The unemployment associated with decrease in demand is referred to as
- A. Disguised
- B. Imposed
- C. Cyclical
- D. Voluntary
- E. Functional
All the following are the economic reasons for establishing public enterprises except the provision of ,
- A. An avenue for expressing national prestige
- B. Services at a cheaper cost
- C. Socially necessary facilities
- D. Services which are natural monopolies
- E. Employment opportunities
The Ownership of a Public Limited Company is made up of
- A. Two to twenty persons
- B. A minimum of seven shareholders
- C. A minimum of fifty and maximum of one hundred shareholders
- D. Two to fifty shareholders
- E. A maximum of fifty shareholders
In production, factory buildings are regarded as
- A. Variable cost
- B. Average costs
- C. Marginal costs
- D. Total cost
- E. Fixed costs
Diminishing return occurs in short run when there is a reduction in the
- A. Average product of the fixed factor
- B. Total product of the variable factor
- C. Total product of the fixed factor
- D. Marginal product of the variable factor
- E. Marginal product of the fixed factor
The process that leads to an agreement on the condition of service between employer and employee is termed
- A. Salary negotiation
- B. Arbitration
- C. Collective bargaining
- D. Conciliation
- E. Reconciliation
Rents and interest are rewards to
- A. Labour and capital respectively
- B. Land only
- C. Capital only
- D. Labour and land respectively
- E. Land and capital respectively
Decreasing returns to scale implies ta if all factors of production are doubled, output will be
- A. More than doubled
- B. Less than doubled
- C. Doubled
- D. Unchanged
- E. Trebled
The natural growth rate of a population is the
- A. Death rate plus net immigration
- B. Rate of migration divided by birth rate
- C. Birth rate minus death rate
- D. Sum of birth rate and net immigration rate
- E. Sum of birth rate and death rate
Which of the following correctly illustrates the chain of distribution?
- A. Manufacturer -> wholesaler -> retailer consumer
- B. Consumer -> retailer -> wholesaler -> manufacturer
- C. Wholesaler -> manufacturer -> retailer -> consumer
- D. Distributor -> consumer -> wholesaler -> manufacturer
- E. Producer -> manufacturer -> wholesaler -> retailer
Localization of industries is
- A. the industrialization of a country
- B. the concentration of the firm of an industry in a particular area
- C. the location of a firm at a particular locality
- D. the economic development of a locality
- E. governement intervention in the location of industries
Farm produce are graded, packed and distributed by
- A. purchasing co=operatives
- B. agricultural co-operative banks
- C. consumer co-operative society
- D. marketing co-operatives
- E. wholesale co-operatives
Subsistence agriculture means
- A. cultivation for external use
- B. cultivation for local industries
- C. farming for the urban dwellers
- D. cultivation for household consumption
- E. cultivation for foreign currency
MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the
- A. marginal utility equation
- B. equation for consumer dis-equulibruim
- C. utility maximization equation
- D. equation for total utility
- E. equation for price elasticity
If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are
- A. complementary
- B. in joint demand
- C. luxuries
- D. in composite demand
- E. substitutes
If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is
- A. 0.025
- B. 0.24
- C. 0.22
- D. 0.25
- E. 0.23
The ranking of a consumer’s need in order of importance is termed
- A. An opportunity cost
- B. Economies of scale
- C. A scale of preference
- D. The making of choice
- E. Direct production
International trade takes place because of difference in
- A. production cost
- B. language
- C. government policy
- D. currency
- E. international boundary
Where is the headquarter of the African Development Bank (ADB) located?
- A. Lome
- B. Adis Ababa
- C. Accra
- D. Lagos
- E. Abdijan
Where was oil first discovered in commercial quantities in Nigeria?
- A. Oloibiri
- B. Warri
- C. Elesa Eleme
- D. Onitsha
- E. Port Harcourt
Which of the following is not an objective of the Indigenisaton policy in Nigeria? To
- A. Make Nigerians dominate their economy
- B. increase Nigerians participation in the economy
- C. prevent foreign monopoly of the economy
- D. eliminate foreign participation in the Nigerian economy
- E. protect the national interst and security