Under normal circumstances, a producer will bear the entire burden of taxation on his output if the
- A. supply of his goods is more elastic than the demand
- B. demand for his products is completely elastic
- C. production of his commodity is subject to diminishing returns
- D. demand for his products is more elastic than the supply
- E. demand for his products is completely elastic
When a firm’s total revenue is at the maximum , marginal revenue is
- A. at the maximum
- B. negative
- C. zero
- D. positive
- E. constant
If successive unit of labour are added to a piece of land while capital and technology remains constant, a point will be reached in the level of production when each additional unit of labour will add less to the output than previous units. This concept is known as
- A. productivity of labour
- B. law of diminishing marginal utility
- C. law of diminishing returns
- D. law of diminishing returns of a variable factor
- E. internal economies of sales
Risk bearing and managerial control are the main function of the
- A. managing director
- B. manager
- C. entrepreneur
- D. chief excecutive
- E. chief accountant
The difference between the number of immigrants and emigrants is
- A. internal mobility
- B. internal migration
- C. net migration
- D. marginal migration
- E. external migration
Foreign exchange control in Nigeria is enforced by the
- A. Commercial banks
- B. Merchant banks
- C. Mortgage banks
- D. Central banks
- E. Agricultural development banks
Petro-chemicals industries are located in River State of Nigeria due to the presence of
- A. a favourable climate
- B. coal deposits
- C. oil palm products
- D. an undullating terrain
- E. oil deposits
Mr Idowu needs a television and a refrigerator. Each cost N500.00, the exact amount he has . If Mr. Idowu buys the television , the refrigerator would be regarded as the
- A. marginal cost
- B. inferior item
- C. opportunity cost
- D. supplementary item
- E. prime cost
which of the following is not a problem of distribution of goods in Nigeria?
- A. poor communication network
- B. inadequate storage facilities
- C. ignorance of consumers
- D. Dishonesty of middlemen
- E. inadequate market
one of the function of a commercial bank is that it
- A. is responsible for formulating monetary policies
- B. accepts demand and time deposits from constomers
- C. is the lender of the last resort
- D. is the banker of the government
- E. is responsible for issuing currency notes
The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the
- A. allowance for total depreciation
- B. total interest payment
- C. net income from abroad
- D. total tax and interest payment
- E. net internally generated income
The decision to consume more of one product swill under normal circumstances imply that
- A. more of another product will be consumed
- B. less of something else will be consumed
- C. no other product will be consumed
- D. decision-making is basic in economics
- E. enough resources are available
To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as
- A. consumer goods
- B. products
- C. wealth
- D. commercial goods
- E. durable goods
A Nigerian household demand curve for semovita is downward sloping because
- A. the demand for semovita is high
- B. the local markets are flooded with semovita
- C. semovita is produced in Nigeria
- D. every household can afford to buy semovita
- E. the higher the price of semovita, the lower the quantity demanded
Mono-products economics are those that
- A. have a rich culture heritage
- B. produce only raw materials
- C. live on the exportation of their raw products
- D. produce one main commodity
- E. specialize in agricultural industries
Which of the following pairs can be referred to as middlemen?
- A. wholesalers and agents
- B. Retailers and consumers
- C. Consumers and agents
- D. Wholesalers and retailers
- E. Wholesalers and consumers
Which of the following is not a set of measures of central tendency?
- A. Mode and Median
- B. mean and median
- C. Mean and mode
- D. Median and percentage
- E. Mode, mean and median
If a person supplements his current income by drawing on past savings in order to make both ends meet, he is said to be living
- A. good life
- B. an average life
- C. on his savings
- D. a reckless life
- E. on borrowed money
The central banks controls commercial banks through all the following measures except
- A. The uses of directives
- B. The use of bank rate
- C. Open market operations
- D. Accepting deposits
- E. Demanding special deposits
if the foreign exchange rate is N80 to £1, then a bicycle bought for £40 will cost
- A. N15.00
- B. N60.00
- C. N100.00
- D. N250.00
- E. N320.00
Which of the following is not an advantage of government ownership of enterprises?
- A. more capital is provided
- B. pricing policy may be in the interest of consumers
- C. Government workers may be indifferent towards the public
- D. infrastructure are rapidly developed
- E. incomes may be more evenly distributed