Question 1 of 20 2,540 total questions
Which sector can you say is growing fastest in the Nigeria economy?
A Agriculture
B Industry
C Education
D Transport
E Labour
Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?
A proportional tax
B progressive tax
C competitive tax
D excise tax
E regressive tax
If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as
A normal
B abnormal
C inferior
D superior
E scarce
A limited liability company is owned by?
A an individual
B two or more partners
C shareholders
D government
E a bank
Division of labour means?
A the labour is divided into different section
B the work is divided into different parts to be completed by each labour
C production is completed by the different department of a factory
D commodities are produced at different times by a single labourer
E the labour force in the country is not united
By subsistence production we mean?
A goods and services are produced for consumption only
B goods and services are sold to others
C raw materials are produced in the country
D goods and services are produced for the market
E none of these
An economic problem arises when?
A manufactured goods are in short supply
B money is in short supply
C buyers are many
D sellers are few
E scarcity and choice are involved
The budget of Nigeria will be deficit if
A revenue expenditure exceeds the revenue receipts
B capital expenditure exceeds the capital receipts
C revenue and capital receipts exceeds revenue and capital receipts
D the government is spending more than its receipts
E all of the above
Which would you NOT consider an advantage of one-man business?
A freedom of action
B limited liabiities
C Quick decision-making
D Personal contact with customers
E none o the albove
Nigeria earns the major part of her foreign exchange from the export of?
A manpower to another countries
B crude oil
C petroleum products
D groundnuts and cotton
E palm oil and cocoa
By balance of visible trade we mean?
A import and export of goods
B import and export of service
C balance of current account in the balance of payment
D balance of capital account in the baalance of payment
E all of this
International trade arise because?
A one country has more abundant resource
B one country has the technology to produce the commodity whilst the other has not
C one country has the maximum comparative advantage or minimum comparative disadvantage in the production
D one country has manpower to produce the commodity than the country
E All of the above
Utility of a commodity means?
A its usefulness
B power to satisfy a want
C price of the commodity
D satisfaction derived from the product of commodity
E its adaptability
Commercial banks can create money in the following ways?
A by using coins and paper money
B by borrowing money from banks abroad
C by receiving deposit from individuals
D by printing money on the instruction of the central bank
E none of the above
Which is NOT a cause of high population growth in Nigeria?
A Family planing Unit of Nigeria
B Improve medical facilities
C Reduction in death rate
D Improve hygiene
E Increased birth rate
Which is NOT a function of Central Bank in West Africa
A Dealing in foreign exchange
B Issuing of currency
C Accepting deposit from private customers
D Acting as government bank
E Acting as bankers bank
Price control indicate the following
A price is fixed at equilibrium level
B price is fixed above equilibrium level
C price is not fixed but determined by demand and supply
D price is fixed below equilibrium level
E none of the above
Which would you NOT consider an agro-based industry in Nigeria?
A a diary enterprise producing milk
B a yam floor mill
C a poultry industry
D a fertilizer plant
E none of the above
From an economic point of view, an activity does not have a cost when
A someone else pays for it
B the returns are greater than the cost
C the choice involves giving up nothing
D the government pays for it
E it is paid for from a gift
Production in Economics occurs when
A a commodity or service is sold
B utility is created or added
C a commodity is manufactured
D raw materials are produced or extracted from mines
E all of these
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