Question 1 of 20 100 total questions
Being a member of the OPEC, Nigeria is in a favorable position to?
A export her crude oil
B control world crude oil prices
C reap the benefit of a cartel
D borrow money from members
If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for N500, what will be United Kingdom's exchange rate with Nigeria?
A $0.05 = N1.00
B $0.06 =N1.00
C $0.11 =N1.00
D $0.12 =N1.00
A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade?
A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be?
A developing
B developed
C poor
D underdeveloped
Public debt is composed of?
A internal debts and World Bank loans
B money owed to local and foreign contractors
C internal and external debts
D loans granted by IMF and ADB
An aspect of taxation that involves normative economics is the?
A ]tax rate
B effect on incentive to work
C fairness of the tax
D tax burden
A capital market differs from the money market in that in the former?
A loan sought is short term
B loan reayment is guaranteed
C loan sought is long term
D the percentage of interest chargedis more
Two principal ways by which banks can lend money to their customers are through?
A loans and overdrafts
B loans and discounting bills
C overdrafts and cheques
D overdraft and treasury bills
A persistent rise in the general level of prices implies?
A an increase in some prices
B a one-time rise in prices
C a steady fall in the purchasing power of money
D that the higher the price level, the more the value of money
An increase in money supply, other things being equal, will?
A lower interest rates
B reduce income
C ensure trade balance
D increase money demand
Exclusions that makes Gross National Product a poor measure of welfare are?
A goverment purchases
B government millitary outlays
C wages and salaries
D housewives services
Which of the following is used for measuring national income?
A Output, income and wages
B Import, expenditure and output
C Income, output and expenditure
D Export, Import and output
The major function of the wholesaler to his customers is?
A breaking of bulk
B offering personal services
C stocking a variety of goods
D providing transport facilities
A major effect of a long distribution chain is?
A high retail prices
B scarcity of commodities
C low retail prices
D low producer earnings
Firms continue to employ workers until the wage rate equals the?
A average product of labour
B marginal revenue product of labour
C total product of labour
D sum of marginal revenue and average revenue of labour
The age distribution of a country's population determines the?
A ratio of the dependent to the working group
B total age of all working class adults
C male-female ratio
D percentage of married women
A well conducted census is important for?
A effective defence
B effective revenue generation
C good economic planning
D optimum population
As a producer' association, the OPEC expects its members to maintain production where marginal cost is?
A greater than price
B less than price
C equal to price
D equal to average cost
The Nigerian economy is mono-cultural because government revenue is derived mainly from?
A agriculture
B manufacturing
C coal
D crude oil
Industries contribute to national economic development because they?
A utilize local raw materials
B employ an increase number of labour
C provide recreational facilities
D use modern machines which replace human labour
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