Balance of payments of a country explains the overall position of?
- A. current account of the balance of payments
- B. capital account in the balance of payments
- C. both the current and capital acounts
- D. position of the balance of trade
- E. visible and invisible trade
When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as
- A. tariffs
- B. quotas
- C. exchnge control
- D. devaluation
- E. revaluation
If the Central Bank intends to increase the money supply through open market operations then it will
- A. sell securities in the open market
- B. buy securities in the open market
- C. issues more currency note
- D. withdraw money supply from the market
- E. print more demand deposit
Demand for money for speculative purposes means?
- A. buying goods and services whose prices have risen
- B. keeping money for unforseen expenditure
- C. buying financial assets because of possible gains
- D. buying real estate
- E. keeping money for a rainy day
Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is
- A. elastic in both markets
- B. uniltary elastic in both market
- C. inelastic in both markets
- D. elastic in one market and inelastic in the other
- E. unitary elastic in none of the markets
Oligopoly means
- A. large number of sellers in the markets
- B. single seller in the market
- C. few sellers in the markets
- D. few buyers in the market
- E. single buyer in the market
Full equilibrium under perfect competition requires that?
- A. MC =MR and AC =AR
- B. MC = MR but AR>AC
- C. MR =MC =AR=AC
- D. TR>TC
- E. MR=MC
\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\\
\hline
1 & 20 \\
2 & 32 \\
3 & 42 \\
4 & 48 \\
5 & 50 \\
\end{array}\)
in the above table, the marginal cost of the 3rd unit of output is
- A. 12
- B. 6
- C. 10
- D. 2
- E. 9
Public enterprises are supported on the grounds that they are undertaken for
- A. increasing profit of the private sector
- B. reducing the burden of the private sector
- C. improving the welfare of the people
- D. earning profit for the people
- E. earning profit for the government
The most dominant economic activity which employs the largest number of people in West Africa is?
- A. manufacturing
- B. transport
- C. government
- D. agriculture
- E. the petroleum industry
which is not responsible for the decline in food production in West Africa?
- A. Neglect of agriculture by many people
- B. drift of young people rural to urban areas
- C. Influence of weather and climate
- D. Many of the countries do not balance of payments problems
- E. Lack of good prices for agricultural products on the farm
If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?
- A. an income elastic good
- B. a normal good
- C. an inferior good
- D. demand elastic
- E. supply elastic
The PAYE (Pay As You Earn) in Nigeria is an example of?
- A. indirect tax
- B. progressive tax
- C. regressive tax
- D. community tax
- E. flat rate tax
A commodity can be sold for two or more different prices if it is?
- A. produced or sold by oligopoly
- B. sold in perfect market
- C. produce or sold by monopsony
- D. produced or sold by monopoly
- E. produced or sold by perfect competition
A good measure of the standard of living usually used for international comparison is
- A. gross natioal income (GNI)
- B. net national income (NNI)
- C. gross national product (GNP)
- D. gross domestic product (GDP)
- E. per capital income (PCI)
What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
- A. Availability of labour in the area
- B. Acces to transport facilities
- C. Nearness of raw materials
- D. Availability of power
- E. Nearness of Technical and Engineering School
One of the ways by which Government derives revenue from industrial enterprises in West Africa is?
- A. tariffs
- B. excise duties
- C. poll tax
- D. import duties
- E. community tax
Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks?
- A. Open market operation
- B. Reserve requirements
- C. Bank rate
- D. Directives
- E. Special deposits
In an economy, if the proportion of people who are below 18 years is 40% and those above 60 years is 30% what would this imply? the
- A. dependency ratio is high
- B. population is optimum
- C. ratio of females to males is high
- D. population is growing at less than equilibrium
- E. population is growing according to Malthus theory
Monetary policy does NOT involve
- A. increasing the import duties
- B. buying or selling treasury bills by the Central Bank
- C. printing of more currency note
- D. increasing or decreasing cash reserve ratio by the Central Bank
- E. raising the level of interest
Function of commercial banks do NOT include?
- A. lending with interest charges
- B. carrying out transactions on behalf of customers
- C. expansion of money supply
- D. keeping of security document s for customers
- E. printing of currency