The concentration of industries in one place is referred to as
- A. location of industries
- B. multiplication of industries
- C. pluralization of industries
- D. proliferation of industries
- E. localization of industries
which of the following are determinants of the rate of population growth?
- A. Birth rate, immigration and death rate
- B. birth rate, death rate and emigration
- C. Death rate , birth rate and net migration
- D. Migration, large families and birth rate
- E. Death rate, migration and mortality rate
when a country has a large labour forvce , it is beneficial to use a method of production which is
- A. capital intensive
- B. land intensive
- C. labour intensive
- D. mechanically intensive
- E. technically intensive
When a business has an unlimited liability
- A. the owner are not responsible for all its financial debts
- B. all its profits can be taxed by the government
- C. the owners are responsible for all its financial debts
- D. all its assets belongs to the members of its board of directors
- E. it ceases to exist at the death of one of its owner
One of the greatest demerits of the middlemen in Nigeria is that they
- A. increase the price of goods and services at will
- B. Sell in small units only
- C. Store goods in warehouse that are not spacious enough
- D. Sell on credit to retailers only
- E. Do not advertise their goods
Which of the following are not agents of distribution
- A. Wholesalers
- B. Retailers
- C. Consumers
- D. Government agencies
- E. Cooperative societies
Which of the following statements is not true of cheques? They
- A. provide an alternative to carrying large sums of money around
- B. can be written out for any amount needed
- C. are legal tender
- D. provides a form of receipt
- E. provide a record of payment made
The notion of short-run and long-run periods is responding for grouping cost into
- A. fixed and variable
- B. implicit and explicit
- C. average and total
- D. capital and running
- E. money and opportunity
which of the following statements is not true of capital income?
- A. it helps in the assessment of standard of living
- B. it is calculated as National Income Population
- C. It is calculated as Population National Income
- D. It is used by the UNO to assess and assist developing countries
- E. It is used as one of the indicators of economic growth
Which of the following is not a member of OPEC?
- A. Indonesia
- B. Iran
- C. Venezuela
- D. United Arab Emirates
- E. Egypt
The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the
- A. ECOWAS
- B. IMF
- C. OPEC
- D. NNPC
- E. ECA
Regressive tax is not a good tax system because it
- A. Is not convenient to pay
- B. Is not certain what to pay
- C. Is not economical to collect
- D. Does not ensure equity in payment
- E. Is not neutral to price trends
Limited liability in Economics means that
- A. a shareholder's liability in the event of debt or bankruptcy is limited to the amount he has invested
- B. a shareholder's liability for the debt company is dependent on how much he is owing
- C. shareholders can not be asked to pay for the debts of the company
- D. shareholders try to ensure that only a small proportion of the debt comes to them
- E. shareholders want all the debts paid equally
The Joint Stock Company can be a company whose minimum membership is
- A. 2
- B. 5
- C. 7
- D. 10
- E. 20
The theory of consumer behavior is based on all the following assumption except that the
- A. Consumer is assumed irrational
- B. Consumer taste remains constant
- C. Consumer has budget constraint
- D. Consumer aims at maximizing his utility
- E. Consumer is exposed to more than one commodity
Which of the following best explain an inflationary situation at current price level?
- A. Demand, supply
- B. Demand supply
- C. Demand = Supply
- D. Demand/Supply
- E. Demand = zero
Time deposit has the same meaning as
- A. current account
- B. demand deposit
- C. deposit account
- D. bank deposit
- E. bank rate
The purchasing power of the Naira will fall when
- A. workers are retrenched
- B. the colour of the naira is changed
- C. the government cuts all salaries and wages
- D. there is inflation
- E. the naira is overvalued
A perfect market has all the following features except that
- A. there are many buyers and few sellers
- B. the commodities bought and sold are homogenous
- C. there is free entry and exit
- D. buyers and sellers have perfect knowledge of the market
- E. there is only one ruling price
A firm that charges different price of goods or services that have same technical qualities is called
- A. a perfect competitor
- B. a monopsony
- C. an oligopoly
- D. a discriminating monopoly
- E. a duopoly
A rational consumer tends to do all the following except
- A. buying more at a high price than at a low price
- B. buying more at a low price than at a high price
- C. buying at utility maximization
- D. reacting to price changes
- E. complying with the law of demand