Question 1 of 20 4,545 total questions
A commodity will be demanded only if
A consumers income increases
B it has no close substitutes
C the price is low
D it has utility
If the marginal utility of good X exceeds that of good Y, this implies that
A a rational consumer will buy less of X
B consuming more of X will increase total utility
C Y is an inferior good
D X will be cheaper than Y
The range of the data 14,13,15,18,20,35 and 13 is
An important determinant of price elasticity of demand is
A the state of technology
B the prices of other commodities
C the ease of substitution
D government policy
The burden of a government tax on a commodity whose demand is inelastic will
A be borne only by the government
B fall more heavily on consumers
C be shared equally between consumers and producers
D fall more heavily on producers
The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for
A maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
B evolving an acceptable wage for public servants
C evolving an acceptable revenue-sharing formula
D ensuring equity in the sharing of fiscal responsibilities
The main source of government revenue in Nigeria is
A import duties
B rents and royalties
C company income tax
D capital gains tax
If the Central Bank of Nigeria reduces the bank rate, this will cause
A money supply to increase
B commercial banks to reduce lending
C commercial banks to merge
D money supply to reduce
One way of controlling deflation is by
A contractionary monetary policy
B decreasing wages
C deficit financing
D rigid fiscal policy
When the federal government guarantees a loan for a state government, such a loan constitutes
A a public debt
B a transferred debt
C a private debt
D an inter-governmental debt
The major role of NDIC is to
A insure bank deposits
B regulate the activities of insurance companies
C ensure adequate capitalization of insurance companies
D accept customers' deposit
In computing national income, transfers are excluded because
A they are received only by the poor
B the figures reduce the size of national income
C it is difficult to get the exact figures
D they are not payments for productive activities
Personal income tax as a source of government revenue is increased when the
A tax rate is raised
B tax system is proportional
C retirement age is reduced
D tax base is contracted
If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by
A N4.0 milion
B N25. 0 milion
C N2.5 milion
D N15.0 milion
Which of the following is NOT a positive contribution a petroleum to Nigeria economy?
A Development of bat infrastructures
B Increase in National income
C Major employer of labour
D Major foreign exchange earned
E Turning the nation to mono-product economy
The system of farming which involves the use of a large hectare of land planted with economic crops is known as
A cooperative farming
B mechanized farming
C peasant farming
D plantation farming
E tree planting
Range is NOT the best method of measuring dispersion because it considers only the
A first number
B first two numbers
C frequently occurred number
D middle number
E two extreme number
Which of the following will NOT bring about an increase in Labour force?
A Better medical services
B Decrease in death rate
C Emigration
D Immigration
E Increase in birth rate
Stock exchange market deals with
A exchange of commodities
B exchange of stock fish for stock
C exchange of treasury bills
D sales of foreign exchange
E sales of second hand securities
The following are the objectives of agricultural policies in Nigeria EXCEPT
A provision of food
B provision of agricultural raw materials to industrial sectors
C increasing prices of agricultural Inputs
D creation of rural employment
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