Which of the following can have their shares quoted on the stock exchange?
- A. Public corporations
- B. A partnership
- C. A consumer corporative
- D. A public limited liability company
One form of business organization which is not motivated solely by the profit objective is the?
- A. joint stock company
- B. private limited company
- C. co-operative society
- D. ordinary partnership
Liquidation of limited liability company implies that the?
- A. company may not pay its debt
- B. debts of the company can only be paid from its own assets
- C. debts of the company are paid from both business and private funds of the owners
- D. debts of the company musts be paid from public funds only
Unlike the retailer, the wholesaler provides?
- A. useful information to the manufacturer about consumers'taste
- B. after-sales services to the consumers
- C. useful information to the costumers on the benefits and uses of the product
- D. useful information about market trends and finance to the manufacturer
The producer in a perfectly competitive market is faced with a demand curve whose elasticity is?
- A. unitary
- B. greater than one
- C. infinite
- D. less than one
Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is?
- A. 0.25
- B. 0.40
- C. 4.00
- D. 25.00
If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is?
- A. normal
- B. elastic
- C. inelastic
- D. abnormal
When a firm is reaping economies of large-scale production, it experiences a fall in its?
- A. long-run marginal cost
- B. long-run average cost
- C. long-run total cost
- D. short-run marginal cost
Which of the following statements best describes the relationship between average product and marginal products?
- A. Marginal product and average product curves rise and falls together
- B. Marginal product equals average product at the minimum point of the latter
- C. Average product curve will rise as product is greater than average product
- D. Marginal product at the maximum point of the fomer
Specialization often improves economic performance because it?
- A. permits exploitation of economies of scale
- B. incorporates external economies
- C. is based on the law of variable proportions
- D. allocates resources according to absolute advantage
The short-run period in production is defined as a period when?
- A. there is at least one fixed factor
- B. all costs of production must be covered
- C. the output cannot be varied
- D. current output is not profitable
Given that
B = Births
D = Death
X = Emigrants
M = Immigration
The population of a country over a period of time will rise if?
- A. B = D and X > M
- B. B - D = O and M > X
- C. D - B = O and M = X
- D. X > M and D > B
In certain circumstances, a centrally planned economy adopts the rationing system because of?
- A. the scarcity of goods and services in the market
- B. low real and money wages
- C. the need for equitable distribution of goods and services
- D. transportation and distribution problems
One of the economic problems of Nigeria today arises from?
- A. the over utilization of human and natural resources
- B. unavailability of mineral resources
- C. inadequate manpower resources
- D. the under-utilization of human and natural resources
An important feature of a cartel is that?
- A. members do not reduce price below the cartel price
- B. each member has a fixed output above which it is not expected to produce
- C. a powerful member fixes the price at which others will sell
- D. membes fix the prices for their products
The organization which provides credit to help countries achieve short-term balance in their balance of payment is the?
- A. Economic Community of West Africa States
- B. International Monetary Fund
- C. International Bank for Reconstruction and Development
- D. African Develoment Bank
In recent years, Nigeria’s balance of payments has continued to register a deficit due to (i) increased government overseas’ spending.
(ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas’ investors.
- A. i, ii and iii
- B. i, ii and iv
- C. i, ii, iii and vi
- D. i, ii, iii and iv
Counter trading is an international arrangement whereby?
- A. goods and services are exchanged in a manner similar to barter
- B. goods and services are sold on the counter
- C. crude oil is sold to a foreign country
- D. goods are shipped to countries on which the United Nations has placed a trade embargo
Which of the following classes of goods accounts for largest proportion of Nigeria’s imports?
- A. Food and animal products
- B. Consumers goods
- C. Chemicals
- D. Machinery and transport equipment
The most important factor ensuring economic development is the?
- A. effective mobilization of domestic savings
- B. presence of foreign capital
- C. formulation of appropriate government policies
- D. attraction of foreign aids and grants
The major determinant of the total volume of output in an economy is the?
- A. level of wholesale prices
- B. size of the labour force
- C. level of total expenditure
- D. composition of consumer spending