Question 1 of 20 145 total questions
Unemployment resulting from physical or mental deficiency is known as……………unemployment.
A cyclical
B disguised
C Frictional
D residual
E Voluntary
Population density refers to
A total population
B the total population divided by the total area of land
C the total area of land divided by the total population
D the population ratio of male and female
E optimum Population level
A tax system in which the rich pay a higher percentage of income as tax than the poor is known as
A capital gains tax
B progressive taxation
C proportional taxation
D regressive taxation
E sales tax
Which of the following is an advantage of free enterprise economy?
A Allocates resources better
B Avoids extreme Inequality of income
C Full employment
D It is very competent In providing vital social services
E No need of employing a host of officials to allocate resources
If the Income flow of a country exceeds the expenditure flow in international transactions, the balance of payment is
A balanced
B deficit
C restricted
D surplus
Which of the following is NOT an advantage of localization of industry?
A Availability of social amenities
B Development of subsidiary industries
C Highly organized markets
D supply of skilled labour
E traffic De-congestion
ECA means
A Economic Commission for Africa
B Economic Community of Africa
C Exporting Countries of Africa
D Economic Conference on Africa
Which of the following are examples of transfer payments?
A gifts and donations
B rents and rates
C profits and dividends
D internal and external debts
Which of the following countries export cocoa?
A Liberia and The Gambia
B Ghana and Sierra Leone
C Nigeria and Ghana
D Sierra Leone and Nigeria
A summary of all the receipts and payments of a country in international transaction is called
A terms of trade
B balance of payment
C balance of payment adjustment
D capital account
The practice of selling goods overseas and often below the cost of production is known as
A retailing
B dumping
C internal trade
D advertising
One advantages if international trade is that
A countries depend on each other
B it introduces variation in prices
C it increases demand for foreign goods
D it makes variety of goods available
International trade depends on the concept of?
A marginal cost advantage
B comparative cost disadvantages
C comparative cost advantage
D absolute cost
Which of the following contributes the highest amount of foreign exchange to the economy of West African nations?
A Construction, manufacturing and banking
B Shipping, trading and fishing
C Power, telecommunication and sports
D Extraction, farming and tourism
One of the advantages of capitalism is that
A consumers are exploited
B private iniatives is discouraged
C efficient allocation of resource is assured
D job security is assured
The population of a country in a certain year was fifty million and her per capita income was $2,050. What was the national income?
A $750,000 million
B $100,250 million
C $102,500 million
D $125,050 million
If the population of a country is low and the Gross National Product is high, the per capita income will be
A high
B low
C average
D unitary
The Net National Product (NNP) is Gross National Product (GNP) less
A domestic product
B foreign product
C depreciation
D investment
A country whose economy is buoyant is likely to have
A a weak currency
B devaluation from time to time
C a strong currency
D balance of payment problem
Monetary control measure are coordinated by
A Development banks
B Merchant banks
C comercial banks
D the central banks
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