Question 1 of 20 97 total questions
The main role of the Organization of Petroleum Exporting Countries (OPEC) is
A fixing oil production levels
B ensuring optimum production of oil
C promoting efficiency in the management of oil
D supply oil at affordable rates
A country is economically rich if
A If there is a lot of money in circulation relative to its population
B It has a large volume of goods and services relative to its population
C It has a large reserve of idle skilled manpower
D There is a large amount of reserved mineral resources
Which of the following is a major barrier to international trade?
A religious differences amongst nations
B uneve distribution of population across the world
C educational imbalace between the developed and developing countries
D ideological differences amongst nations
The exchange of goods and services across countries can be described as
A Bi-lateral trade
B multilateral trade
C national trade
D home trade
Balance of payment deficit can be corrected by
A purchasing foreign assets
B acumulating foreign reserves
C export promotion measures
D import promotion measures
Which of the following is associated with the development of petroleum industry in Nigeria?
A Neglect of agriculture
B increase in population growth
C increase in the rate of unemployment
D decrease in the rate of inflation
An ad volarem tax refers to a tax
A imposed on exports
B on goods manufactured in the country
C based on the value of the commodity
D levied on income
A greater burden of tax on a product with high price elasticity of demand rests mainly on the
A producer
B teacher
C civil servant
D middlemen
Tax evasion means
A postponing paymeny of tax
B tax payment according to ability to pay
C making false declaration of taxable income
D paying little amount of money as tax
which of the following is a direct tax
A import duty
B export duty
C capital gain tax
D sales tax
public expenditure can be financed from all the following sources except the
A borrowing
B grant-in-aid
C royalties and rent
D mobilization fees
if there is an increase in wages and salaries without corresponding increase in the supply of goods and services, the situation will lead to
A a reduction in aggregate demand
B inflation
C depression
D budget surplus
Short-term loans can be sourced from
A the central banks
B development banks
C Mortgage banks
D commercial banks
One disadvantage of inflation is that?
A fixed income earners gain
B fixed income eaners lose
C businessmen lose
D standard of living rises
commercial banks settle their daily interbank indebtedness through the
A money market
B finance House
C acceptance house
D Clearing House
The situation in which there is persistent fall in the general price level is referred to as
A devaluation
B depreciation
C deflation
D inflation
which of the following is the most liquid asset?
A Bank notes
B Silver
C Bank deposit
D cheques
The quantity theory of money states that a reduction in the quantity of money in circulation would bring about
A a geometrical fall in prices
B a proportionate fall in prices
C a rise in prices
D an unequal fall in prices
Money is demanded for which of the following reasons?
A to meet unforseen contigencies
B to solve the problem of inflation
C it is easily divisible
D it is portable
One of the function of money is
A double coincidence of wants
B unit of accounts
C indivisibility
D making payment through banks only
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