Question 1 of 20 50 total questions
Inflation which is caused mainly increases in the prices of factors of production is described as?
A cost-push inflation
B demand-pull inflation
C crawling inflation
D spiral inflation
Non-bank financial intermediaries do not?
A provide credit facilities
B accept deposits
C accept demand deposits
D sell shares
One of the major problems of product distribution in most developing countries is?
A lack of storage facilities
B large number of middlemen
C inadequate manpower
D inadequate means of transportation
The value of the multiplier depends on?
A MPC and level of income
B level of personal income
C level of personal savings
D government policy and MPC
National income at factor cost means national income at?
A current prices
B nominal prices
C last year prices
D base year prices
When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?
A an opportunity cost
B an economic rent
C transfer earnings
D surplus value
Optimum population is defined as the level of population at which?
A per capital output is maximized
B population is neither increasing nor decreasing
C total national income is maximized
D marginal efficiency of population is maximized
An entrepreneur will continue to employ labour up to a point where?
A costs are minimized
B maximized efficiency is attained
C wages are equal to marginal product of labour
D marginal product of labour is equal to zero
Import substitution industrialization refers to?
A the concentration of industries for even regional development
B setting up of industries for even development
C a situation in which local industries are set up to produce goods formerly imported
D the banning of imports which are subtitutes for domestically produce goods
Concentrating industries in one place is advantageous because there are gains in terms of?
A external economies
B internal economies
C economies of scale
D cost economies
The first petroleum exploring company to discover crude petroleum in Nigeria was?
A Mobil
B Texaco
C Agip
D Shell-BP
The primary objective of establishing the Export Process Zone is to?
A facilitate agricultural production
B encourage the production and processing of export commodities
C erect imported raw materials
D erect economic structures near the port
The major problem of cooperative societies in Nigeria is that?
A they often lack cohersion and continuity
B their liability is unlimited to members
C voting is by proxy
D their management style is poor
The land tenure system in Nigeria impedes agricultural production because?
A land fragmentation makes possible easy access to land ownership
B it discourages specialization of factors of production
C it limits opportunity for mass production of agricultral goods
D small land holders generally do not get enough fertilizer to use
A major obstacle to rapid agricultural development in Nigeria is the?
A ineffective use of crude implements
B inability of farmers to adopt modern technology
C introduction of the Green Revolution programme
D declining population growth rate
Which of the following falls continuously as output expands?
A Average fixed cost
B Marginal cost
C Average variable cost
D Average cost
Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.
In a perfect competition, every firm is a price?
A maker
B taker
C giver
D bidder
A characteristic of the average fixed cost is that, it?
A rises and falls faster than the marginal cost
B is U-shaped and intersects the price axis
C is always higher than the average variable cost
D falls continuously but is never equal to zero
One of the characteristics of an imperfect market is the?
A large number of buyers and sellers in the market
B awareness of market conditions by buyers
C availability of substitutes
D heterogenetity of products
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