Economist speak about ‘opportunity cost’ when a person
- A. has the opporunity to attain a high degree of cost minimization
- B. has to forego one thing in order to have another
- C. can equate his fixed costs with his variable costs
- D. is able to run his business without much expenditure
- E. has to maximize utility in order to maintain a high standard of living
Economics is a science which deals basically with
- A. the factors of production
- B. allocation of scarce resources
- C. oil exportation
- D. the gross domestic product (GDP)
- E. national income
Progressive income tax can be expressed as
- A. tax that falls as income rises
- B. tax that rises as income falls
- C. tax that is independent of income
- D. tax that rises as income rises
- E. tax that is neutral to income
Opportunity cost is best defined as?
- A. the penalty for not seizing golden opportunities
- B. sacrificed alternative (output, income etc.)
- C. the cost of creating job opportunities
- D. payment made to an industrial worker
- E. the difference between fixed and variable costs
Which of the following is NOT a characteristic of perfect competition?
- A. many sellers and buyers in the markets
- B. There is perfect knowledge
- C. Supply and demand are equal
- D. There is no advertising
- E. Products are identical
Inflation is likely to benefit?
- A. persons with bank savings
- B. persons employed in financial houses
- C. debtors
- D. persons who lived on fixed pension funds
- E. creditors
If the income of a consumer rises and his demand for good X falls, good X can be described as
- A. a normal good
- B. an adnoral good
- C. a good with inelastic demand
- D. a good with unitary elastic demand
- E. none of the above
One of the probable effects of an increased minimum wage in Nigeria is?
- A. to create volunteer unemployment
- B. to decrease the wage rate
- C. to increase the level of unemployment
- D. to create involuntary unemployment
- E. to increase the demand for labour
unlimited liability means?
- A. The government can tax a company without limit
- B. The debts of a company must be paid out of it assets
- C. A company ceases to exist at the death of one of its owners
- D. A firm must pay its debts from business as well as private funds
- E. None of the above
When a nation’s exports are greater than its imports
- A. The net foreign trade is zero
- B. an unfavourable balance of payment exist
- C. A favourable balance of payment exists
- D. An un favourable balance of trade exist
- E. A favourable balance of trade exists
An equilibrium price?
- A. keeps excess demand within limits
- B. keeps excess supply within limits
- C. generates the greatest possible demand and supply
- D. generates the greatest possible profits
- E. equates the quantity supplied to be equal to the quantity demanded.
An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?
- A. substitute goods
- B. complementary goods
- C. elastic goods
- D. inelastic goods
- E. inferior goods
Which of these statement is NOT true of economics as a discipline?
- A. it is a social science
- B. it is analytical
- C. it is concerned with people's material well-being
- D. it assumes limited human wants
- E. it assumes limited human resources
The most basic concern of economists is to?
- A. create human wants
- B. satisfy all human want
- C. redistribute income so that it is used correctly
- D. create perfect competition
- E. study ways of allocating scarce resources in order to satisfy human wants
Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?
- A. The value of industrial exports is declining
- B. The value of industrial imports is constant
- C. The share of agricultural exports is increasing
- D. The share of agricultural export is decreasing
- E. The value of mineral export is declining
Which of the following is NOT a visible item on international trade payment?
- A. Payment for imported cars
- B. Receipt from cocoa exports
- C. Payments to foreign shipping companies
- D. Payments for steel imports
- E. Payment for petroleum imports
Prohibiting the sale of lace materials in Nigeria would probably lead to?
- A. Increase supply of lace material in Nigeria
- B. Production of better quality lace abroad
- C. Lower price of lace material in Nigeria
- D. Higher price of lace material in Nigeria
- E. Increase income to all dealers of lace materials in Nigeria
Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?
- A. Climate influences
- B. Development of trade and markets
- C. Soil fertility
- D. Processing of petroleum oil
- E. Concentration of educational facilities
An economy in which both the public and the private sectors contribute substantially to the growth of output is?
- A. a socialist economy
- B. a capitalist economy
- C. a mixed economy
- D. an industrial economy
- E. a peasant economy
Government budget can be described as the sum of?
- A. Indirect tax, direct tax, and loans expected within a financial year
- B. Planned recurrent expenditure and planned investment expenditure
- C. Planned capital expenditure for a development plan within a plan period
- D. Planned expenditure and expect revenue within a financial year
- E. Planned expenses of all ministries within a financial year
Which of the following does NOT belong in respect of the quantity of money?
- A. Durability
- B. Division into the smallest units of value
- C. Portable
- D. Identifiable by all
- E. Measure of value