Question 1 of 20 89 total questions
Which of the following is not a function of an insurance company?
A Mobilization of funds through premiums collected
B Encouragement of savings habits through life assurances
C Collection of deposits from the public
D Granting of loans on long-term basis for investment
E Encouragment of investment by security of capital
Which of the following does not require the use of information from census?
A allocating central government revenue among states or regions
B planning for development in the states of regions
C Demarcating constituencies for election in the states or regions
D providing adequate social amenities and services in the states or regions
E Controlling geographical mobility of labour among the states or regions
In perfect competition , the marginal cost curve intersects the average cost curve
A from below at its lowest point
B from above at its lowest point
C from below before the lowest point
D at the zero point
E from below after the lower point
The effect of an increase in price on the demand for a commodity with elastic demand will be
A an increase in the demand for the commodity
B a decrease in the demand for the commodity
C a further increase in the price of the commodity
D reduction in the number of the distributors of the commodity
E a general increase in the cost of the production
Which of the following explains marginal cost?
A Overhead cost plus variable cost resulting from production
B the average cost of producing more units of the products
C The extra cost of producing more units of products
D Overhead cost minus variable cost
E The additional to total cost resulting from the production of an additional unit
Credit creation by banks is limited by
A an increase in bank deposits
B the establishment of specialized banks
C the non-availability of clllateral security
D the use of cheques for all transactions of the banks
E abolishing the reverse ratio
Under the socialist economy , the decision on what to produce is determined by the
A producer
B level of expected profit
C price
D Government
E preference of consumers
The term production in Economics means
A manufacturing of goods
B the creation of utilities
C giving birth to children
D the distribution of goods and services
E using labour in creating something
Government can influence aggregate demand through all the following measures except
A reduction in personal income tax
B retirement of director-general in the public service
C creation of employment opportunities
D compulsory deduction from salaries of all categories of workers
E upward revision of workers fringe benefits
Effective demand in economics means
A the desire for a commodity
B a proposal to purchase a good on credit
C the desire for a commodity or service backed by purchasing power
D an irrevocable instruction to the seller to meet up the need of the buyers
E the propensiyt to consume googd produced by manufacturers
Giffen commodities are those commodities
A which gives rise to a cobweb situation
B for which demand increases as price increases
C which have a low price elasticity of demand
D which are in short supply
E which have a high income elasticity of demand
which of the following economic system is in operation in Nigeria?
A Capitalist economy
B Socialist cum Maxist economy
C Socialist economy
D Capitalist and free economy
E mixed economy
All the under listed factors directly affects the supply of a commodity except
A price
B improved production method
C access to capital
D demand for the commodity
E level of income
Which of the following does not encourage the location of industries?
A Nearness to the market
B Availability of infrastructural facilities
C Government influence in sitting industries
D political instability
E Abundance of cheap labour
which of the following is an important limiting factor in the application of division of labour?
A market size
B availability of an infrastructure
C wage rate
D Raw materials
E Availabily of land
The law of demand states that
A as price increases, quantity demanded remains constant
B demand increases as price increases
C as price falls, quantity demanded also falls
D as price falls, quantity demanded increases
E demand and supply remains constant whether price fall or increase
The decision on what to produce is a problem in
A all economics system
B a mixed economic system only
C a democratic socialist economy only
D a free enterprise system only
E a planned eceonomic system only
Scarcity in economics means
A shortage of commodity
B unlimited demands for consumer goods
C limited supply of goods and services
D total absence of a commodity in the market
E high cost of a commodity
Economics is a social science which studies how
A to redistrubute income
B human beings behave
C the market price is fixed
D scarce resources are allocated to satisfy human wants
E high cost of a commodity
Given that TC = TFC + TVC and TR = AR x Q, profit is equal to
A (AR + Q) - TFC
B \(\frac{\text{(TFC + TVC)}}{Q}\)
C (AR x Q) - TC
D \(\frac{\text{(TC x Q)}}{AR}\)
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