An aspect of taxation that involves normative economics is the?
- A. ]tax rate
- B. effect on incentive to work
- C. fairness of the tax
- D. tax burden
A capital market differs from the money market in that in the former?
- A. loan sought is short term
- B. loan reayment is guaranteed
- C. loan sought is long term
- D. the percentage of interest chargedis more
Two principal ways by which banks can lend money to their customers are through?
- A. loans and overdrafts
- B. loans and discounting bills
- C. overdrafts and cheques
- D. overdraft and treasury bills
A persistent rise in the general level of prices implies?
- A. an increase in some prices
- B. a one-time rise in prices
- C. a steady fall in the purchasing power of money
- D. that the higher the price level, the more the value of money
An increase in money supply, other things being equal, will?
- A. lower interest rates
- B. reduce income
- C. ensure trade balance
- D. increase money demand
Exclusions that makes Gross National Product a poor measure of welfare are?
- A. goverment purchases
- B. government millitary outlays
- C. wages and salaries
- D. housewives services
Which of the following is used for measuring national income?
- A. Output, income and wages
- B. Import, expenditure and output
- C. Income, output and expenditure
- D. Export, Import and output
The major function of the wholesaler to his customers is?
- A. breaking of bulk
- B. offering personal services
- C. stocking a variety of goods
- D. providing transport facilities
A major effect of a long distribution chain is?
- A. high retail prices
- B. scarcity of commodities
- C. low retail prices
- D. low producer earnings
Firms continue to employ workers until the wage rate equals the?
- A. average product of labour
- B. marginal revenue product of labour
- C. total product of labour
- D. sum of marginal revenue and average revenue of labour
The age distribution of a country’s population determines the?
- A. ratio of the dependent to the working group
- B. total age of all working class adults
- C. male-female ratio
- D. percentage of married women
A well conducted census is important for?
- A. effective defence
- B. effective revenue generation
- C. good economic planning
- D. optimum population
As a producer’ association, the OPEC expects its members to maintain production where marginal cost is?
- A. greater than price
- B. less than price
- C. equal to price
- D. equal to average cost
The Nigerian economy is mono-cultural because government revenue is derived mainly from?
- A. agriculture
- B. manufacturing
- C. coal
- D. crude oil
Industries contribute to national economic development because they?
- A. utilize local raw materials
- B. employ an increase number of labour
- C. provide recreational facilities
- D. use modern machines which replace human labour
The slow pace of industrial growth in Nigeria can be attributed to?
- A. overdependence on the oil sector
- B. inadequate number of unskilled labour
- C. lack of raw materials
- D. inadequate infrastructural facilities
A primary industry is concerned with?
- A. extraction of resources in their raw states
- B. the operation of small scale enterprises
- C. the economic activities of primary producers
- D. clearing and cultivation of land only
Increased output will cause farmers’ revenue to decrease when market demand is?
- A. elastic
- B. inelastic
- C. unitary elastic
- D. perfectly elastic
One problem in the marketing of agricultural products in Nigeria is?
- A. the seasonal nature of the commodities
- B. high price of the commodities
- C. the changing tastes of consumers
- D. inadequate storage facilities
The concept of privatization presupposes?
- A. efficiency
- B. marketing trade
- C. indigenization
- D. foreign trade
A distinguishing characteristic of cooperative societies is that voting power depends on the?
- A. number of shares held
- B. status of the member
- C. equality of members
- D. management's decision