Question 1 of 20 4,545 total questions
Long-run production is called
A diminsihing returns to scale
B returns to scale
C external economies of scale
D economies of scale
The distinction between onshore and offshore operations in oil exploration lies in the
A location of sites
B output generated
C size of production
D techniques of production
Agricultural backward-linkage effect means the establishment of
A subsidiary industries to increase the number of industries
B main industries to increase output
C industries to reduce imports
D subsidiary industries to feed the main industry
If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county
Localization of industries in Nigeria is mainly influenced by
A market size
B population groupings
C raw materials
D external economies
During a conflict between management and workers, the union's bargaing power is based on
A work-to-rule
B negotiation
C picketing
D management decision
The major contribution of the petroleum industry to the Nigerian economy is the
A generation of revenue for the oil companies
B provision of employment opportunities for communites
C generation of revenue for government
D promotion of industrial harmony
The short-run inelasticity of supply of agricultural produce causes
A stability in prices
B a steady rise in prices
C a steady decline in prices
D instability in prices
Population density is described as the
A average number of people per square kilometre
B average number of people in a country
C total population excluding migration
D total population including net migration
In a particular year, the sum of the value added in each sector of the economy was N4550 million
A factor-price approach
B output approach
C income approach
D expenditure approach
Idle cash balances are held for
A planned purchases
B the purchase of bonds
C the purchase of shares
D unplanned purchases
A discount house is a market where
A various bills are exchanged
B short-term and medium-term loans are obtained
C shares are bought and sold
D short-term loans are obtained
A major assumption in a perfectly competitive market is that
A the number of buyers and sellers is small
B individuals cannot influence prices
C the quality of products remains the same
D prices will always remain constant
Above full employment level, an expansionary monetary policy will lead to a
A decrease in aggregate supply
B fall in the inflation rate
C rise in the inflation rate
D fall in aggregate demand
Given that Y= C+I, where C= 50+0.75 and I = N45m, what is the equilibrium level of income?
A N380m
B N20m
C N180m
D N200m
In the long run, the equilibrium point of a monoplistic firm is a point where the
A marginal cost curve is tangential to the average fixed cost curve
B demand curve is tangential to the average variable cost curve
C supply cuvre is tangential to the marginal cost curve
D demand curv is tangential to the average cost curve
The regulatory authority of the capital market in Nigeria is the
A Central Bank
B Securities and Exchange Commission
C Nigerian Deposit Insurance Corporation
D Stock Exchange Market
In international trade, when payments of a country are higher than the receipts, then the balance of payment is
A favourable
B in equilibrium
C perfect
D unfavourable
E uniform
The basic economics problem of what to produce arises as a result of
A competing demands for scarce resources
B excessive supply
C the availability of too many experts
D the failure of the price system
E the reduction of poverty
The main industrial cities in Nigeria are
A Ikeja, Kano, Onitsha and Port-Harcourt
B Kaduna, Dutse, Ogbomoso a Calabar
C Kano, Ilesa, Vadeikya and Afikpo
D Maiduguri, Ikote Ekiti, Moniya and Akungba
E Mokwa, Ijebu-ode, Warri and Gummel
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