Question 1 of 20 272 total questions
The following are bye-products of crude oil EXCEPT
A bitumen
B kerosene
C paraffin wax
D perfume
E petrol
The following are the objectives of economic planning EXCEPT
A achieving balanced growth
B diversification of the economy
C creation of more employment opportunities
D equitable allocation of resources
E rapid population growth
The theory of absolute advantage was propounded by
A Adam Smith
B David Ricardo
C Irving Fisher
D JB Kynes
E Thomas Malthus
The function muv/muz = py/pz represents
A consumer’s average utility level
B diminishing marginal utility
C increasing marginal utility
D marginal theory of price
E utility maximization
The first oil refinery in Nigeria was established at
A Alesa Eleme
B Araromi
C Kaduna
D Oloibiri
E Warri
Which of the following is NOT a feature of land?
A Free gift of nature
B Fixed in supply
C Geographically immobile
D Returns on land is wages
E Subject to law of diminishing returns
If the price Index of export is 140% and import is 200%, what is
Economics is regarded as a social science because It
A helps people to be acceptable In the society
B Is associated with social dubs
C is used by sociologist
D studies human behavior
E uses controlled experiment
Which of the following is a condition necessary
A Few sellers and buyers
B Free entry and exist
C Homogeneous goods
D Lack of preferential treatment
E Many callers and buyers
The solution to problem of how to produce in a capitalist economy is solved by
A combining aid labour means of production
B the producers involves
C using capital Intensive method of production
D using labour intensive method of production
E using the method of production with the least cost
Branding and packaging of goods Is the function of
A brokers
B consumers
C manufactures
D retailers
E wholesalers
Which of the following is NOT a contribution of agriculture to industrial development?
A provision of food for the industrial sector
B Provision of funds for industrial development
C Provision of raw materials
D Supply of labour to the industrial sector
E supply of machinery to the industrial sector
The creation of physical and concrete goods that can be seen and handled Is
A diminishing returns
B division of labour
C Industrialization
D production
E specialization
The following measures used to check deflation EXCEPT
A deficit financing
B improving distribution system
C increasing wages and salaries
D raising the bank rate
E reducing taxation
A deliberate government policy to exclude foreign participation in certain economic activity is known as
A commercialization
B indigenization
C liberalization
D localization
E privatization
The following methods are used in calculation of National Income EXCEPT
A depreciation
B Expenditure
C Income
D Output
E value added
which of the following measures can be used to control inflation?
A decrease in bank rate
B Decrease in taxation
C deficit budget
D Export drive
E Increase in government expenditure
Which of the following is a disadvantage of sole proprietorship?
A Does not enjoy limited liability
B Decisions are easily made and implemented
C Easy to set up
D Enjoys secrecy
E Maintains dose relationship with workers and customers
If total Income is N15m and total consumption Is N3m. then the average propensity to consume is
A change in National Income brought about by a given change in investment Is
A APC
B APS
C MPC
D MPS
E The multiplier
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