The chief sources of Federal Government revenue in Nigeria are?
- A. import duties, petroleum, import tax, profit tax, royalties and government dividends
- B. personal income tax, excise tax and vehicle licenses
- C. export duties, personal income tax and royalties
- D. property income, sales tax and excise tax
- E. import duties, sales tax and poll tax
The purpose of import duties does NOT include the?
- A. generation of revenue for government
- B. protection of domestic industries
- C. promotion of international trade
- D. conservation of foreign exchange earnings
- E. control of comsuption pattern
Retailers are greater in numbers than wholesalers because?
- A. retail business may not be registered or incorporated
- B. retail business requires less expertise
- C. retailers deal with final consumers
- D. all retail businesses are large enterprises
- E. all retail businesses are small enterprises
Population growth can be calculated as ?
- A. Birth rate + death rate + migration rate + immigration rate
- B. Birth rate – death rate + migration rate -immigration rate
- C. Birth rate + death rate – migration rate + immigration rate
- D. Birth rate – death rate – emigration rate + immigration rate
- E. Birth rate – death rate
if AC = Average Cost of production ,
TC = Total Cost of production
VC = Variable Cost of production
FC = Fixed Cost of production
Q = Quantity of goods produced
Then,
- A. AC = TC; TC = VC + FC
- B. AC = \(\frac{(TC)}{Q}\): TC = VC + FC
- C. AC = TC; TC = (VC)(FC) Q
- D. AC = TC- FC: VC = TC- AC
- E. AC = TC ; TC = VC + AC Q
The sloping downward of the demand curve implies that?
- A. an increase in price leads to an increase in quantity demanded
- B. an increase in price leaves the quantity demanded unchanged
- C. a decrease in price leads to a decreased in quantity demanded
- D. a decrease in price leads to an increase in quantity demanded
- E. supplies respond by offering less commodities for sale
The equilibrium market price is determined at a point where?
- A. consumers can buy all they desire
- B. sellers can dispose of all their wares
- C. the price is moderate
- D. quantity consumers desires equal quantity sellers offer
- E. sellers and buyers are not quarrelling
some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?
- A. development projects
- B. infrastructural facilities
- C. monoculture
- D. capital investment
- E. superstructure
Taxes which are levied on a person’s expenditures are known as?
- A. Purchase tax
- B. Sales tax
- C. Direct tax
- D. Poll tax
- E. Income tax
The main economic goal of ECOWAS is the attainment of ?
- A. regional free trade
- B. Multilateral trade
- C. bilateral trade
- D. economic self-reliance
- E. The economic emancipation of Africa
The difference between visible exports and invisible exports of a country, in money terms, is known as the?
- A. Balance of trade
- B. Balance of payments
- C. Terms of trade
- D. Foreign reserves
- E. Special drawing right
Which one of the following functions of banks in Nigeria is reserved to the Central Bank?
- A. Accepting deposits
- B. Serving as agents for payments
- C. Issuing bank-notes
- D. Lending to customers
- E. Purchasing and selling of stock exchange securities
The National Electric Power Authority (NEPA) is a?
- A. Public limited company
- B. Public liability company
- C. Private authority
- D. Public corporation
- E. Federal government authority
Who controls a limited liability company ?
- A. The general manager
- B. The managing director
- C. The owner of 51% of shares
- D. The board of directors
- E. The government
A firm whose cost of production decrease as it continues to increase its output is said to be enjoying?
- A. profit maximization
- B. large-scale production
- C. a wind fall
- D. government subsidies
- E. economies of scale
Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ?
- A. debentures
- B. preference shares
- C. ordinary shares
- D. participating preference shares
- E. old shares
The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?
- A. there is a Government ban on the importation of beer
- B. beer distributors want more profit
- C. Nigeria is a large country
- D. middlemen hoard beer
- E. the demand for beer exceeds the supply
The supply of and demand for goods and services are influenced by the?
- A. supermarkets
- B. entrepreneurs
- C. mechanism of the law
- D. mechanism of equilibrium
- E. price mechanism
In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?
- A. profitable to the production process
- B. purchased for the purpose of production
- C. combined in the production process
- D. provided adequately for the production process
- E. brought into the factory
We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because
- A. it is the dependent population of Nigeria, economically
- B. all student in Nigeria are in this group
- C. more than 50% of all Nigerians are in this group
- D. it is the most expensive group of the economy
- E. it is the productive group of the economy
To calculate the annual natural growth rate of a country’s population, one has to know the country’s annual birth rate and
- A. the size of that country
- B. the rate of immigration into that country
- C. the population census of that country
- D. the annual death rate
- E. the gross domestic product annual(GDP) of that country