Question 1 of 20 50 total questions
In the diagram III refers to the calculation of national income through the
A Income approach
B Government earnings approach
C Expenditure approach
D Output approach
E Flow of funds approach
In the diagram I refers to the calculation of national income through the
A Expenditure approach
B Input - Output approach
C Flows of funds approach
D Income approach
E Output approach
Let P x represent the price of exports and Pm the price of imports. Then the terms of trade (TOT) are said to be favourable if
A \(\frac{Px}{Pm}\)
B \(\frac{Px}{Pm}\)=1
C \(\frac{Px}{Pm}\)>1
D \(\frac{Px}{Pm}\)+1
A rightward shift in the production possibility frontier may be due to
A Use of inferior inputs
B Inefficiency
C Improvement in production techniques and practices
D Changes in the product mix
E Changes in consumer's tastes and preferences
One of the advantages of large - scale production is that
A There is a rise in the cost of administration
B Consumers sacrifice their individual tastes
C The firm can use labour - saving machinery
D The demand for a firm's products become localized
E Decision making takes a long time because different levels of management are involved
If a person demands money for buying and selling securities. It is referred as demanding money for
A Transaction purposes
B Speculative purposes
C Precautionary purposes
D Meeting the educational expenses of the children
E Carrying out gambling activities
An improvement in Nigeria's terms of trade should
A Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them
B Make made in Nigeria goods cheaper to buy
C Increase Nigeria's domestic output of commodities
D Lead to an increase in her exchange rates
E Lead to an increase in Nigeria's exports of petroleum
Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development?
A Complete dependence on oil exports
B Concentration on agricultural exports
C Diversification of the economy
D Building of more schools and universities
E Introduction of nuclear energy in Nigeria
The diagram illustrates
A the circular flow of income
B gross national product plus depreciation
C incomes of the private sector
D the profit of business enterprises
E the output approach to national income determination
The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?
A N350.00
B N340.00
C 360.00
D 370.00
E 55.00
In the diagram, the supply curve So So shifts to a new position S1 S1 to indicate
A a drop in supply
B a rise in supply
C a supply- push inflation
D a stable supply curve
E an increase in quantity supplied
Which of the following does NOT represent the behavior of a monopolist?
A Manipulating the market price of his goods
B Manipulating both the price and quantity of his goods at the same time
C Raising the price at one market, lowering it at another market
D Manipulating only quantity, price being a given factor
E Manipulating the quantity of his goods
Given the present state of the Nigeria economy,which of the following measures will promote more rapid economic development?
A Complete dependence on oil exports
B concentration on agricultural exports
C Diversification of the economy
D Building of more schools and universities
E Introductionn of nuclear energy in Nigeria
Which of the following is NOT a feature of economic underdevelopment of a country?
A A large number of High income earners relative to the population
B High annual income for the few
C High incidence of poverty
D Low daily calorie intake per person
E High infant mortality rate
Which of the following items does NOT belong to a country's current account in the balance of payments accounts?
A Merchandise exports
B Merchandise import
C Travel
D Foreign currencies
E Insurance services
The following except ONE, are the differences between international trade and internal trade?
A Diferences in currencies
B Government control
C Mobility of factors of production
D Cultural differences
E Exchange of Goods and services
The international production set for Nigeria and Austria is:
A Nigeria should produce cocoa and lace
B Austria should produce cocoa and lace
C Nigeria can benefit from producing lace only
D Nigeria should not produce any of the products because of her relative disadvantages
E Austria should produce lace and Nigeria should produce cocoa
Question 39 and 40 are based on the table below:
A 2,2
B 2,1.5
C 1.5,4
D 1.5,2
E 0.5,1.5
Public expenditure on services, such as education and health, is known as expenditure on
A general services
B community services
C social services
D economic services
E administrative services
One of the major effects of an increase in government expenditure on a nation’s economy is that it?
A creates investment opportunities for foreign investors
B leads to indigenization of the private sector
C raises the level of total tax revenue
D raises the level of aggregate demand
E controls the spread of monopoly
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