Question 1 of 11 31 total questions
which of the following item is not included in measuring national income by the income approach?
A Wages and salaries of public servants
B Student's grants and scholarships
C Profits of companies
D Income earned by self-employed persons such as lawyers
E Rents on property
A movement along the demand curve for some goods may be caused by a change in
A consumer income
B the price of goods
C consumers taste
D the price of other goods
E population
Which of the following functions do retailers perform in an economy?
A Production
B Exchange
C Hoarding
D Distribution
E Investment
Devaluation means
A a reduction in the value of the National currency
B a reduction in the purchasing power of the foreign currency
C a reduction in the value of the domestic currency relative to foreign currencies
D an increase in the value of the national currency
E a decrease in the purchasing power of the foreign currencies
open market operation are the process by which
A the Central Banks purchases and sells securities
B Commercial Banks purchases and sells securities
C business firms buys raw materials freely
D huseholds buys consumer goods openly
E the money market takes over the function of the Central Banks
The value of money is determined by the
A rate of interest
B general price level
C quantity of money in circulation
D level of economic development
E weight of the currency notes and coins
if over a period of time there is more money in the economy than the available goods and services , the economy is likely to experience
A devaluation
B inflation
C deflation
D demonetization
E over-valuation
The monetary system that requires a double coincidence of wants is known as the
A gold standard
B barter system
C commodity system
D gold exchange standard
E cheque system
Agriculture plays a dominant role in West African economies because
A the Green Revolution in Nigeria is agricultural
B it supplies all the food stuffs consumed in Ghana alone
C there are large plantation of cocoa, groundnut and oil palm in West Africa
D it is the main source of revenue in Sirera Leon alone
E it emplys more than 50% of the total labour force in West Africa
Choice is necessary because resources
A are available
B can be found everywhere
C are constant
D are scarce
E are unlimited
The price system refers to the system by which
A the government controls price in the economic system
B prices tends to rise to a general level
C price allocates resources between consumer and producer goods
D government allocate resources to consumers and producers
E the producers fix the price for their products
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