————- is NOT the cause of balance of payments (BOP) deficits in Nigeria
- A. Poor performance of non-oil sector
- B. Export promotion
- C. No import substitution strategies
- D. High servicing of debt
In a two by two model of international trade, it is assumed that
- A. both countries could gain from trade at the same time, but term of trade is inconsequential for the distribution of the gains
- B. both countries could gain from trade at the same time, but the volume of the gains depends on terms of trade
- C. neither country could ever gain from trade since term of trade is depends on the distribution of the gains from trade
- D. both countries could gain from trade at the same time, and the volume of the gains does not depend on terms of trade
Which one of the following measures the natural growth rate of population?
- A. Natural increase - Birth rate + Net migration
- B. Birth rate - Death rate
- C. Birth rate/Death rate
- D. Birth + Net migration = Death
Multiplier can be described as
- A. the ratio of change in an endogenous variable to the change spending
- B. the ratio of variables that multiplies autonomous spending plus tax
- C. the ratio of change in output to a change in autonomous spending
- D. the ratio of variables that multiplies autonomous spending
Which of the following shows why individual demand curve for a good usually slopes downward from left to right?
- A. More of commodities are offered for sale at a lower than higher prices
- B. Marginal utility falls as consumption increases
- C. The higher the price, the higher the quantity offered for sale
- D. Prices are usually falling when demand is low
Agriculture accounts for about 60% of the
- A. commodity market in West Africa
- B. arable land in West Africa
- C. active labour force in West Africa
- D. service sector activities in West Africa
When a kilogram of carrot is #8.00, 20 kilograms are demanded and when the price decreased to #6.000 per kilogram, 30 kilograms are demanded. The elasticity of demand equals to
- A. 11
- B. 12
- C. \(\frac{1}{2}\)
- D. 2
Calculate the equilibrium level of national income (Y) where Y = C + I + G; C = 100 + 0.75Y; I = 50; G = 200
- A. 2000
- B. 100
- C. 1500
- D. 1400
From the graph above, the consumer is at equilibrium at point
- A. k
- B. l
- C. m
- D. j
All of the following describes conditions necessary for existence of a perfect market EXCEPT
- A. lack of homogeneity of goods
- B. perfect knowledge
- C. large buyers and sellers
- D. portability of goods
If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?
- A. 2
- B. 4
- C. 5
- D. 3
The quantity of commodity a consumer is willing and able to buy at a particular time is called
- A. supply
- B. wish
- C. demand
- D. desire
The rate of output per worker (or group of workers) per unit time is called
- A. labour productivity
- B. total output
- C. individual output
- D. workdone
Economists refer to private goods as
- A. rivalrous and non-excludable
- B. rivalrous and excludable
- C. non rival and non- excludable
- D. non rival and excludable
40 men were employed in a farm, and they produced an average of 30 tonnes of cassava per person. Calculate the total product.
- A. 1,300 tonnes
- B. 1,100 tonnes
- C. 1,200 tonnes
- D. 1,400 tonnes
The diagram above represent
- A. Supply curve
- B. Production possibility curve
- C. indifference curve
- D. Demand curve
Suppose the public expenditure as a percentage of GDP of four countries is shown in the table below
| A | 40% |
| B | 50% |
| C | 33% |
| D | 36% |
Which type of economy exists in these countries?
- A. Traditional
- B. Planned
- C. Pure market
- D. Mixed
Which of the following Age group belongs to active Labour force?
- A. 15 - 25yrs
- B. 0 - 17yrs
- C. 65yrs and above
- D. 18 - 64yrs
From the graph below, Point “E” shows————–
- A. product inefficiency
- B. product efficiency
- C. productive efficiency
- D. allocative efficiency
A persistence rise in the prices of inputs will lead to
- A. cost push inflation
- B. demand pull inflation
- C. hyperinflation
- D. stagflation
When a generalization is made based on observed facts, it is
- A. inductive reasoning
- B. normative reasoning
- C. theoretical reasoning
- D. deductive reasoning