The foreign exchange market is a market where
- A. graded commoditties like wheat, flour, etc are sold and bought
- B. currencies are sold and bought
- C. treasury bills are sold and bought
- D. government bonds are sold and bought
- E. treasury certificates are sold
Price control cannot work in Nigeria because
- A. the population is too large
- B. the policemen hate to arrest people
- C. while it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled
- D. control cannot work under military rule
- E. too many things are produced in the country
If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing
- A. Increasing Marginal utility
- B. Diseconomies of scale
- C. Increasing costs
- D. Constant returns to scale
- E. Increasing returns to scale
Which is NOT a direct effort to increase Agricultural production in Nigeria?
- A. Operation feed the Nation
- B. Nigerian Youth Service Corps
- C. Increased loans to farmers and cooperatives
- D. Research in Agric & Extension services
- E. Mechanization of Agriculture
Which is an example of an invisible item in the trade Account of Ghana?
- A. Export of Cocoa from Ghana
- B. Import of oil from Nigeria
- C. A gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana
- D. Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
- E. None of the above
A commercial bank is unique in that it is the only institution that
- A. makes loans to private people and businessmen
- B. accept deposits
- C. can store peoples' valuables
- D. can transfer money from one place to another for its customers
- E. saves money through the granting of credits
Malthus became famous through his theory which may be stated simply
- A. the death rate may become so high that people may not be able to produce
- B. population may outgrow the means of subsistence
- C. people will eventually decide not to have children
- D. migration of people from one place to another may leave some parts of the world barren
- E. all of the above
Inferior goods are referred to in Economics as goods
- A. Whose quality is low
- B. Consumed by very poor people
- C. Whose consumption falls when cunsumers' income rises
- D. Which satisfy only the basic needs
- E. None of the above
The following is NOT a reason for the existence of small firms
- A. Scale of production is limited by size of the market
- B. Expansion brings diminishing returns
- C. Large firms can carter for wide markets
- D. Small firms can provide personal services
- E. All of the above
When elasticity is zero, the demand curve is
- A. Perfectly elastic
- B. Perfectly inelastic
- C. Concave
- D. Downward slopping
- E. Circular
A budget deficit means
- A. That a country is buying more than is selling
- B. That a country is selling more than is buying
- C. That a government is spending more than in takes in taxation
- D. That a government is spending less than it takes in taxation
- E. That a government is spending as much as it takes in taxation
Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be
- A. The same as equilibrium supply
- B. Greater than equilibrium supply
- C. Less than the equilibrium supply
- D. Determined later by government
- E. None of these