When the average physical product curve is rising the marginal physical product is
- A. below it
- B. above it
- C. falling
- D. zero
- E. None of the above
The lowering of the exchange rate between country’s currency and other currencies is known as
- A. the foreign exchange rate
- B. deflation
- C. exchange control
- D. the law of comparative advantage
- E. None of the above
Which of the following is not an asset of a commercial bank?
- A. cash
- B. money at call
- C. treasury bills
- D. reserve funds
- E. loans and over-draft
If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is
- A. Progressive
- B. Indirect
- C. Regressive
- D. Proportional
- E. None of the above
Net national income is
- A. Gross national income minus depreciation
- B. gross domestic product plus net income from abroad
- C. nominal national income divided by the price level
- D. gross national income divided by the total population
- E. gross national product plus subsidies minus indirect taxes
Which of these is not usually the function of a wholesaler?
- A. Transport
- B. Storage
- C. Advertising
- D. After-sale services
- E. Branding
Which of the following type of capital is not rewarded by means of dividends?
- A. Ordinary shares
- B. Preference shares
- C. cummulative shares
- D. participating preference shares
- E. debentures
The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as
- A. visible trade
- B. invisible trade
- C. balance of payments
- D. balance of trade
- E. terms of trade
If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is
- A. zero
- B. 1
- C. 2
- D. 5
- E. 10
The value of money is generally measured in reference to
- A. the interest rate charged on bank loans
- B. the general price level
- C. the size of countries gold stock
- D. the level of economic development in a country
- E. the price of stocks and shareson the stock exchange
The country will be over populated when
- A. the rate of birth is high
- B. the death rate is low
- C. the growth rate is high
- D. population is increasing more than resources in the country
- E. unemployement is high in the country
The quantity supplied of a commodity increases best when
- A. Production increases
- B. Demand increases
- C. Price of the commodity increases
- D. Population of the country increases
- E. More commodities are imported
opportunity cost is the
- A. price of scarce goods
- B. resources required for making a commodity
- C. cost of luxury goods
- D. accrual of financial loses by chance
- E. althernative forgone in other to satisfy a want
Average cost is
- A. the total cost of production
- B. the extra cost of producing one additional unit of output
- C. cost of producing a unit of output
- D. variable cost
- E. overhead cost
Which of the following is not an indirect tax?
- A. excise duty
- B. company tax
- C. import duty
- D. export duty
- E. sales tax
By utility we mean
- A. usefulness
- B. power of satisfying a want
- C. beneficial
- D. advantageous
- E. consumable
Division of labour means
- A. dividing the labour into different categories
- B. splitting the process of production into different parts to be completed by each person
- C. dividing the goods and services into different sections
- D. assigning different duties to labourers
- E. group of labourers working in a factory or shop
Which of the following is not a direct tax?
- A. company income tax
- B. capital tax
- C. purchase tax
- D. personal income tax
- E. capital gain tax
The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions
- A. there are restrictions in trade
- B. there are no cost of transportations
- C. ther is perfect competition
- D. there are no tariff or import and export quota
- E. there are only two countries and only two commodities entering into international trade
which of these alternative is wrong? central banks are
- A. bankers to the government
- B. bankers to commercial banks
- C. merchant banks
- D. controllers and regulators of money supply
- E. issuers of bank note
The central bank controls the activities of other banks by all but one of the following
- A. The use of bank rate
- B. The purchase or sale of government bonds on the open market
- C. special deposite
- D. the use of directives
- E. taxation