Question 1 of 20 50 total questions
Which of the following is correct?
A Traditional budgeting focuses on goals and objectives
B Zero based budgeting produces a single level of appropriation for an activity
C Traditional budgeting starts with last year’s funding appropriation
D Zero based budgeting does not systematically consider alternatives to current operations
Localization of industry is encouraged because of ________
A low interest charges on loans
B improvements in infrastructure
C low foreign exchange rate
D high standard of living
Which of the following is an indirect tax?
A Poll tax
B personal income tax
C Company tax
D excise duties
Which of these is a type of partnership in business?
A Limited partnership
B limited liability company
C private partnership
D joint stock partnership
Which of the following is NOT a source of government revenue?
A Grants, aids and borrowing
B Taxes, fees, licenses and fines
C Interest, dividends, profits and earnings
D personal income, disposable income and transfer earnings
Opportunity cost helps the government to:
A Distribute money to citizens
B support better production
C remove competition
D prepare budget
A partnership sourcing for funds to expand its business would approach _______
A a central bank
B a money market
C an insurance
D a stock exchange
Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20
A 36.60
B 22.00
C 30.60
D 26.00
Completely competitive market exist when each member is a —
A price maker
B price taker
C price seeker
D a and b
\(\frac{∑f(x-x̄)}{N}\)
A variance
B the quartile
C standard deviation
D mean deviation
Other products gotten from Petroleum include the following EXCEPT:
A Rubber
B fuel
C paints
D insecticides
Which of the following institutions does not operate in the money market?
A central bank
B mortgage banks
C money deposit banks
D insurance companies
From the table above, the average product of the 3rd unit of labour is
The basic principle of cooperative societies is to ________
A maintain the integrity of their members
B protect the interest and pursue the welfare of members
C ensure better working conditions for members
D provide voluntary services to the members
Cost - push inflation occurs when_______
A production cost is high
B government embarks on deficits financing
C factors decrease
D there is too much in circulation
Goods sold in perfectly competitive markets are generally
A homogenous
B intermediate and final
C durable and non-durable
D heterogeneous
A a decrease in quantity supplied
B an increase in supply
C a decrease in supply
D an increase in quantity
The equilibrium price clears the market; it is the price at which___________
A Everything is sold
B Buyers spend all their money
C Excess demand is zero
D None of the above
Which of the following statement is TRUE about ECOWAS?
A The aim of ECOWAS is to ensure economic stability
B Bigger state in the community dominate the small state
C Members of the ECOWAS community can form cartel and create monopolies
D English is the only official language of ECOWAS
Which of the following is NOT illustrated by the production possibility curve
A Risk
B Scarcity
C Opportunity cost
D Allocative efficiency
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