In a rapidly growing economy, a change in technology which is labour saving is likely to cause
- A. residual unemployment
- B. structural unemployment
- C. disguised unemployment
- D. frictional unemployment
A mixed economy combines the characteristics of both
- A. planned and capitalist economies
- B. exchange and subsistence economies
- C. subsistence and planned economies
- D. capital and exchange economies
The economic system in which the state takes the economic decision s through detailed planning is
- A. Capitalism
- B. socialism
- C. traditional economic system
- D. mixed economic system
Agriculture is important to the economy of West African countries because it is the source of
- A. power
- B. equipment supply
- C. industrial input
- D. technological progress
which of the following agricultural system is mainly for the cultivation of food crops for family consumption?
- A. Co-operative farming
- B. Commercial farming
- C. Subsistence farming
- D. Plantation farming
The difference between the Gross National Products (GNP) and the Gross Domestic Product (GDP) is
- A. total interest payment
- B. net income generated internally
- C. total national savings
- D. net income from abroad
Amount proposed for payment of wages and salaries in a budget is regarded as part of
- A. recurrent expenditure
- B. direct investment
- C. recurrent revenue
- D. capital receipts
A cheque book is issued to customers of a bank operating a
- A. savings account
- B. time deposit account
- C. current account
- D. fixed deposit account
The motive for holding money for investing in securities is referred to as
- A. transactionary
- B. speculative
- C. accumulation
- D. deflationary
One way to solve the economic problem of inflation in a country is by increasing the
- A. supply of commodities
- B. supply of currency
- C. salaries of workers
- D. demand for commodities
The tendency for prices to rise while the value of money fall is known as
- A. bills of exchange
- B. inflation
- C. depreciation
- D. deflation
The policy of government to increase the supply of money to meet its own expenditure plans is likely to be
- A. speculative
- B. deflationary
- C. inflationary
- D. contractionary
Which of the following is a legal tender in West Africa?
- A. Treasury Bill
- B. Share
- C. Credit card
- D. Currency
The equilibrium level of output of a monopolist is determined at a point where
- A. marginal cost equals average revenue
- B. marginal cost equals acerage cost
- C. marginal cost equals marginal revenue
- D. marginal revenue equals average cost
advertising expenses would not be necessary under perfect competition because
- A. consumers would have complete knowledge of goods
- B. cost of production would be at the maximum level
- C. every firm would enjoy the benefits of large scale production
- D. income of the consumers in the community would be high
For a monopolist, the average revenue (AR) curve is
- A. above the total curve
- B. the same as the marginal cost curve
- C. above the marginal revenue curve
- D. the same as that of the perfect competitor
which of the following is not a reason for establishing public enterprises?
- A. discouraging investors
- B. opening up neglected parts of the country
- C. effective control of a natural monopoly
- D. rapid economic development
buying and selling of shares is a function performed mostly by the
- A. insurance companies
- B. stock exchanges
- C. merchant banks
- D. discount houses
The total amount of money raised by a company through issuance of shares to the public is
- A. debentures
- B. nominal capital
- C. ordinary shares
- D. paid-up capital
The main difference between a private and a public enterprises is the
- A. amount of profit realized
- B. mode of operation
- C. objective of the business
- D. ownership structure
A debenture holder is entitled to payment in the form of
- A. allowance
- B. interest
- C. salary
- D. donation