Efficiency of labour is enhanced by?
- A. Average Total Cost less the sum of Varriable Cost
- B. half the sum of all costs
- C. Total Fixed Cost divided by the the level of output
- D. Total Fixed Cost plus Marginal Cost
Labour productivity is defined as?
- A. output per man/hour
- B. average output
- C. the maximum number of hours worked
- D. total level of output
The additional revenue obtained by using one more unit of a factor is called its?
- A. marginal product
- B. additional product
- C. marginal revenue product
- D. average product
Market is defined as?
- A. one geographical location where people meet to buy and sell
- B. the demand and supply of goods and services
- C. a group of people whose sole interest is to make profit
- D. any organizational framework which links the buyers and sellers of a good and service
Which of the following best describes the concept of opportunity cost?
- A. a special bargain or scale at below market price
- B. Cost of input tends to go up as we use more of them
- C. Goods that are not produced in order to produce more of another good
- D. A cost that constantly decreases
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
- A. microeconomics
- B. macroeconomics
- C. production
- D. indifference curve
A production possibility curve shows?
- A. how much of the resources of society are used to produce a particular commodity
- B. the rate of inflation
- C. the rate of unemployment in the economy
- D. the various combinations of two commodities that can be produced
An nation’s distribution of income shows?
- A. the value of all goods produce inthe economy
- B. how income is divided among different groups
- C. where the economy system is on its production possibility curve
- D. the consumption behaviour of the people
Which of the following strategies will provide more employment opportunities for Nigerians?
- A. Investment in social services
- B. Industrialization
- C. Economics planning
- D. Eradication of illiteracy
The difference between the Gross Domestic Product and the Gross National Product is?
- A. allowance for total depreciation
- B. total interest payments
- C. total tax and interest payments
- D. net income from aboard
Which of the following methods is most likely to lead an economy?
- A. An increase in wages and profits
- B. An increase in consumer demand
- C. A greater fraction of national Product going into investment
- D. A countinuous rise in bank loans
ECOWAS will enable the countries involved to achieve
- A. comparative political advantage over other countries not in the region
- B. a large market for their products
- C. military superiority over countries not in the region
- D. lower the transportation codt of goods wthin the region
A society which forgoes present consumption
- A. is forced to do so because of excessive consumption within the country in the past
- B. is devoting new resources to new capital formation
- C. is merely devoting resources to the replacement of capital
- D. expects to consume only that amount tomorow which was forgone today
The term of trade often measured by the ratio of the index of export
- A. divided by the index of import prices multiplied by 100
- B. multiplied by the index of import prices
- C. plus the index of import prices multiplied by 100
- D. minus the index of import prices
The term balance of trade, can be defined as the?
- A. relation between value of exports and value of imports over a given period of time
- B. balance owed to the rest of the world in payment for imports
- C. price paid for imports in term of exports
- D. relation between payments of all kind made by a country to the rest of the world, over a given period of time
Balance of payment deficit in Nigeria CANNOT be solved by
- A. importing more goods and services
- B. devaluation of the currency
- C. imposing import duties
- D. imposing import bans on some commodities
In international trade, a country specializes in the production of a commodity or group of commodities for which it has?
- A. a buoyant market
- B. plenty of raw materials
- C. the greatest relative advantage
- D. executive manpower
Tax incidence is the analysis of?
- A. how progressive a tax is
- B. how a tax is collected
- C. hw distorting a tax is
- D. who ultimately pays the tax
The best technical description of a progressive tax is a?
- A. tax which takes more money from the rich than from the poor
- B. more equitable tax than aggressive one
- C. tax which takes a higher proportion of extra naira received as income rises
- D. tax which falls directly on those in the high income brackets
Which of the following is NOT a goal of modern budgets?
- A. The control of inflation
- B. The reduction in income inequality
- C. The shift of all resources from the private to the public sector
- D. Economic development
Which of the following causes of inflation is related to demand-pull inflation?
- A. Low productivity on farms and in firms
- B. Poor storage facilities
- C. Poor distribution system
- D. Increase in expenditure on construction