Devaluation means
- A. a reduction in the value of the National currency
- B. a reduction in the purchasing power of the foreign currency
- C. a reduction in the value of the domestic currency relative to foreign currencies
- D. an increase in the value of the national currency
- E. a decrease in the purchasing power of the foreign currencies
open market operation are the process by which
- A. the Central Banks purchases and sells securities
- B. Commercial Banks purchases and sells securities
- C. business firms buys raw materials freely
- D. huseholds buys consumer goods openly
- E. the money market takes over the function of the Central Banks
The value of money is determined by the
- A. rate of interest
- B. general price level
- C. quantity of money in circulation
- D. level of economic development
- E. weight of the currency notes and coins
if over a period of time there is more money in the economy than the available goods and services , the economy is likely to experience
- A. devaluation
- B. inflation
- C. deflation
- D. demonetization
- E. over-valuation
The monetary system that requires a double coincidence of wants is known as the
- A. gold standard
- B. barter system
- C. commodity system
- D. gold exchange standard
- E. cheque system
Agriculture plays a dominant role in West African economies because
- A. the Green Revolution in Nigeria is agricultural
- B. it supplies all the food stuffs consumed in Ghana alone
- C. there are large plantation of cocoa, groundnut and oil palm in West Africa
- D. it is the main source of revenue in Sirera Leon alone
- E. it emplys more than 50% of the total labour force in West Africa
Choice is necessary because resources
- A. are available
- B. can be found everywhere
- C. are constant
- D. are scarce
- E. are unlimited
The price system refers to the system by which
- A. the government controls price in the economic system
- B. prices tends to rise to a general level
- C. price allocates resources between consumer and producer goods
- D. government allocate resources to consumers and producers
- E. the producers fix the price for their products
The country that makes the largest contribution to the IMF is
- A. The USA
- B. Britain
- C. West Germany
- D. France
- E. Norway
The wholesale provides all the following services to the manufacturer except
- A. warehousing
- B. financing production
- C. marketing the product
- D. granting credit
- E. after-sales services
the headquarter of the Organization of Petroleum Exporting Countries (OPEC) is in
- A. Geneva, Switzerland
- B. Vienna, Austria
- C. Paris, France
- D. London , Britain
- E. New York, USA
Another name for the International Banks for Reconstruction and Development (IBRD) is
- A. International Monetary Funds
- B. International Development Bank
- C. World Bank
- D. International Bnak of Africa
- E. International Bank for West Africa
The amount of money to be created by commercial banks is actually influenced by the
- A. legal reserved ratio
- B. external reserve
- C. external borrowing
- D. availability of money and capital market
- E. bank deposits
The Nigerian economy can be best describe as a
- A. socialist economy
- B. capitalist economy
- C. mixed economy
- D. controlled economy
- E. domestic economy
Disguised unemployment
- A. is a statistical artifacts with no economic meaning
- B. can be eliminated if the capital output ratio is increased
- C. can be eliminated if the press is free
- D. calls for the implementation of five=year plans
- E. exist when manpower is not being utilized efficiently
Distribution involves the
- A. movement of raw materials to production centres
- B. transfer of goods and services from one market to another
- C. movement of goods and services by middlemen to urban centres
- D. transfer of goods and services from wholesalers to consumers
- E. transfer of goods and services from production centre to consumers
One major function of the Central Bank is to
- A. mint money
- B. hold demand deposit and honour cheques
- C. act as a medium of exchange
- D. create money
- E. control and regulate money supply
Which of the following is not done by the NNPC?
- A. production of crude oil
- B. Refining of crude oil
- C. Exploration for crude oil
- D. Exploitation of crude oil
- E. Pricing of crude oil
which of the following best describes the budget? A
- A. plan of government's needs and expenditure for a year
- B. detailed estimate of government financial operation for a year
- C. satisfactory balance between income and expenditure for one year
- D. plan for importation of essential goods and services for one year
- E. plan for control of government industries and corporations for one year
The concentration of industries in one place is referred to as
- A. location of industries
- B. multiplication of industries
- C. pluralization of industries
- D. proliferation of industries
- E. localization of industries
which of the following are determinants of the rate of population growth?
- A. Birth rate, immigration and death rate
- B. birth rate, death rate and emigration
- C. Death rate , birth rate and net migration
- D. Migration, large families and birth rate
- E. Death rate, migration and mortality rate