Question 1 of 20 49 total questions
The full meaning of OPEC is
A Oil ans Petroleum Exporting Countries
B Original Petroleum Exporting Companies
C Organization of Petrol Exporting Countries
D Organization of Petroleum Exporting Countries
one of the functions of of the international Monetary Fund (IMF) is to
A devalue the currency of member state
B reduce drastically the size of deficit financing of member states
C giving financial assistance to member states that have temporary balance of payment difficulties
D discourage the rapid industrialization process in the less developed nation of the world
which of the following is an objective of economic integration?
A harmonization of cultural practises
B free movement of persons, goods and services
C payment of high tarrifs
D dumpoing of goods in less developed countries
In an attempt to correct a deficit balance of payment, a country may decide to increase
A domestic production
B imports
C domestic expenditure
D tax on infant industry
which of the following is an invisible term?
A Banking services
B Petroleum products
C Processed rice
D processed milk
The formula index of export prices/index of import prices * 100
A volume of trade between countries
B direction of internatrional trade
C commodity terms of trade
D volume of imports
An increase in the quantity of goods and services produced in a country which raises her national income is known as
A economic development
B economic growth
C domestic investment
D productivity
where the burden of a tax finally rests is called
A tax object
B tax rate
C incidence of taxation
D system of taxation
which of the following is a form of tax evasion?
A wrong declaration of earnings
B payment of flat rate tax
C constant change of employment
D low capacity utilization
In a rapidly growing economy, a change in technology which is labour saving is likely to cause
A residual unemployment
B structural unemployment
C disguised unemployment
D frictional unemployment
A mixed economy combines the characteristics of both
A planned and capitalist economies
B exchange and subsistence economies
C subsistence and planned economies
D capital and exchange economies
The economic system in which the state takes the economic decision s through detailed planning is
A Capitalism
B socialism
C traditional economic system
D mixed economic system
Agriculture is important to the economy of West African countries because it is the source of
A power
B equipment supply
C industrial input
D technological progress
which of the following agricultural system is mainly for the cultivation of food crops for family consumption?
A Co-operative farming
B Commercial farming
C Subsistence farming
D Plantation farming
The difference between the Gross National Products (GNP) and the Gross Domestic Product (GDP) is
A total interest payment
B net income generated internally
C total national savings
D net income from abroad
Amount proposed for payment of wages and salaries in a budget is regarded as part of
A recurrent expenditure
B direct investment
C recurrent revenue
D capital receipts
A cheque book is issued to customers of a bank operating a
A savings account
B time deposit account
C current account
D fixed deposit account
The motive for holding money for investing in securities is referred to as
A transactionary
B speculative
C accumulation
D deflationary
One way to solve the economic problem of inflation in a country is by increasing the
A supply of commodities
B supply of currency
C salaries of workers
D demand for commodities
The tendency for prices to rise while the value of money fall is known as
A bills of exchange
B inflation
C depreciation
D deflation
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