Question 1 of 20 49 total questions
The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to?
A raise the price of the commodity and affect the quantity in an indeterminate way
B decrease the equilibrium quantity and affect the price in an intermediate way
C raise its price as well as the equilibrium quantity
D lower it price while affecting the equilibrium quantity in an interminate way
Under conditions of perfect competition, a firm's supply curve is determined by its?
A total cost curve
B marginal cost curve
C variable cost curve
D fixed cost curve
The economic policy of deregulation is aimed at encouraging?
A a monopolistic market structure
B a duopolistic market structure
C a competitive market structure
D an oligopolistic market structure
In the short-run a firm marginal cost curve above the point of shut-down is its?
A demand curve
B supply curve
C cost curve
D supply curve
The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called?
A internal economies of scale
B economies of scale
C market economies
D external economies
The short-run equilibrium output for a monopolist is determined by the?
A highest point on the total revenue curve
B minimum point on the average revenue and the average cost curve
C intersection of the average revenue and the average cost curves
D intersection of the marginal cost and marginal revenue curves
As a firm increases its output, the average fixed cost?
A tends to rise continuously
B remains constant
C rises and then falls
D tends to decreased continuously
Improved labour efficiency can be measured by?
A an increase in output-input ratio
B an decrease in output-input ratio
C the constancy of input-output ratio
D an increase in input-output ratio
The Malthusian theory of population growth is often said to be?
A ambiguous
B oversimplified
C pessimistic
D optimistic
The equilibrium wage in an economy is determined by the?
A public service
B worker's union
C rate of inflation
D supply and demand for labour
If the growth rate of available resources continuously outpaces that of the population, a country will eventually experience?
A maximum population
B underpopulation
C overpopulation
D optimum population
The middlemen in the chain of distribution are?
A manufacturers and consumers
B wholesalers and retailers
C consumers and wholesalers
D retailers and consumers
Excess demand inflation can be controlled through?
A contractionary fiscal policy
B contractionary trade policy
C expansionary fiscal policy
D expansionary monetary policy
The primary objective of the NDIC is to?
A give protection to the CBN against fraud
B provide regulations guiding the finance houses
C give protection against fraud
D give protection to bank depositors
Creeping inflation implies that there is a?
A gentle and persistent increase in the general price level
B rapid and persistent increase in the general price level
C gentle but not permanent increase in the general price level
D rapid but not permanent increase in the general price level
Liquidity preference refers to the?
A needs to borrow money for short periods to meet some temporary crises
B wish to hold more funds for precautionary purpose
C need to increase the money supply in order to lower the interest rate
D demand to hold money as assets rather than as stocks
Insurance companies invest mainly in instruments trade on the?
A capital market
B Money market
C commodity market
D open market
If a country's GNP in the current year is N65 billion, and the GNP in the base year is N50 billion, the GNP deflator is?
In Nigeria, the bank that can correctly be described as a unit bank is?
A the Central Bank
B people's bank
C mortgage bank
D community bank
National Income estimates can be used to?
A differentiate between the rich and the poor in a country
B prepare a country's annual budget
C protect the level of a country's economic develompent
D compare a country's growth rate with that of another over a period of time
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