Age-structure in Nigeria is such that the working age-group is in the years
- A. 1-15
- B. 15-65
- C. 30-40
- D. 40-65
- E. 65 and above
Which of the following defines Economics most comprehensively?
- A. Buying and selling
- B. Organization and Industries
- C. study of human behaviour in the allocation of scarce resources
- D. National development planning and budgeting
- E. Banking and Insurance
Agriculture plays a dominant role in West Africa economics because
- A. the green Revolution in Nigeria is agriculture
- B. it supplies all the foodstuff consumed in West Africa
- C. there are large plantation of cocoa, groundnut and palm oil in West Africa
- D. it is the main source of revenue in Nigeria
- E. it employs more than 50% of the total labour force in West Africa
Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?
- A. money is regarded as a medium of exchange
- B. measure for value
- C. unit of account
- D. store of value
- E. standard for deferred payments
The effect of emigration on a country’s population, all other things remaining equal, is to
- A. increase its size
- B. cause overpopulation
- C. increase its growth rate
- D. reduce the proportion of children
- E. reduce its size
The monetary system that requires double coincidence of want is known as?
- A. the gold standard
- B. barter
- C. the commodity system
- D. the gold exchange standard
- E. the cheque system
Which of the following is NOT an advantage of localization of industries?
- A. Reaping of external economies
- B. Development of a pool or skilled labour for industry
- C. Development of subsidiary industries
- D. Development of organized markets
- E. Growth of conurbations
When a government owns enterprises, a number of advantage arise. Which of the following is NOT one of such advantages?
- A. More capital is provided
- B. Price policy may be the interest of consumers
- C. Government workers may be indifferents towards the public
- D. Infrasturcture are rapidly developed
- E. income may be more evenly distributed
A major function of middlemen in Nigeria is the distribution of?
- A. commodities to all consumers regardless of income
- B. commodities to consuming centres and the collection of money income to producing centres
- C. economic welfare to all
- D. wealth to all
- E. poverty within the society
If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?
- A. land and related factors
- B. abundance of natural resources
- C. level of human capital
- D. technical progress or other factors
- E. the discipline of political leadership
The quickest way of achieving an economic union on regional basis is to remove all?
- A. currency barriers
- B. language barriers
- C. politcal barriers
- D. customs barriers
- E. legal barriers
Mono production economies are those that?
- A. have a rich cultural heritage
- B. produces only raw materials
- C. live from the export of their raw product
- D. produce one main commodities
- E. specialized in agricultral industries
International trade is necessary because?
- A. no country can live in economic isolation
- B. different countries are differently endowed in natural and man-made resources
- C. some countries have comparative costs advantage in the production of particular commodities over other countries
- D. the word demand for and supply of various categories of commodities is expanding very fast
- E. countries want to build up their foreign exchange reservers
Petroleum ‘glut’ in international trade means
- A. a fall in petroleum production
- B. an over supply of petroleum
- C. a higher petroleum price offered by the buyer
- D. a higher petroleum price demanded by the seller
- E. higher prices for the consumtion of petroleum
Disequilibrium in the balance of payment means?
- A. imports of the country exceeding its exports
- B. overall deficit or surplus in the current account and capital account of the balance of payment
- C. capital flowing out of the country exceeds the capital flowing into the country
- D. deficit in the trade balance
- E. export earnings exceeds cost of imports
The meaning of ‘Dumping’ is selling goods in a foreign market
- A. at a low price that recieved in the home market
- B. at a price higher than that recieved in the foreign market
- C. at a price equal to the cost price in the home market
- D. in order to encourage indigenous producers
- E. at a price equal to the selling price in the home market
Comparative cost doctrine of international trade means specialization in production
- A. according to absolute cost advantage
- B. according to absolute cost disadvantage
- C. according to comparative cost disadvantage
- D. according to comparative cost advantage
- E. on the basis of the availability of labour
A greater burden of the taxes on essential goods is borne by the?
- A. middle income group
- B. higher income group
- C. lower income group
- D. people falling between the middle and higher income groups
- E. top few richest people of the country
In the event of a limited liability company going into liquidation each
- A. shareholder may lose the maximum of the amount he has invested
- B. shareholder loses nothing
- C. shareholders loses everything including his house
- D. shareholder''s liability becomes unlimited
- E. shareholder will lose the amount he has invested plus a proportion of his bank account
Division of labour has many advantages . Not withstanding, it is greatly limited by?
- A. monotony of work
- B. decline of craftmanship
- C. risk of unemployment
- D. extent of market demand
- E. boredom
The supply of loanable funds is significantly influenced by?
- A. commercial banks
- B. mortage banks
- C. financial intermediaries
- D. the Central Bank
- E. insurance companies