Question 1 of 20 4,545 total questions
The term 'oil shock' is used to describe a situation in which
A the demand for oil exceeds its supply
B oil prices have fallen drastically
C the demand for oil is equal to ite supply
D the supply of oil exceeds its demand
Minimum wage legislation will result in
A reduced income
B greater supply labour
C reduced labour productivity
D greater demand for labour
A major factor militating against rapid industrialization in Nigeria is
A inadequate skilled manpower
B poor market facilities
C poor transport facilities
D epileptic power supply
If children and the aged dominate the population of a country, this results in
A a reduction in the importation of capital goods
B a fall in the standard of living
C an increase in the national income
D an improvement in the standard of living
The oil-producing area in Nigeria are agitating for special compensation owing mainly to
A the high level of poverty
B the high level of unemployment
C constant flooding
D environmental pollution
A major advantage of industrialization is that it
A leads to self-reliance
B curbs inflation
C leads to growth and development
D improves the terms of trade
Mobility of labour is higher when there
A is a monopoly of jobs in one location
B is intense competition for jobs in the same location
C are alternative jobs in the same location
D are no alternative jobs in the same location
The organization whose aim is to solve the trade problems of less developed nations is
A UNCTAD
B OECD
C UNECA
D WTO
Import substitution policy is used to
A protect local industries
B check government expenditure
C correct the balance of payments problem
D encourage increased volume of trade
The exchange rate determined by market forces is known as
A pegged exchange rate
B floating exchange rate
C fixed exchange rate
D dual exchange rate
An association formed by a group of individuals solely for the marketing of their product is a
A credit and thrift society
B consumer cooperative society
C producer cooperative society
D voluntary organization
Economic growth can be accelerated through
A excess current consumption
B excess consumption over investment
C increased current consumption
D increased current investment
Nigeria's exports usually comprise
A consumer goods
B capital goods
C intermediate goods
D primary goods
A characteristic common to partnership and sole proprietorship is
A limited liability
B accessibility to loan
C transferability of shares
D unlimited laibility
Choice involves opportunity cost because
A goods give different utilities
B available resources are inadequate
C there are many goods to select from
D not all goods have the same price
A decision on input combination solves the economic problem of
A how to produce
B for whom to produce
C when to produce
D what to produce
A distribution is said to be positively skewed if it
A has a long tail to the left
B has a long tail to the right
C is bimodal
D is bell-shaped
Given that demand and price remain unchanged an outward shift of the supply curve will lead to
A hoarding
B excess supply
C excess demand
D a blank market
A straight line indifference curve indicates that the two products are
A normal goods
B inferior goods
C perfect substitutes
D close substitutes
Derived demand is normally used with reference to
A superior goods
B inferior goods
C the cost of production
D the factors of production
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