Question 1 of 20 48 total questions
Inflation is a …………….
A general increase in the price of a single product
B period of economic recession
C period of hunger
D period of excessive money
E persistent rise in the general price level
Entrepreneur is associated more with
A capital management
B production of beverage
C profit making
D profit sharing
E risk bearing
Which of the following is a determinant of elasticity of supply?
A Consumer’s income
B Degree of necessities
C Durability of the product
D Number of uses of the commodity
E Proportion of income spent on the product
When the value of a country’s export exceeds her imports, there will be a
A deficit current account
B excess visible imports only
C favorable balance of trade
D favourable capital account
E surplus current account
Using Expenditure Approach to estimate National Income, Y is equal to
A C + l + G + X – M + P - V
B C + l + G + X – M + P
C C + l + G – X + P
D C – 1 + G + X – M + P
E C + l – G + X – M – P
These are the objectives of industrial strategies in Nigeria EXCEPT
A industrial financing
B maximization of local value added
C promotion of export oriented industries
D promotion of import oriented industries
E provision of economic and social infrastructures
The first National development plan period was from
A 1955-1959
B 1962-1968
C 1965-1970
D 1970-1974
E 1975-1980
The correct relationship between income (Y), consumption (C) and savings (S) is
A C = Y + S
B S = Y + C
C S = Y + S
D Y = C + S
E Y = C – S
The International Monetary Fund (IMF) was set up mainly to
A cater for financial needs of developed countries
B create conditions favourable for the growth of world trade
C create favourable balance of payment
D develop domestic trade
E offset foreign debts only
Time deposit is the same thing as
A bank rate
B current account
C demand deposited
D fixed deposit
E saving account
When the demand for foreign exchange exceeds its supply, the value of the domestic currency
A appreciates
B depreciates
C expands
D Increases
E inflates
The additional satisfaction derived from the consumption of one more unit of a good is called
A marginal cost
B marginal product
C marginal revenue
D marginal utility
E total Utility
Data presented in tables are usually arranged in ………… and …………
A charts, tables
B , graphs, rows
C pictograms, columns
D rows, columns
Production is best defined in economics as
A creation of utility yielding goods and services
B distribution of goods and services
C manufacturing of goods by small factories
D provision of basic amenities
E rendering of services only
A major feature of capitalism is
A collective ownership of means of production
B competition
C equality or egalitarianism
D redistribution of income
E socialization and welfare
The demand for salt is …………
A Elastic
B Inelastic
C Unitary elastic
D both a and b
The concept of choice in Economics refers to
A a decision between one thing and another
B ranking of wants in an ascending order
C selection of most pressing wants out of a range of alternatives
D ranking of wants on a table of preference
E separating defective commodities from non-defective ones
The following are qualities of money EXCEPT
A acceptability
B divisibility
C homogeneity
D portability
E rationality
Disguised unemployment is the same thing as
A residual unemployment
B seasonal unemployment
C structural unemployment
D under-employment
E voluntary unemployment
The concentration of firms in one area is referred to as of ……………. industries.
A location
B localization
C multiplication
D proliferation
E pluralization
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