Which of the following is not a feature of Sole Proprietorship?
- A. The Sole Proprietor provides the capital to start the business
- B. The Sole Proprietor is the boss of his business
- C. There is unlimited liability
- D. Continuity is doubtful at the death of the proprietor
- E. Decision can be taken only by ten people
An economic system in which most capital goods are owned by individuals and private firms is known as
- A. Mixed economy
- B. Planned economy
- C. Capitalist economy
- D. Traditional economy
- E. Civilized economy
Nigerian indigenization decree was promulgated in order to
- A. Allow indigenes to have the full participation in the economic activities of the country
- B. Drive away foreigners
- C. Give equal chances to indigenes and foreigners in making economic decisions in the country
- D. Give industrial training to indigenes
- E. Indigenes expose the economic activities of the country
The two largest producers of crude oil in Nigeria are
- A. Borno and Ondo States
- B. Oyo and Bendel States
- C. Kwara and Benue States
- D. Rivers and Bendel States
- E. Niger and Rivers States
The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the
- A. US dollars .
- B. Canadian dollars
- C. Pounds sterling
- D. Deutschemark
- E. Belgian franc
When the demand for a commodity is inelastic, total revenue will fall if
- A. Price is increased
- B. Price is reduced
- C. Price remains constant
- D. Price is not given
- E. The commodity is a luxury
When the price of commodity A increases, the demand for commodity B decreases, then A and B are
- A. Close substitutes
- B. Complementary goods
- C. Supplementary goods
- D. Gifted goods
- E. Luxurious goods
Price control can be defined as the fixing by Government of maximum or minimum price of
- A. Luxury goods
- B. Inferior goods
- C. Imported capital goods
- D. Certain selected goods
- E. Goods consumed by low income earners
Which of these factors does not cause a change in demand?
- A. Income
- B. Taste and fashion
- C. Population
- D. Price of other commodities
- E. Price of the commodity concerned
Which of the following is not an advantage of price control?
- A. Control of inflation
- B. Distortion of price mechanism
- C. Prevention of exploitation
- D. Control of producer’s profit
- E. Helping low income earners
A demand schedule is
- A. A table containing the price of goods
- B. A table showing the relationship between price and quantity demanded of a commodity
- C. A table showing the consumer demand on order of importance
- D. The quantity of goods the consumer is prepared to buy
- E. The market demand
A normal demand curve is
- A. Is concave to the point of origin
- B. Is convex to the point of origin
- C. Is parallel to X axis
- D. Is parallel to Y axis
- E. Slopes upwards from left to right
Into which of these organization would you classify the International Monetary Fund (IMF) ?
- A. Political organization
- B. Trade organization
- C. Financial organization
- D. Social organization
- E. Commercial organization
In which of the following economics system is the consumer referred to as ‘The King’?
- A. Planned economy
- B. Mixed economy
- C. Traditional economy
- D. Free Market economy
- E. Socialist economy
in any economic system , which of the following is not an economic problem?
- A. what goods and services to produce
- B. for whom to produce goods or services
- C. what techniques of production to be adopted
- D. equal distribution of goods and services
- E. how to ensure that the economy grow over time
The equilibrium position of a firm is attained
- A. when MC = AR
- B. when MC = PC
- C. when MC = MR
- D. when AC = AR
- E. when AR = MR
The price of a commodity is determined by the
- A. supplier
- B. consumer
- C. quantity of goods demanded
- D. quantity of goods supplied
- E. interaction of demand and supply
A review of occupational distribution of population from time to time helps us to know the
- A. rate of which the population grows
- B. number of people that makes up the labour force
- C. efficiency of the working population
- D. industries which are becoming less important
- E. number of people that are bot employed
‘Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. ‘Ends’ her refers to
- A. resource
- B. wants
- C. choice
- D. output
- E. factors