Dumping in Economics means the selling of goods in a foreign market
- A. ata a price below that received in the home market
- B. at a price above that received in the home market
- C. at a price equal to the cost price in the home market
- D. in order to encourage indigenious producers
- E. at a price equal to the selling price in the home market
Which of the following is the approximate working agent in Nigeria?
- A. 1 - 15
- B. 15 - 65
- C. 30 - 40
- D. 40 - 65
- E. 65 and above
International trade is necessary mainly because
- A. no country can live in economic isolation
- B. different countries are endowed with the same natural; and man-made resources
- C. some countries have comparative cost advantage in the production of certain commodities
- D. the world demand for and supply od various categories of commodities is expanding very fast
- E. countries wants to build up their foreign exchange reserve
A major function of the middlemen in Nigeria is the distribution of
- A. commodities to all consumers regardless of income
- B. commodities to consuming centres
- C. economic welfare facilities to all
- D. waelth to all
- E. income within the society
Which of the following is not a reason why people migrate from one place to another ?
- A. to find jobs and improve their standard of living
- B. To live in a more suitable climate
- C. For the sake of change and adventure
- D. to escape from a religious. political or social situation in a country
- E. To buy foreign goods for sale in their country
Which of the following is not regarded as money in Economics?
- A. Coins
- B. Currency notes
- C. bank depisits
- D. cheques
- E. Naira and Kobo
A government treasury bill is a form of debt instrument which falls due for repayment after
- A. 3 months
- B. 9 months
- C. 2 years
- D. 5 years
- E. 10 or more years
if an economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvement in labour ans capital combined, the balance of 3% is usually attributed to
- A. land and enterprenuer
- B. abundance of natural resources
- C. level of human capital
- D. technical progress and related factors
- E. discipline in political leadership
which of the following item is not included in measuring national income by the income approach?
- A. Wages and salaries of public servants
- B. Student's grants and scholarships
- C. Profits of companies
- D. Income earned by self-employed persons such as lawyers
- E. Rents on property
A movement along the demand curve for some goods may be caused by a change in
- A. consumer income
- B. the price of goods
- C. consumers taste
- D. the price of other goods
- E. population
Which of the following functions do retailers perform in an economy?
- A. Production
- B. Exchange
- C. Hoarding
- D. Distribution
- E. Investment
Devaluation means
- A. a reduction in the value of the National currency
- B. a reduction in the purchasing power of the foreign currency
- C. a reduction in the value of the domestic currency relative to foreign currencies
- D. an increase in the value of the national currency
- E. a decrease in the purchasing power of the foreign currencies
open market operation are the process by which
- A. the Central Banks purchases and sells securities
- B. Commercial Banks purchases and sells securities
- C. business firms buys raw materials freely
- D. huseholds buys consumer goods openly
- E. the money market takes over the function of the Central Banks
The value of money is determined by the
- A. rate of interest
- B. general price level
- C. quantity of money in circulation
- D. level of economic development
- E. weight of the currency notes and coins
if over a period of time there is more money in the economy than the available goods and services , the economy is likely to experience
- A. devaluation
- B. inflation
- C. deflation
- D. demonetization
- E. over-valuation
The monetary system that requires a double coincidence of wants is known as the
- A. gold standard
- B. barter system
- C. commodity system
- D. gold exchange standard
- E. cheque system
Agriculture plays a dominant role in West African economies because
- A. the Green Revolution in Nigeria is agricultural
- B. it supplies all the food stuffs consumed in Ghana alone
- C. there are large plantation of cocoa, groundnut and oil palm in West Africa
- D. it is the main source of revenue in Sirera Leon alone
- E. it emplys more than 50% of the total labour force in West Africa
Choice is necessary because resources
- A. are available
- B. can be found everywhere
- C. are constant
- D. are scarce
- E. are unlimited
The price system refers to the system by which
- A. the government controls price in the economic system
- B. prices tends to rise to a general level
- C. price allocates resources between consumer and producer goods
- D. government allocate resources to consumers and producers
- E. the producers fix the price for their products