Question 1 of 10 50 total questions
By balance of visible trade we mean?
A import and export of goods
B import and export of service
C balance of current account in the balance of payment
D balance of capital account in the baalance of payment
E all of this
International trade arise because?
A one country has more abundant resource
B one country has the technology to produce the commodity whilst the other has not
C one country has the maximum comparative advantage or minimum comparative disadvantage in the production
D one country has manpower to produce the commodity than the country
E All of the above
Utility of a commodity means?
A its usefulness
B power to satisfy a want
C price of the commodity
D satisfaction derived from the product of commodity
E its adaptability
Commercial banks can create money in the following ways?
A by using coins and paper money
B by borrowing money from banks abroad
C by receiving deposit from individuals
D by printing money on the instruction of the central bank
E none of the above
Which is NOT a cause of high population growth in Nigeria?
A Family planing Unit of Nigeria
B Improve medical facilities
C Reduction in death rate
D Improve hygiene
E Increased birth rate
Which is NOT a function of Central Bank in West Africa
A Dealing in foreign exchange
B Issuing of currency
C Accepting deposit from private customers
D Acting as government bank
E Acting as bankers bank
Price control indicate the following
A price is fixed at equilibrium level
B price is fixed above equilibrium level
C price is not fixed but determined by demand and supply
D price is fixed below equilibrium level
E none of the above
Which would you NOT consider an agro-based industry in Nigeria?
A a diary enterprise producing milk
B a yam floor mill
C a poultry industry
D a fertilizer plant
E none of the above
From an economic point of view, an activity does not have a cost when
A someone else pays for it
B the returns are greater than the cost
C the choice involves giving up nothing
D the government pays for it
E it is paid for from a gift
Production in Economics occurs when
A a commodity or service is sold
B utility is created or added
C a commodity is manufactured
D raw materials are produced or extracted from mines
E all of these
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