Public corporation in West Africa are set up to
- A. make maximum profit
- B. provide jobs for the people
- C. provide welfare service for the people
- D. show that the government can do business
- E. compete with private enterprises
The real cost of a commodity is
- A. the cost of the alternative that has to be sacrificed for it
- B. the alternative that has to be forgone in order to purchase it
- C. its market price
- D. the alternative cost involved when the opportunity of buying the commodity is missed
- E. the sacrifice that is made after buying the commodity
Scarcity in economics arises because
- A. the resources availoable are adequate
- B. individuals have limited time
- C. resources are limited in supply
- D. human beigns have limited wants
- E. individual wants are equal to the resources available
Economics is the study of how to
- A. choose between alternatives, given limited resources
- B. regulate the money that is in circulation in a country
- C. be prudent in the use of available resources
- D. improve the standard of living of the society at large
- E. arrange our needs in order of usefulness before satisfying them
Land is often different from other factors of production because it
- A. is a free gift of nature
- B. constitutes one-third of the entire world
- C. has different grades
- D. is owned bt individuals
- E. is owned by government
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
- A. budget deficit
- B. balanced budget
- C. budget surplus
- D. budget statement
- E. unfavourable budget
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
- A. budget deficit
- B. balanced budget
- C. budget surplus
- D. budget statement
- E. unfavourable budget
indirect tax are taxes which
- A. are levied on the income and profit of the individuals and firms
- B. always affects the producer only
- C. are bassed on the progressive principles
- D. are based on the regressive principles
- E. are levied on goods and services purchased by individuals and firms
inflation caused by increase in demand is known as
- A. cost-push inflation
- B. hyper-inflation
- C. demand-pull inflation
- D. creeping inflation
- E. runaway inflation
which of the following is not the function of a commercial bank
- A. accepting deposits from the publicv
- B. serving as banker to the government
- C. lending to the public
- D. safekeeping of valuables
- E. undertaking foreign exchange transaction of customers
Money supply is the
- A. currency available in the banks
- B. currency in circulation and time deposits
- C. currency in circulation and saving deposits
- D. currency in circulation and demand deposits
- E. money scarcity
when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as
- A. price discrimination
- B. price control
- C. perfect market
- D. equilibrium price
- E. market structure
A market condition where profit is maximized when MR = AR = MC = P is known as
- A. monopoly
- B. oligopoly
- C. monopsony
- D. perfect competition
- E. duopoly
Which of the following will increase the GNP of an economy?
- A. increase government expenditure on the salary of the civil serants
- B. An increase in the proportion of the productively employed population
- C. a decrease in the rate of unemployment
- D. A decrease in the output per worker
- E. An increase in the population dependency ratio
A change in supply implies a
- A. shift in the supply curve to the right and not to the left
- B. shift in supply curve to the left and not to the right
- C. shift in supply curve to the left or to the right
- D. movement along the supply curve
- E. decrease in price and quantity supplied
The greater burden of the taxes on essential goods is borne by
- A. the middle income group
- B. high income group
- C. low income group
- D. people between the middle and high income group
- E. few top rich people
The comparative cost of doctrine of international trade means specialization in production according to
- A. absolute cost advantage
- B. absolute cost disadvantage
- C. comparative cost disadvantage
- D. comparative cost advantage
- E. the availability of labour
which of the following is not a good reason for the importation of agriculture in West African countries? it
- A. employs about 60% of the people
- B. provides the highest tax revenue
- C. is a major foreign exchange earner in most of the countries
- D. provides the raw materials for all import-substitution industries
- E. provide raw materials only for foreign industries
the largest part of the revenue of a country is derived from
- A. direct taxation
- B. indirect taxation
- C. excise duties
- D. company taxes
- E. non-tax revenue
Proportional tax is a tax whose
- A. percentage rate remains constant as the tax base increases
- B. percentage base increases as the tax base increases
- C. percentage rate decreases as the tax rate increases
- D. percentage rate fluctuates as the tax base increases
- E. burden falls heavily on consumer
Which of the following is not function of central bank
- A. Banker to the Government
- B. Banker's bank
- C. Acceptance of deposit from the public
- D. Responsibility for monetary policy
- E. Lenders of last resort