Question 1 of 20 1,723 total questions
The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that
A Olu's real cost is 150.00 Naira
B Olu's opprtunity cost is the T-shirt he bought
C Olu's opportunity cost is the textbook
D Olu's money cost is also the real cost
A list of consumer's wants arranged in order of priorities is known as
A a budget
B an opprotuniy cost
C A scale of preference
D choice
Farming, mining and fishing are
A primary production
B secondary production
C tertiary production
D intermediate production
Economic activities are undertaken to solve the problem of
A Desire to spend more income on consumption
B opprotuinity cost
C production
D scarcity
A major achievement of the Organization of Petroleum Exporting Countries (OPEC) is that
A crude oil price has increased tremendously
B petroleum product price have remained low
C producing countries are highly industrilized
D price of crude oil has remained relatively state
The Economic Community of West African States (ECOWAS) has been been slow in achieving its objective sbecause of
A political instability in member state
B the activities of multinationals
C inadequate personnel at the secretariat
D inadequate international support
which of the following is excluded when making national income?
A dividends
B wage and salaries
C transfer of payments
D profits
The national income of a country can be estimated by the
A cost-benefit method
B distribution method
C expenditure method
D consumption method
Development planning which take an overall view of the economy is described as
A aggregate economic planning
B disaggregate economic planning
C sectorial economic planning
D system economic planning
A surplus in the balance of payment should be used to
A subsidized multinational companies
B build infracstructures for friendly nations
C make donations to developed countries
D buy investment overseas
which of the following item is under the capital account of a balance of payment?
A repayment of foreign loans
B visible imports
C invisble exports
D cocoa exports
A policy by which government restrict the amount of foreign currencies bought and sold is known as
A devaluation
B credit creation
C exchanging control
D export promotion
Trade among West African countries is poor because the
A countries are self-sufficient
B communication links are weak
C number of banks is insufficient
D people are not enterprising
International trade is an application of the principle of
A industrial production
B mass production
C regional co-operation
D comparative cost advantage
One disadvantages of direct tax is that
A government's revenue is reduced
B price of essential commodities fall
C people are discouraged from additional work
D firms make more profit
Taxes levied on commodities are
A direct taxes
B indirect tax
C poll tax
D investment taxes
The act of selling goods in foreign markets at prices below those charged at home market is called
A exchange
B specialization
C dumping
D exporting
To ensure high employment rate, developing countries should
A build more universities
B protect infant industries
C organize trade fairs
D prevent rural-urban drift
Which of the following is not a direct effort to increase agricultural production?
A operation feed the nation
B use of improved seedlings
C increased loans to farmers and co-operative societies
D National Youth Service Corps
When the general price level persistently falls, the rate of unemployment
A rises
B stagnates
C rapidly reduces
D equal natural groth rate
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