The Central Bank can restrict credit through
- A. depreciation of assets
- B. granting overdraft
- C. direct investment
- D. open market operation
The indicator of the value of money is
- A. the general price level
- B. the equilibruim price
- C. consumer''s income
- D. the interest rate
A continuous fall in the general price level is called
- A. recession
- B. depression
- C. deflation
- D. stagflation
The supply of money in the economy includes
- A. bank notes only
- B. bank note and coins
- C. bank notes and bank deposits
- D. bank notes, coins and bank deposits
Since money is demanded for what it can buy, the demand is said to be
- A. derived
- B. joint
- C. composite
- D. complementary
A medium of exchange which is generally acceptable is
- A. bater
- B. a cheque
- C. government bond
- D. money
The national income off a country can be estimated through the
- A. output approach
- B. input approach
- C. empirical approach
- D. census approach
Which of the following is a disadvantage of large scale production?
- A. market economies
- B. managerial economies
- C. personal organization
- D. division of labour
Which of the following is a disadvantage of large scale production?
- A. market economies
- B. managerial economies
- C. personal organization
- D. division of labour
industry can be define as
- A. several firms producing different commodities
- B. group of firms producing similar commodities
- C. different firms producing equal number of commodities
- D. many firms producing for exports
the main objective of specialization is to
- A. allocate resources
- B. limit worker's skills
- C. increase the use of labour
- D. increase productivity
agriculture plays a dominant role in our country because
- A. it is the main source of energy
- B. it employs more than 50% of the total labour force
- C. it supplies all the industrial inputs
- D. there are large plantations of cocoa, groundnut and palm oil
The employer’s demand curve for labour is represented by the
- A. marginal product curve of labour
- B. total product curve of labour
- C. average product curve of labour
- D. total cost curve of labour
The trade unions in West Africa have achieved the following for the workers except
- A. increased wages
- B. better condition of services
- C. competitive determination of wage rate
- D. improved welfare facilities
which of the following does not affect a country’s population?
- A. birth rate
- B. death rate
- C. Emigration
- D. unemployment
During a sale by auction, the price at which the goods finally sold is determined mostly by
- A. competition between buyers and sellers
- B. competition among buyers
- C. competition among sellers
- D. government policy
The purely competitive firm should close down when its price is less than its
- A. average variable cost
- B. total fixed cost
- C. average total cost
- D. marginal cost
equilibrium under perfect competition requires that
- A. MC = MR but AR < AC
- B. MR = MC = AR = AC
- C. AC = AR < MC
- D. TR < TC
A market situation with a larger number of firms selling closely related but, differentiated products is
- A. monopolistic competition
- B. perfect competition
- C. monopoly
- D. monopsony
the monopolist can determine
- A. price and output
- B. price only
- C. output only
- D. price or output
The main characteristics of an ordinary shares are
- A. maximum risk, fixed dividends, voting rights
- B. minimum risks, fixed dividends, no voting rights
- C. maximum risks, variable dividends, voting rights
- D. minimum risks. fixed dividends, no voting rights