The marginal physical product of labour is?
- A. the out put of labour unaided by machinery
- B. the extra revenue from the output of one additional woker
- C. the difference in the output of two workers
- D. additional output achieved when one extraworker is added to fixed account of other factors
- E. none of the above
Which of the following is NOT a determinant of changes in supply?
- A. Changes in the cost of production
- B. Technical progress
- C. Weather
- D. Changes in the number of producers
- E. Changes in the number buyers
Which of the following is NOT a measure for controlling inflation?
- A. Reduction in money supply
- B. Wage restraint and wage freeze
- C. Reduction in taxes and increase in government spending
- D. price control
- E. Credit restriction
Indicate which of the following are invisible trade items in a country’s balance of payments?
- A. oil exports and imports
- B. Gold and foreign reserves
- C. foreign investment
- D. Dividends and profit
- E. Expenditure on the shipping and tourism
In Nigeria, cheques are not money because?
- A. their use is confined to business houses
- B. there are no banks in rular areas
- C. they are not legal tender
- D. they are not generally acceptable as a medium of exchange
- E. most Nigerians cannot identify them
Which of the following is NOT a function of Nigeria commercial Banks?
- A. Acceptance of deposit
- B. Lending of money
- C. Investment in securities and business
- D. Issue of currency
- E. Selling and buying of travellers cheques
In a limited liability company, the greatest risk is borne by?
- A. debenture holders
- B. company executives
- C. ordinary shareholders
- D. preference shareholders
- E. borad of directors
Division of labour is limited by the?
- A. available of raw materials
- B. size of the labour force
- C. size of a labour firm
- D. absolute size of the country's population
- E. per capital income and number of potential buyers
In a normal (typical) demand schedule, the quantity demand is?
- A. directly related to price
- B. inversely related to price
- C. independent of price
- D. proportional related to supply
- E. solely dependent on haggling skill
In a subsistence economy?
- A. there is no shortage of goods and services
- B. the state is the sole owner of resources
- C. production is largely oriented towards consumption in the rular sector
- D. there is no exchange of goods and services
- E. women predominate in all economic activities
Which of the taxes appear generally progressive in nature?
- A. Sales taxes
- B. The personal income tax
- C. Property taxes
- D. Corporation taxes
- E. none of the above
Which of the following is NOT one of the balance of payment entries?
- A. the current account
- B. foreign exchange
- C. Import and Export duties
- D. Short-term capital
- E. Long-term capital
A commercial bank is able to create money
- A. by printing it
- B. by maintaining reserve
- C. by creating a demand deposit as it gives a new loan
- D. by issuing cheques to depositors
- E. by borrowing from the central bank
The value of money depends primarily on?
- A. the gold backing of the currency
- B. the gold backing of both currency and deposit
- C. the general price level
- D. government decree that it is legal tender
- E. none of the above
A disadvantage of the corporate form of business is the?
- A. risk of the owners of loss of personal effects if the business should fail
- B. ability of the corporation to is financial resources
- C. limited life span of the corporation
- D. problems presented by separation ownership from control
- E. None of the above
In a free market economy, the rationing of scarce goods is done principally by
- A. the government
- B. business organizations
- C. the price mechanism
- D. consumers
- E. both A and B
Capital earns income because?
- A. it is productive
- B. it is expensive
- C. it is always cheaper to substitute capital for labour
- D. it is technically more efficient than labour
- E. both A and B above
When we draw a market demand curve, we?
- A. ignore tastes, incomes and other prices
- B. assumes that tastes, income and prices do not matter
- C. assumes that taste, income and all other prices change in same direction as prices
- D. assume that tastes, incomes and all other prices remain constant
- E. both A and B above
Which of the following is the standard concept for measuring and analyzing population growth?
- A. The rate of natural increase
- B. The net migrate
- C. The rate of population increase
- D. The fertility rate
- E. All of the above
If you do not have to give anything in order to get a particular thing, then its opportunity cost is?
- A. zero
- B. not measurable
- C. its price in money
- D. infinite
- E. equal to one
The fundamental problem of Economics is?
- A. money
- B. poverty
- C. unemployment
- D. the scarcity of resources relative to wants
- E. inflation