The maintenance of general economic stability in the country necessarily relies heavily on?
- A. federal fiscal policy
- B. coordinated federal, state and local fiscal policies
- C. tax and revenue policies of state governments
- D. federal grants to state and local government
- E. federal grants to local governments
Public expenditure creates expansionary effects in the economy when it is
- A. in excess of government revenue
- B. channelled into capital products
- C. diverted into imports
- D. financed through part of the year's total collection of taxes
Which of the following enterprises does NOT pursue the sole objective of profit maximization?
- A. Roads of Nigeria Ltd
- B. Union Bank of Nigeria Ltd
- C. Nigeria Electric Power Authority
- D. Volkswagen (VW) Nigeria Ltd
- E. Kingsway Nigeria Ltd
In a sole proprietorship, the decisions are made by the?
- A. governmnet
- B. borad of directors
- C. management
- D. shareholders'conference
- E. owner
Retailers in an economy perform the function of
- A. production
- B. exchange
- C. distribution
- D. horading
- E. investment
In an inflationary period which of the following statements is NOT true?
- A. Wages rise simultaneously with prices
- B. The purchasing power of money diminishes
- C. More money runs after a limited quantity of goods
- D. Money supply increases
- E. Aggregate real demand exceeds aggregate real supply
The meaning of ‘wage-price spiral’ is?
- A. demand pull and cost push inflation pulling each other in different director
- B. demand pull and cost push inflation intensifying each other
- C. both of them bringing about a reduction in the price level
- D. that demand pull and cost push inflation increases employment
- E. that wages and prices are rising at a proportional rate
Palm oil industry is located in Bendel State because the State?
- A. imports raw material for palm oil Industry
- B. is a palm tree growing area
- C. soil is unsuitable for other crops
- D. government does engage land for other crops
- E. land is suitable for oil
Marginal cost curve intersects average cost curve ?
- A. from above at its lowest point
- B. from below before the lowest point
- C. from below at its lowest point
- D. from below after the lowest point
- E. at zero point
A Nigerian household’s demand curve for semovita is downward because?
- A. the demand for semovita is high
- B. the loal markets are flooded with semovita
- C. it is produced in Nigeria
- D. every household can afford to buy semovita
- E. higher prices attract lower quantities while lower prices attract larger quantities
If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?
- A. the productivity of labour
- B. the law of diminishing marginal utility
- C. the law diminishing returns
- D. the concept of factor intensity
- E. labour intensive production
The concept of economic efficiency primary refers to?
- A. obtaining the maximum output from available resources at the lowest cost
- B. conservation of our petroleum resources
- C. equity in the distribution of the nation's wealth
- D. producing without waste
- E. the limited wants-unlimited resources dilemma
Production possibilities(alternatives)
P Q R S T
Units of shelter 5 4 3 2 0
Units of food 0 5 9 12 15
Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is?
- A. one unit of shelter
- B. three units of shelter
- C. one third of a unit of shelter
- D. six units of shelter
- E. two units of shelter
Which of the following sets fully represents factors of production?
- A. Sunlight, machinery, man , land,
- B. Land, labour, capital, enterprise, technology
- C. Capital, technology, idaes, markets, land
- D. Land, water, weather
- E. Money, market , middlemen
The natural growth rate of a population is the
- A. sum of the birth rate and the death rate
- B. sum of the birth rate and the net migrate rate
- C. birth rate minus death rate
- D. birth rate divided by the net migration
- E. death rate minus the net imgration
Which of the following items is NOT an argument for locating industries in rural areas?
- A. Rural areas supply agricultural raw material
- B. The pace of development will be quickened in rural areas
- C. Employment will be provided for rural inhabitants
- D. Capital is easily available in rural areas
- E. Suitable humid climate is sometimes found in rural areas
A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?
- A. both price and quantity will increased
- B. only price increases
- C. only quantity increases
- D. the price remains constant
- E. the price falls
Which of the following is NOT include in measuring national income by the income approach?
- A. Wages and salaries of public servant
- B. student grants and scholarship
- C. Profit of companies
- D. income earned by self employed persons such as lawyers
- E. Rents on property
In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT?
- A. imposing import bans on some commodity
- B. imposing import duties
- C. drawing down on external reserves
- D. purchasing foreign exchanges from foreign countries
- E. devaluation of the currency
Which of the following countries is NOT a member of the economic Community of West African States?
- A. Sierra Leone
- B. Sudan
- C. Gambia
- D. Nigeria
- E. Guinea
All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria
- A. Price stabilization
- B. Efficient marketing of agriculture crops
- C. Provision of funds for building access roads
- D. Development of the agricultural industry
- E. Establishment of agro-allied industries