Question 1 of 20 50 total questions
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
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
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