Question 1 of 20 4,545 total questions
The real value of money is
A its face value
B what it can buy ata a particular time
C its rate of exchange with other currencies
D its intrinsic worth
E its rate of circulation
A budget is define as a
A Summary of expected expenditure by individuals and government
B summary of expected income
C record of value of services rendered in a year
D record of goods produced in a year
E summary of expected income and expenditure
The greatest foreign exchange earner for Nigeria before the advent of petroleum was
A mining
B handicraft
C agriculture
D manufacturing
E tourism
If a monopolist is attempting to maximize profit , which of the following should he attempt to do?
A Equate average cost to average revenue
B Equate marginal cost to marginal revenue
C Equate marginal cost to average revenue
D fix price and output
E Equate price to total cost
A point along a consumer's indifference curve shows
A the difference commodities he can consume
B a combination of all commodities he is willing to buy
C a combination of two commodities from which he derive the same satisfaction
D the quantity of commodities demanded by him
E the difference between quantity supplied and quantity demanded
Which of the following constitute the major components of money supply in a development economy?
A Demand deposits
B Paper money
C Bank drafts
D Coins
E Time deposits
Which of the following does not give a characteristics of money?
A Durable
B Portable
C Divisible into small units
D Generally acceptable
E Medium of exchange
At optimum population level, a country has its
A maximum population
B ageing population
C highest birth rate
D highest output per heade
E lowest death rate
Malthus observed in his theory that population was growing
A at a regular rate
B in arithmetical progression
C in geometrical progression
D in mathematical progression
E in trigonometrical progression
Which of the following is not a function of an insurance company?
A Mobilization of funds through premiums collected
B Encouragement of savings habits through life assurances
C Collection of deposits from the public
D Granting of loans on long-term basis for investment
E Encouragment of investment by security of capital
Which of the following does not require the use of information from census?
A allocating central government revenue among states or regions
B planning for development in the states of regions
C Demarcating constituencies for election in the states or regions
D providing adequate social amenities and services in the states or regions
E Controlling geographical mobility of labour among the states or regions
In perfect competition , the marginal cost curve intersects the average cost curve
A from below at its lowest point
B from above at its lowest point
C from below before the lowest point
D at the zero point
E from below after the lower point
The effect of an increase in price on the demand for a commodity with elastic demand will be
A an increase in the demand for the commodity
B a decrease in the demand for the commodity
C a further increase in the price of the commodity
D reduction in the number of the distributors of the commodity
E a general increase in the cost of the production
Which of the following explains marginal cost?
A Overhead cost plus variable cost resulting from production
B the average cost of producing more units of the products
C The extra cost of producing more units of products
D Overhead cost minus variable cost
E The additional to total cost resulting from the production of an additional unit
Credit creation by banks is limited by
A an increase in bank deposits
B the establishment of specialized banks
C the non-availability of clllateral security
D the use of cheques for all transactions of the banks
E abolishing the reverse ratio
Under the socialist economy , the decision on what to produce is determined by the
A producer
B level of expected profit
C price
D Government
E preference of consumers
The term production in Economics means
A manufacturing of goods
B the creation of utilities
C giving birth to children
D the distribution of goods and services
E using labour in creating something
Government can influence aggregate demand through all the following measures except
A reduction in personal income tax
B retirement of director-general in the public service
C creation of employment opportunities
D compulsory deduction from salaries of all categories of workers
E upward revision of workers fringe benefits
Effective demand in economics means
A the desire for a commodity
B a proposal to purchase a good on credit
C the desire for a commodity or service backed by purchasing power
D an irrevocable instruction to the seller to meet up the need of the buyers
E the propensiyt to consume googd produced by manufacturers
Giffen commodities are those commodities
A which gives rise to a cobweb situation
B for which demand increases as price increases
C which have a low price elasticity of demand
D which are in short supply
E which have a high income elasticity of demand
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