The incidence of an increase in tax on a commodity with perfectly inelastic demand will be on the
- A. wholesaler
- B. retailer
- C. government
- D. consumer
A market equilibrium exist when
- A. no buyer goes home empty-handed
- B. demand and supply are increasing
- C. demand and supply are equal
- D. the price is fluctuating
The greatest revenue earning industry in Nigeria is
- A. construction
- B. agriculture
- C. manufacturing
- D. mining
Which business organization enjoys tax-free point in est Africa?
- A. co-operative societies
- B. private limited liability companies
- C. joint stock companies
- D. partnerships
personal savings are generally low in West Africa because of
- A. the level of income of people
- B. the refusal of banks to grant loans
- C. overpopulation
- D. cheaper foreign currencies
Which of the following is a function of merchant banks?
- A. minting of coins
- B. preparation of government budget
- C. keeping watch on external reserves of the country
- D. acting as acceptance houses
inflation can be controlled by increasing
- A. aggregate supply
- B. government expenditure
- C. aggregate demand
- D. a deficit budget
Who among the following will benefit from inflation?
- A. pensioners
- B. savers
- C. debtors
- D. creditors
Which of the following is a function of the Central Bank of Nigeria?
- A. serving as a custodians of important valuables
- B. giving advice to customers
- C. serving as banker's bank
- D. creating credit
The value of money is best determined by its
- A. size
- B. purchasing power
- C. portability
- D. being recognized
Which of the following is a liability of commercial banks?
- A. deposits
- B. money at call
- C. loans to customers
- D. overdrafts
Cheques are not money because
- A. there use is confined to business hours
- B. there are few banks in the rural areas
- C. they are not generally acceptable as a medium of exchange
- D. they are not issued by government
Which of the following is a problem of trade by barter?
- A. exchange rate determination
- B. hoarding
- C. how to produce
- D. what to produce
Census figure of most countries in West Africa is inaccurate because of
- A. low cost of enumeration
- B. low per capita income
- C. high degree of illiteracy
- D. high level of civilization
Which of the following is not likely to be an effect of a growing population?
- A. rise in demand
- B. unemployment
- C. fall in standard of living
- D. high per capita income
One of the criticisms of population increase is that it result in
- A. a rise in people's standard of living
- B. low level of illiteracy
- C. low level of taxation
- D. increase in government expenditure
Malthus population theory stated that
- A. Higher death rate may lead to low productivity
- B. Population may outgrow the means of subsistence
- C. people will always decide to have children
- D. migration may leave some parts of the world barren
Which of the following statements about population is correct?
- A. Optimum population whenever achieved does not change
- B. Under-population implies that available resources are not use to full capacity
- C. Over-population leads to a higher per capital output
- D. Optimum population leads to overcrowding of cities
A commodity is said to have derived demand when it
- A. has a joint demand with another commodity
- B. is demanded by the rich only
- C. is demanded for immediate consumption
- D. is demanded because of what it can help to produce
An increase in the demand for butter reduces the demand for margarine, this type of demand is called
- A. competitive demand
- B. elastic demand
- C. derived demand
- D. composite demand
When elasticity is zero the demand curve is
- A. perfectly elastic
- B. Perfectly inelastic
- C. concave
- D. downward sloping