Question 1 of 20 4,545 total questions
Which of the following is NOT a feature of capitalism ?
A detailed economics planning
B Free enterprise
C competition
D private ownership of property
E Entrepreneurs and the pursuit of profit
Remuneration of labour based on number of hours worked is known as
A fees
B commission
C time-rates
D salary
E wages
When an economy is having a balance of payment surplus the best alternative opened to it is to
A borrow from abroad
B devalue its currency
C increase its foreign reserve
D promote imports into the country
E sell out its foreign assets
Which of the following is NOT a factor that brings about changes in demand?
A a change in real income
B government policy
C increase in population
D the price of the good or service
E taste and fashion
The willingness of an individual backed up with purchasing power at a given time is
A demand
B desire
C effective demand
D utility
E want
Which of the following factors will NOT account for an outward shift of production possibility curve?
A budgeting and planning based on expectations
B expansion in employment
C discovering and exploration of new resources
D introduction of improved production techniques
E skill improvement through education and training
If commodities A & B are jointly demanded, what will be the effect of an increase in the price of A on the demand for commodity B?
A decrease in demand for commodity B
B decrease in price of commodity B
C demand for commodity B remain constant
D increase in demand for commodity B
E increase in the price of commodity B
The middle value of an array figure arranged in descending order is referred to as the
A equation
B mean
C Median
D mode
E Variance
What is the median term in the distribution below ;14, 13 29 ,15 ,13,17 ,12,
The comparison of the standard of living between Nigeria and Ghana is best down through the use of
A gross domestic product
B gross National incomes
C Net disposable income
D Net National income
E per capita income
The bank established to finances project aimed at promoting economic and social development within the African continent is
A African bank for commerce and industry
B African development bank
C economic bank for African
D recovery fund bank for Africa
E Africa currency board bank
The main disadvantages of deflationary policies is
A full employment in the country
B increasing cost of living
C improved standard of living
D unemployment in the country
E under employment in the country
In income determination theory, acceleration principles shows that
A income is the cause, while investment is the effect investment
B income and investment are both causes
C income and investment are both effects
D incomes is of on effect on investment
E investment is the causes, while income is the effects
A market situation with few sellers and many buyers is called
A monopoly
B duopoly
C oligopoly
D perfect competition
E monopsony
Which of these is NOT associated with the problem of internal trade?
A bargaining
B lack of specialization
C market trade unions
D natural barriers
E large number of middlemen
One of the fundamental economic problem of every society is
A allocation of scarce resource
B availability of market
C consumption pattern of inhabitant
D presence of middle man
E inadequate labour force
Transcationary motive implies, holding money
A for future investment
B for day to day expenses
C for unforeseen contingencies
D to settle previous debts
E to buy share in the stock exchange market
The Nigerian indigenization decree process involves
A 5 phases
B 6 phases
C 4 phases
D 3 phases
E 2 phases
The contribution of petroleum to the economy of nigerian is most prominent in the area of
A employment generation
B fuel provision
C infrastructural development
D revenue generation
E technical know-how
An economic system in which individual control the productive resources is known as
A capitalism
B communism
C freedomism
D socialism
E welfarism
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