Question 1 of 20 47 total questions
An economic system in which the state owns and controls the means of production is known as
A socialist economy
B Mixed economy
C Capitalist economy
D welfare economy
Gross Domestic Product (GDP) at market price plus net factor income from abroad gives
A gross capital formation
B net capital formation
C disposable income
D gross national product
which of the following is not a benefit derived by Nigeria from the petroleum industry?
A increased foreign exchange earning
B establishment of refineries and petrochemical industries
C employment of a greater proportion of the population
D development of airports, seaports and other social infracstructures
Devaluation of a currency in a country is likely to lead to
A increasing population
B increasing imports
C exports becoming cheaper
D reduced exports
Deficit in the balance of payment is financed through
A capital account
B current account
C invisible trade
D visible trade
A nation's net export is negative when her
A stock of goods is declining
B depreciation exceeds investment
C exports is adjusted upwards
D imports exceeds exports
Terms of trade is used to describe
A the quality of exports
B the direction of foreign trades
C purchases on deferred payment basis
D the rate at which exports exchange for imports
International trade is based on the law of
A absolute cost advantage
B variable proportion
C comparative cost advantage
D mutual co-operation
Budget surplus implies that
A expenditure equals revenue
B expenditure is less than revenue
C expenditure is greater than taxation
D direct tax is more than indirect tax
The incidence of an increase in tax on a commodity with perfectly inelastic demand will be on the
A wholesaler
B retailer
C government
D consumer
A market equilibrium exist when
A no buyer goes home empty-handed
B demand and supply are increasing
C demand and supply are equal
D the price is fluctuating
The greatest revenue earning industry in Nigeria is
A construction
B agriculture
C manufacturing
D mining
Which business organization enjoys tax-free point in est Africa?
A co-operative societies
B private limited liability companies
C joint stock companies
D partnerships
personal savings are generally low in West Africa because of
A the level of income of people
B the refusal of banks to grant loans
C overpopulation
D cheaper foreign currencies
Which of the following is a function of merchant banks?
A minting of coins
B preparation of government budget
C keeping watch on external reserves of the country
D acting as acceptance houses
inflation can be controlled by increasing
A aggregate supply
B government expenditure
C aggregate demand
D a deficit budget
Who among the following will benefit from inflation?
A pensioners
B savers
C debtors
D creditors
Which of the following is a function of the Central Bank of Nigeria?
A serving as a custodians of important valuables
B giving advice to customers
C serving as banker's bank
D creating credit
The value of money is best determined by its
A size
B purchasing power
C portability
D being recognized
Which of the following is a liability of commercial banks?
A deposits
B money at call
C loans to customers
D overdrafts
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