Question 1 of 10 50 total questions
The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect
A Industries producing baby food and clothing
B Industries owned by infants
C Newly set-up industries
D Industries in which infants will be taken care of
E Industries that behave like infants
Summary of product condition in countries i and ii
A Country I has absolute disadvantage in the production of both cocoa cloth
B Country I has absolute advantage in the production of both cocoa and cloth
C Country II has absolute advantage in the production of both cocoa and cloth
D Country II has comparative advantage in the production of cocoa
E Country II should leave the production of both cocoa and cloth to country I
Which of the following is NOT a major function of a Central Bank?
A Serving as Goverment''s bank
B Serving as bankers bank
C Acceptance of deposit from the public
D Responsibility for monetary policy
E Serving as lender of last resort
The function of money as a standard of deferred payments
A Make possible for an individual to build up store of many things for future use
B Makes it possible for payment to be postponed from the present to a future date
C Facilitate the exchange of goods
D Makes easy calculations possible
E None of the above
Government in West Africa countries engage in running a number of enterprises because ?
A Large amount of capital are needed and key industries should not be left in private hands
B Private capital would not established an adequate infrastructure
C It brings about a more even distribution of the country’s wealth
D The social costs of some enterprises make the government the most suitable body to set them up
E All of the above
Money becomes a very poor store of value in a period of
A Deflation
B Stable prices
C Recession
D Inflation
E Harvest
Which of the following is NOT true about specialization or division of labour?
A Specialization and exchange go hand in hand
B Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized
C Division of labour needs not take account of the extent of the market
D Division of labour results in increased productivity
E Division of labour involves the danger of unemployment
Two goods, X and Y, are said to be complementary when?
A A fall in the price of X raises the demand for Y
B A fall in the price of X causes a fall in the demand for Y
C A fall in the price of X does not affect the demand for Y
D A rise in the price of X does not affect the demand for Y
E The two goods are competitive.
Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?
A Immigration
B Brith control measures, e.g. use of contraceptives
C Late marriage
D Creating more educational opportunities for women
E Sex education
'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?
A Human wants are numerous but the resources needed to satisfy them are limited
B Given numerous wants and limited resources only individuals and businesss firms make choice
C The process of making a choices involves opportunity cost
D An economist is not interested morality or otherwise of any choice so made
E Usually choice is made from a list of wants compliled in the context of a scale of preference
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