The West African house was established to
- A. finance development projects in Africa
- B. enhance financial transaction among memebers countries
- C. provide technical assistance to memebers countries
- D. stabilize price in developing countries
- E. service the debts of the African Countries
Banks create money by
- A. giving drafts to customers
- B. printing more money
- C. lending our deposits to borrowers
- D. issuing cheques
- E. depositing exes cash in the trills
If a government which owned a company N10,000 in 1966 paid the debt fully in 1985 when the value of money has depreciated by 20 Percent, such a government had
- A. lost
- B. been placed at par with the company
- C. gained
- D. stabilizing the value of money
- E. increased the value of money
Which of the following is used to measure inflation?
- A. Opem market operation
- B. Cash-deposit ratio
- C. price index
- D. Multiplier
- E. Fiscal policy
An imperfect competitor is in equilibrium when
- A. Marginal cost (MC) is equal to Marginal Revenue (MR)
- B. Marginal Revenue (MR) equal to Price (P)
- C. Average Revenue(AR) is equal to Average Cost (AC)
- D. Output (Q) is equal to Average Revenue (AR)
- E. Average Revenue (AR) is equal to Marginal Revenue (MR)
The problem of small markets in West Africa can be solved through
- A. separate planning among the West African countries
- B. meaningful- co-operation among the West African countries
- C. political stability in West Africa
- D. imposing of high tarrifs on West African exports
- E. the central banks of West African countries
Malthus’ contention is that
- A. population increase in arithmetic progression while food production increased in geometric progresion
- B. population increased in geometric progression whil food production increased in arithmetic progression
- C. population and food growth rate will, in future, be at par
- D. nations have to get enough manpower to cultivate available land for food
- E. output from agriculture decreased as more and more of the poorer lands were brought into cultivation
The power of trade union may be weakened when there is
- A. optimum population
- B. a weak government in power
- C. over population
- D. a civilian government in power
- E. under-population
An appropriate industrialization strategy in an under-populated country is
- A. import substitution
- B. capital intensive
- C. the contract method
- D. the use of foreigners in the factories
- E. labour intensive
The distribution of goods by the price system is distorted when
- A. there is a high degree of competition among producers
- B. producers and consumers operate freely
- C. factors of production are mobile
- D. no aalowance is made for social costs and social benefits
- E. there is price control measure in the system
In a joint-stock company the shareholders are the
- A. owners
- B. managers
- C. chief executives
- D. company advisers
- E. day-to-day decision makers
which of the following is not a type of industry?
- A. export
- B. construction
- C. Mining
- D. Manufacturing
- E. Transport
one of the advantages of localization of industry is that firms
- A. make abnormal profits
- B. are given tax holidays
- C. are unified under one management
- D. pay high wages
- E. can have a large pool of skilled labours
The shape of the average cost (AC) shows that as production increases
- A. total cost decreases
- B. average cost decreases and then increases
- C. average cost increaeses
- D. marginal cost steadily increase
- E. total cost remains constant
To the economist, efficiency of resource use means
- A. the maximum use of resource to achieve minimum objectives
- B. the reduction of cost for adequate output
- C. realting value of input to that of output
- D. using appropriate resources for desired wants
- E. maximizing output from a given amount of resource
external economies refer to the
- A. cost-saving advantage a firm enjoys when by being close to other firm in the same industry
- B. disadvantage to a firm that is close to other firms
- C. economies of large scale production
- D. economies of low scale production
- E. artificial scarcity of goods
Total cost is the addition of
- A. real cost and money cost
- B. price and taxes
- C. fixed cost and variable cost
- D. average cost and marginal cost
- E. cost of raw materials and wages
Total cost is the addition of
- A. real cost and money cost
- B. price and taxes
- C. fixed cost and variable cost
- D. average cost and marginal cost
- E. cost of raw materials and wages
The introduction of division of labour in a firm will lead to?
- A. a fall in output
- B. a decline in the efficiency of labour
- C. an increase output
- D. the separation of ownership from management
- E. an increase in unit cost
The equilibrium price of mangoes is N1.00. If the price fall to 50k, there will be
- A. an excess demand
- B. an excess supply
- C. a surplus in the market
- D. many sellers in the market
- E. no seller in the market
An ?exceptional demand is one in which
- A. supplier sells all that he takes to the market
- B. consumers do not buy from the market
- C. quantity demanded falls as price falls
- D. purchase of services and not products is considered
- E. quantity demanded and price moves in opposite direction