Question 1 of 20 45 total questions
The following will occur when maximum price is fixed below the free market price EXCEPT that
A black market will be encouraged
B excess demand will occur
C excess supply will occur
D rationing of commodities will occur
E scarcity of goods will occur
Which of the following is NOT an objective of Economic planning?
A Achieving economic self reliance
B Achieving economic growth
C Creating employment
D Equitable allocation of resources
E Widening the income gap
The problem of “how to produce” in any economy is solved by
A adopting the least cost method of production
B combining capital and labour intensive methods of production
C employing the services of a manager
D using capital intensive method of production
E using labour intensive method of production
A major characteristics of a firm operating at a long-run equilibrium position is that
A all costs can be varied
B average variable cost is fixed
C fixed cost can not be changed
D marginal cost is fixed
E only variable cost changes
Which of the following is NOT included in-measuring the National income through the income approach?
A Allowance given to an aged mother by a civil servant
B Income earned by a bricklayer
C Profit earned by Nigerian bottling company plc
D profit earned by NITEL plc
E Salary earned by a doctor
The following are problems of development planning in Nigeria EXCEPT
A death of skilled manpower
B inadequate capital
C inadequate statistical data
D poor implementation of economic planning
E under-population
Which of the following is NOT associated with minimum price legislation?
A Black market
B Excess demand
C Excess supply
D Unattainable equilibrium
E Unemployment
If the population of a school is 600 and 60% are In JSS, how many students are in SSS?
The use of tax and expenditure policy to regulate the economy is known as
A deregulation
B fiscal policy
C monetary policy
D physical measures
E structural adjustment
Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds
A as much to TR as to TC
B less to TR as to TC
C less to TC than to TR
D more to TC than to TR
E more to TR than to T
The following are rewards for factors of production EXCEPT
A interest
B profit
C rent
D subsidy
E wages
Which of the following is the correct order in the chain of distribution?
A Consumer —> Distributor → Retailer → Producer
B Producer → Consumer → Retailer → Wholesaler
C Producer → Wholesaler → Retailer → Consumer
D Retailer → Consumer → Producer → Wholesaler
E Wholesaler → Retailer → Producer → Consume
At the equilibrium price,
A demand is greater than supply
B demand equates supply
C demand is less than supply
D price is equal to demand only
E price is equal to supply only
Which of the following is a disadvantage of localization of industries?
A Aiding cooperation among firms
B Creating structural unemployment
C Encouraging subsidiary industries
D Encouraging the growth of skilled labour
E Reducing cost of production
The demand for factors of production is said to be
A competitive
B complementary
C composite
D derived
E joint
The satisfaction derived from Die consumption of a commodity is referred o as
A consumption
B demand
C production
D utility
E utilization
An industry operating in a perfect competitive market situation will maximum profit when
A DD = SS
B DD < SS
C MC > AC
D MC < AR
E MC = MR
The 2nd National Development plan in Nigeria was between
A 1962 — 1968
B 1970 — 1974
C 1975 — 1980
D 1980 — 1985
E 1985 — 1990
An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.
A capitalist
B communist
C mixed
D socialist
E welfarist
Persistent fail In the general price level Is known as
A deflation
B devaluation
C general price Increase
D inflation
E price index
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