A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?
- A. 6 months
- B. 9 mnths
- C. 2 years
- D. 5 years
- E. 10 or more years
Warehousing facilities in the distribution and marketing of products are provided by?
- A. manufacturers
- B. wholesalers
- C. retailers
- D. consumers
- E. sellers
The inefficient distribution of scarce commodities in Nigeria is mostly due to the?
- A. inefficiency in the middlemen
- B. inefficiency in the production process
- C. long chain of the distribution system
- D. sovereignty of the consumers
- E. ineffectiveness of retailers
Which of the following is NOT a feature of underdevelopment?
- A. Low per capita income
- B. Vicious circle of poverty
- C. Low level of industrialization
- D. Greater dependence on primary production
- E. High per capita income
The amount of labour a producer hires relative to labour factor inputs depends on the?
- A. price of labour or it wage
- B. price of labour, machinery and other inputs
- C. price of machinery
- D. price of the other inputs
- E. type of machinery
If monopoly is attempting to maximize profit which of the following should it attempt to do?
- A. Select that output at which ATC is at minimum
- B. Set price equal to TC
- C. Maximize profit per unit
- D. Maximize revenue
- E. Equate marginal cost to marginal revnue
Under perfect competition, the long-run equilibrium requires?
- A. MR = MC
- B. MR = AC = AR
- C. MR > MC
- D. MR = MC = AR = AC
- E. AR = AC
At every point on a indifference curve, the
- A. total utility is decreasing
- B. prices of all goods are constant
- C. consumer is satiated
- D. level of utility is constant
- E. level of utility is increasing
In market economies, resources are allocated through the?
- A. government authorities
- B. price system
- C. banking system
- D. central planning bureau
- E. revenue allocation formula
If in the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
- A. An increase in demand for X will increase the supply of Y
- B. An increase in demand for X will shift the supply of Y
- C. An increase in demand for Y will raise the price of X
- D. An increase in demand for X will cause less of Y to be produced
- E. A probable tax on Y will cause more of X to be supplied
\(\begin{array}{c|c}
\text{Units of Quantity consumed} & \text{Total utility} & \text{Marginal utility} \\
0 & — & — \\
1 & 10 & 10 \\
2 & 15 & 5 \\
3 & 17 & 2 \\
4 & 18 & 1 \\
5 & 18 & 0 \\
\end{array}\)
The table above illustrates the law of?
- A. diminishing marginal utility
- B. diminishing marginal productivity
- C. diminishing returns
- D. increasing returns
- E. increasing total utility
One theory of population contends that population tends to increase much faster than the supply of food, and that if the growth in population is not checked , it will be checked by natural forces like misery disasters and food shortages. This theory was propounded by?
- A. Prof. Paul Samuelson
- B. Adam Smith
- C. David Ricardo
- D. Rev. Thomas Malthus
- E. Prof. Ojetuuji Aboyade
The age distribution of a population is NOT influenced by?
- A. brith rates
- B. death rates
- C. patterns of immigration
- D. patterns of emmigration
- E. school leaving age
Optimum population is desirable because it enables an economy to obtain maximum?
- A. per capita income
- B. per capital output
- C. per capita real income
- D. per capital revenue
- E. growth rate
The meaning of scale of preference is?
- A. preparing a list of goods and services to be purchased in order of priority
- B. showing the monthly income
- C. budget preparation without due regard to proper proirities
- D. consumers' preference for luxury goods
- E. consumers preference for foreugn goods
An economic problem exists whenever
- A. there is scacity and choice
- B. there are no buyers for our goods
- C. there are too many sellers
- D. many people are out of work
- E. all raw materials are imported
Bisi needs a book costing N10.00 and a hat costing N10.00. If Bisi buys the book instead of the hat, the opportunity cost of his choice is the?
- A. cost of the bok
- B. cost of the hat
- C. book
- D. hat
- E. N10.00
One main quality of a good is that it
- A. is sold in the market
- B. satisfies wants
- C. is made in the factory
- D. is always tangible
- E. is non-perishable
Which of the following does NOT represent the behavior of a monopolist?
- A. Manipulating the market price of his goods
- B. Manipulating both the price and quantity of his goods at the same time
- C. Raising the price at one market, lowering it at another market
- D. Manipulating only quantity, price being a given factor
- E. Manipulating the quantity of his goods
Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development?
- A. Complete dependence on oil exports
- B. concentration on agricultural exports
- C. Diversification of the economy
- D. Building of more schools and universities
- E. Introductionn of nuclear energy in Nigeria
Which of the following is NOT a feature of economic underdevelopment of a country?
- A. A large number of High income earners relative to the population
- B. High annual income for the few
- C. High incidence of poverty
- D. Low daily calorie intake per person
- E. High infant mortality rate