Question 1 of 20 2,540 total questions
If a government is running deficit, this means
A A term of trade are unfavourable
B more project cannot be undertaken
C Tax inflow is greater than expenditure
D aggregate demand is greater than aggregate supply
E tax inflow is less than expenditure
The proportion of currency in the money supply
A is higher in developing countries than advanced countries
B is lower in developing countries than advanced countries
C is the same in both developing and advanced countries
D grows as the economy develope
E none of the above
When the average physical product curve is rising the marginal physical product is
A below it
B above it
C falling
D zero
E None of the above
The lowering of the exchange rate between country's currency and other currencies is known as
A the foreign exchange rate
B deflation
C exchange control
D the law of comparative advantage
E None of the above
Which of the following is not an asset of a commercial bank?
A cash
B money at call
C treasury bills
D reserve funds
E loans and over-draft
If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is
A Progressive
B Indirect
C Regressive
D Proportional
E None of the above
Net national income is
A Gross national income minus depreciation
B gross domestic product plus net income from abroad
C nominal national income divided by the price level
D gross national income divided by the total population
E gross national product plus subsidies minus indirect taxes
Which of these is not usually the function of a wholesaler?
A Transport
B Storage
C Advertising
D After-sale services
E Branding
Which of the following type of capital is not rewarded by means of dividends?
A Ordinary shares
B Preference shares
C cummulative shares
D participating preference shares
E debentures
The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as
A visible trade
B invisible trade
C balance of payments
D balance of trade
E terms of trade
If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is
The value of money is generally measured in reference to
A the interest rate charged on bank loans
B the general price level
C the size of countries gold stock
D the level of economic development in a country
E the price of stocks and shareson the stock exchange
The country will be over populated when
A the rate of birth is high
B the death rate is low
C the growth rate is high
D population is increasing more than resources in the country
E unemployement is high in the country
The quantity supplied of a commodity increases best when
A Production increases
B Demand increases
C Price of the commodity increases
D Population of the country increases
E More commodities are imported
opportunity cost is the
A price of scarce goods
B resources required for making a commodity
C cost of luxury goods
D accrual of financial loses by chance
E althernative forgone in other to satisfy a want
Average cost is
A the total cost of production
B the extra cost of producing one additional unit of output
C cost of producing a unit of output
D variable cost
E overhead cost
Which of the following is not an indirect tax?
A excise duty
B company tax
C import duty
D export duty
E sales tax
By utility we mean
A usefulness
B power of satisfying a want
C beneficial
D advantageous
E consumable
Division of labour means
A dividing the labour into different categories
B splitting the process of production into different parts to be completed by each person
C dividing the goods and services into different sections
D assigning different duties to labourers
E group of labourers working in a factory or shop
Which of the following is not a direct tax?
A company income tax
B capital tax
C purchase tax
D personal income tax
E capital gain tax
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