Question 1 of 20 4,545 total questions
If the income of a consumer rises and his demand for good X falls, good X can be described as
A a normal good
B an adnoral good
C a good with inelastic demand
D a good with unitary elastic demand
E none of the above
One of the probable effects of an increased minimum wage in Nigeria is?
A to create volunteer unemployment
B to decrease the wage rate
C to increase the level of unemployment
D to create involuntary unemployment
E to increase the demand for labour
unlimited liability means?
A The government can tax a company without limit
B The debts of a company must be paid out of it assets
C A company ceases to exist at the death of one of its owners
D A firm must pay its debts from business as well as private funds
E None of the above
When a nation’s exports are greater than its imports
A The net foreign trade is zero
B an unfavourable balance of payment exist
C A favourable balance of payment exists
D An un favourable balance of trade exist
E A favourable balance of trade exists
An equilibrium price?
A keeps excess demand within limits
B keeps excess supply within limits
C generates the greatest possible demand and supply
D generates the greatest possible profits
E equates the quantity supplied to be equal to the quantity demanded.
An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?
A substitute goods
B complementary goods
C elastic goods
D inelastic goods
E inferior goods
Which of these statement is NOT true of economics as a discipline?
A it is a social science
B it is analytical
C it is concerned with people's material well-being
D it assumes limited human wants
E it assumes limited human resources
The most basic concern of economists is to?
A create human wants
B satisfy all human want
C redistribute income so that it is used correctly
D create perfect competition
E study ways of allocating scarce resources in order to satisfy human wants
Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?
A The value of industrial exports is declining
B The value of industrial imports is constant
C The share of agricultural exports is increasing
D The share of agricultural export is decreasing
E The value of mineral export is declining
Which of the following is NOT a visible item on international trade payment?
A Payment for imported cars
B Receipt from cocoa exports
C Payments to foreign shipping companies
D Payments for steel imports
E Payment for petroleum imports
Prohibiting the sale of lace materials in Nigeria would probably lead to?
A Increase supply of lace material in Nigeria
B Production of better quality lace abroad
C Lower price of lace material in Nigeria
D Higher price of lace material in Nigeria
E Increase income to all dealers of lace materials in Nigeria
Which is NOT an important factor responsible for high concentration of population in some part of Nigeria?
A Climate influences
B Development of trade and markets
C Soil fertility
D Processing of petroleum oil
E Concentration of educational facilities
An economy in which both the public and the private sectors contribute substantially to the growth of output is?
A a socialist economy
B a capitalist economy
C a mixed economy
D an industrial economy
E a peasant economy
Government budget can be described as the sum of?
A Indirect tax, direct tax, and loans expected within a financial year
B Planned recurrent expenditure and planned investment expenditure
C Planned capital expenditure for a development plan within a plan period
D Planned expenditure and expect revenue within a financial year
E Planned expenses of all ministries within a financial year
Which of the following does NOT belong in respect of the quantity of money?
A Durability
B Division into the smallest units of value
C Portable
D Identifiable by all
E Measure of value
Surplus in balance of payment leads to?
A inflation or increasing prices generally
B increases in foreign reserves
C decreases in foreign reserves
D Government budget surplus
E none of the above
Which of the following statement does NOT describe a situation of perfect competition.?
A The firm faces an infinitely elastic demand curve
B The firm makes no pure profit in the short run
C The price does not change with changes in the output level of the firm
D There is freedom of entry into, and exit out of the industry
E The firm can sell all it produces at the market price
If a commodity has many substitutes, it is most likely that?
A the demand curve is fairly inelastic
B the demand curve is fairly elastic
C the demand curve is paraell to the quantity axis
D the demand curve is positively sloped
E the price of the commodity is too high
Elasticity of demand is given by
A the prcentage change in quantity demanded divided by the corresponding percentage change in price
B the percentage change in price divided by the corresponding percentage change in quantity demanded
C the percentage change in quantity demanded divided by the corresponding price
D the percentage change in price divided by the corresponding quantity demanded
E none of the above
Economics may be defined as?
A the study of money and banking
B the study of markets and prices
C the study of production and distribution
D the study of human behaviour in the allocation of scarce resources
E the study of the employment of labour, land, and capital
Next
Question Navigator
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
