which of the following is not an advantage of localization of industries ?
- A. enjoyment of externa economies
- B. development of subsidiary industries
- C. development of organized markets
- D. growth of conurbation
- E. growth of farms
The primary objective of Agricultural Credit Guarantee Scheme is the provision of
- A. guarantee for loans granted by by banks for agricultural purposes
- B. agricultural inputs to facilitate credits from banks
- C. loans for every farmer
- D. agricultural products for farmers
- E. credit for farmers
which of the following function of money makes it possible for any person to provide for old age?
- A. medium of exchange
- B. stores of value
- C. measures of value
- D. unit of account
- E. standard for deferred payment
a situation of full employment exist when
- A. every adult is employed
- B. all adults who can work are employed
- C. all persons who have attained the age of 15 years and above are employed
- D. only the disabled are not employed
- E. all those who are able and eligible to work are employed
Which of the following is true of NEPA as a public corporation in Nigeria? It is
- A. a solar energy distribution
- B. organized in a perfectly competitive market
- C. a duopoly
- D. a monopolistically competitive industry
- E. a monopoly
The concept of economics efficiency primarily implies
- A. containing the maximum output from available resources at the lowest possible cost
- B. conserving our petroleum resources
- C. equity in the distribution of the nation's wealth
- D. production without waste
- E. the limited wants unlimited resources dilemma
The definition of economics as ‘the science which studies human behaviuor as a relationship between ends and scarce means which have alternative uses’ was given by
- A. Adam Smith
- B. David Ricardo
- C. Lionel Robbins
- D. Thomas R. Mtithus
- E. Robert Giffen
Which of the following is not a reason why statutory are run only by the government?
- A. The duplication of some services will lead to resource wastage
- B. all corporation provides services which individuals cannot provide
- C. Essential services must be provided irrespective of the economic system adopted
- D. some corporations require large financial capital which may not be easy to acquire by individuals
- E. There is need to protect consumers from exploitation
One-man business is popular in West Africa because of all the following , except the
- A. ease of entry
- B. small capital required
- C. limited enterpreneur skills needed
- D. ease of decision making
- E. tendency to become joint-stock companies
Division of labour gives rise to
- A. the exchange of goods and services
- B. the use of barter system
- C. the production of limited goods
- D. unemployment
- E. delay in production
Which of the following is not a middleman in the distribution channel? The
- A. wholesaler
- B. distributor
- C. agent
- D. cosumer
- E. retailer
An economic system in which the state owns and controls the means of production is known as
- A. free enterprise
- B. socialist economy
- C. mixed economy
- D. capitalist economy
- E. welafare company
A scale of preference is a list
- A. of consumer's wants arrange in order of importance
- B. thaqt helps the individual to make rational choice
- C. that enables the consumer to make a wise decision about his choice
- D. that is necessary because human beigns are faced with competitive wants
- E. os all satisfied wants arrange in order of magnitude
A firm’s compulsory cost whether it is in production or not , is referred to as its
- A. prime cost
- B. variable cost
- C. marginal cost
- D. fixed cost
- E. average cost
Capital as a factor of production is important because
- A. it enables us to carry out task which can not be done by human effort only
- B. most tasks can be done with bare hands
- C. people can work without capital
- D. without capital all the factors are useless
- E. it provides money which is essnetial for the growth of business
Land is a most significant factor in terms of contribution to the economy because
- A. it enables us to build industries
- B. we build houses on it
- C. all our highways are constructed on it
- D. we get a lot of fishes from it
- E. vital resources from it enrich the economy
Which of the following is not a source of finance for a one-man business?
- A. money lenders
- B. inheritance
- C. loans from insurance companies
- D. loans from banks
- E. Sales of shares
If price falls below the equilibrium
- A. Demand will equal supply
- B. Demand will be greater than supply
- C. Supply will be greater than demand
- D. Price will become indeterminate
- E. Quantity supplied will be zero
The main objective of production by entrepreneur is to
- A. equate marginal revenue with marginal cost
- B. provide employment opportunities
- C. equate total revenue with total cost
- D. equate average revenue with average cost
- E. acumulate wealth for the nation
The price system is
- A. the market price of commodities
- B. a market where a single price rules
- C. a system of price allocation to the products of the same firm
- D. a system of resource allocation through supply and demand interaction
- E. a system which the market price is determined only through haggling
A market equilibrium exist when
- A. demand and supply are equal
- B. the market is large
- C. the price is fluctuating
- D. no buyer goes home empty-handed
- E. no seller has an unsold stock