil wells to the ports
The losses suffered by a sole proprietor are?
- A. usually equal to the amount invested
- B. usually less than the amount invested
- C. limted to the amount invested
- D. not limited to the amount invested
A disadvantage of concentrating industries in an area is that it could?
- A. lead to conclusion among the firms
- B. result in evironmental pollution
- C. bring about diseconomies of scale
- D. increase the cost of production
In the agricultural sector, improved extension services facilitate?
- A. acquistion of techniques
- B. arable crop production
- C. mobility of labour
- D. livestock production
Which of the following is an example of a fixed cost?
- A. Fuel cost
- B. Electricity bill
- C. Rent on building
- D. Transportation cost
A major advantage of specialization and division of labour is that?
- A. time wastage will be minimized
- B. trade unions will be encouraged
- C. there will be a ready market for labour
- D. workers will be adequately rewarded
A production function relates?
- A. cost to output
- B. wages to profit
- C. cost to input
- D. output to input
An imperfect market exist where?
- A. the product is homogenous
- B. there is perfect information among sellers
- C. both buyers and sellers have free entry into and free exits from the market
- D. the location of some sellers gives them an advantage over others
If government fixes price below the equilibrium price, what effect will it have on demand?
- A. Quantity demanded and supplied will be equal
- B. Quantity supplied will be greater than quantity demanded
- C. Quantity demanded will increase
- D. Quantity demanded will decrease
An important feature of perfect competition is that?
- A. the movement of goods and services is restricted
- B. there is adequate knowledge of existing prices
- C. prices are centrally administered
- D. individual economic units can influence prices
The long run is a period during which a firm?
- A. sells inputs to purchase fixed assets
- B. varies all its inputs
- C. sources all its inputs from within
- D. replaces all its inputs
In the long-run, a monopolist maximized his profit when the marginal cost equals?
- A. total revenue
- B. marginal revenue
- C. average revenue
- D. price