Question 1 of 20 4,545 total questions
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
The policy of government to increase the supply of money to meet its own expenditure plans is likely to be
A speculative
B deflationary
C inflationary
D contractionary
Which of the following is a legal tender in West Africa?
A Treasury Bill
B Share
C Credit card
D Currency
The equilibrium level of output of a monopolist is determined at a point where
A marginal cost equals average revenue
B marginal cost equals acerage cost
C marginal cost equals marginal revenue
D marginal revenue equals average cost
advertising expenses would not be necessary under perfect competition because
A consumers would have complete knowledge of goods
B cost of production would be at the maximum level
C every firm would enjoy the benefits of large scale production
D income of the consumers in the community would be high
For a monopolist, the average revenue (AR) curve is
A above the total curve
B the same as the marginal cost curve
C above the marginal revenue curve
D the same as that of the perfect competitor
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