Question 1 of 20 2,540 total questions
Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is
A elastic in both markets
B uniltary elastic in both market
C inelastic in both markets
D elastic in one market and inelastic in the other
E unitary elastic in none of the markets
A large number of sellers in the markets
B single seller in the market
C few sellers in the markets
D few buyers in the market
E single buyer in the market
Full equilibrium under perfect competition requires that?
A MC =MR and AC =AR
B MC = MR but AR>AC
C MR =MC =AR=AC
D TR>TC
E MR=MC
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Public enterprises are supported on the grounds that they are undertaken for
A increasing profit of the private sector
B reducing the burden of the private sector
C improving the welfare of the people
D earning profit for the people
E earning profit for the government
The most dominant economic activity which employs the largest number of people in West Africa is?
A manufacturing
B transport
C government
D agriculture
E the petroleum industry
which is not responsible for the decline in food production in West Africa?
A Neglect of agriculture by many people
B drift of young people rural to urban areas
C Influence of weather and climate
D Many of the countries do not balance of payments problems
E Lack of good prices for agricultural products on the farm
If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?
A an income elastic good
B a normal good
C an inferior good
D demand elastic
E supply elastic
The PAYE (Pay As You Earn) in Nigeria is an example of?
A indirect tax
B progressive tax
C regressive tax
D community tax
E flat rate tax
A commodity can be sold for two or more different prices if it is?
A produced or sold by oligopoly
B sold in perfect market
C produce or sold by monopsony
D produced or sold by monopoly
E produced or sold by perfect competition
A good measure of the standard of living usually used for international comparison is
A gross natioal income (GNI)
B net national income (NNI)
C gross national product (GNP)
D gross domestic product (GDP)
E per capital income (PCI)
What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
A Availability of labour in the area
B Acces to transport facilities
C Nearness of raw materials
D Availability of power
E Nearness of Technical and Engineering School
One of the ways by which Government derives revenue from industrial enterprises in West Africa is?
A tariffs
B excise duties
C poll tax
D import duties
E community tax
Which is considered the most effective tool by which the Central Bank of Nigeria can control the activities of commercial banks?
A Open market operation
B Reserve requirements
C Bank rate
D Directives
E Special deposits
In an economy, if the proportion of people who are below 18 years is 40% and those above 60 years is 30% what would this imply? the
A dependency ratio is high
B population is optimum
C ratio of females to males is high
D population is growing at less than equilibrium
E population is growing according to Malthus theory
Monetary policy does NOT involve
A increasing the import duties
B buying or selling treasury bills by the Central Bank
C printing of more currency note
D increasing or decreasing cash reserve ratio by the Central Bank
E raising the level of interest
Function of commercial banks do NOT include?
A lending with interest charges
B carrying out transactions on behalf of customers
C expansion of money supply
D keeping of security document s for customers
E printing of currency
The chief sources of Federal Government revenue in Nigeria are?
A import duties, petroleum, import tax, profit tax, royalties and government dividends
B personal income tax, excise tax and vehicle licenses
C export duties, personal income tax and royalties
D property income, sales tax and excise tax
E import duties, sales tax and poll tax
The purpose of import duties does NOT include the?
A generation of revenue for government
B protection of domestic industries
C promotion of international trade
D conservation of foreign exchange earnings
E control of comsuption pattern
Retailers are greater in numbers than wholesalers because?
A retail business may not be registered or incorporated
B retail business requires less expertise
C retailers deal with final consumers
D all retail businesses are large enterprises
E all retail businesses are small enterprises
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