Question 1 of 20 2,540 total questions
Indicate which of the following are invisible trade items in a country’s balance of payments?
A oil exports and imports
B Gold and foreign reserves
C foreign investment
D Dividends and profit
E Expenditure on the shipping and tourism
In Nigeria, cheques are not money because?
A their use is confined to business houses
B there are no banks in rular areas
C they are not legal tender
D they are not generally acceptable as a medium of exchange
E most Nigerians cannot identify them
Which of the following is NOT a function of Nigeria commercial Banks?
A Acceptance of deposit
B Lending of money
C Investment in securities and business
D Issue of currency
E Selling and buying of travellers cheques
In a limited liability company, the greatest risk is borne by?
A debenture holders
B company executives
C ordinary shareholders
D preference shareholders
E borad of directors
Division of labour is limited by the?
A available of raw materials
B size of the labour force
C size of a labour firm
D absolute size of the country's population
E per capital income and number of potential buyers
In a normal (typical) demand schedule, the quantity demand is?
A directly related to price
B inversely related to price
C independent of price
D proportional related to supply
E solely dependent on haggling skill
In a subsistence economy?
A there is no shortage of goods and services
B the state is the sole owner of resources
C production is largely oriented towards consumption in the rular sector
D there is no exchange of goods and services
E women predominate in all economic activities
Which of the taxes appear generally progressive in nature?
A Sales taxes
B The personal income tax
C Property taxes
D Corporation taxes
E none of the above
Which of the following is NOT one of the balance of payment entries?
A the current account
B foreign exchange
C Import and Export duties
D Short-term capital
E Long-term capital
A commercial bank is able to create money
A by printing it
B by maintaining reserve
C by creating a demand deposit as it gives a new loan
D by issuing cheques to depositors
E by borrowing from the central bank
The value of money depends primarily on?
A the gold backing of the currency
B the gold backing of both currency and deposit
C the general price level
D government decree that it is legal tender
E none of the above
A disadvantage of the corporate form of business is the?
A risk of the owners of loss of personal effects if the business should fail
B ability of the corporation to is financial resources
C limited life span of the corporation
D problems presented by separation ownership from control
E None of the above
In a free market economy, the rationing of scarce goods is done principally by
A the government
B business organizations
C the price mechanism
D consumers
E both A and B
Capital earns income because?
A it is productive
B it is expensive
C it is always cheaper to substitute capital for labour
D it is technically more efficient than labour
E both A and B above
When we draw a market demand curve, we?
A ignore tastes, incomes and other prices
B assumes that tastes, income and prices do not matter
C assumes that taste, income and all other prices change in same direction as prices
D assume that tastes, incomes and all other prices remain constant
E both A and B above
Which of the following is the standard concept for measuring and analyzing population growth?
A The rate of natural increase
B The net migrate
C The rate of population increase
D The fertility rate
E All of the above
If you do not have to give anything in order to get a particular thing, then its opportunity cost is?
A zero
B not measurable
C its price in money
D infinite
E equal to one
The fundamental problem of Economics is?
A money
B poverty
C unemployment
D the scarcity of resources relative to wants
E inflation
If a firm doubles its output and its cost increase by 60%, the firm is experiencing
A increase cost
B economies of scale
C decreasing returns
D decreasing cost
E none of the above
Which is NOT a method of raising capital funds in Nigeria?
A Borrowing from abroad
B Internal borrowing
C Nigerianization of foreign companies
D Gifts from abroad
E Saling government bonds
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