Question 1 of 20 2,540 total questions
Derived demand is normally used with reference to
A superior goods
B inferior goods
C the cost of production
D the factors of production
A commodity will be demanded only if
A consumers income increases
B it has no close substitutes
C the price is low
D it has utility
If the marginal utility of good X exceeds that of good Y, this implies that
A a rational consumer will buy less of X
B consuming more of X will increase total utility
C Y is an inferior good
D X will be cheaper than Y
The range of the data 14,13,15,18,20,35 and 13 is
An important determinant of price elasticity of demand is
A the state of technology
B the prices of other commodities
C the ease of substitution
D government policy
The burden of a government tax on a commodity whose demand is inelastic will
A be borne only by the government
B fall more heavily on consumers
C be shared equally between consumers and producers
D fall more heavily on producers
The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for
A maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
B evolving an acceptable wage for public servants
C evolving an acceptable revenue-sharing formula
D ensuring equity in the sharing of fiscal responsibilities
The main source of government revenue in Nigeria is
A import duties
B rents and royalties
C company income tax
D capital gains tax
If the Central Bank of Nigeria reduces the bank rate, this will cause
A money supply to increase
B commercial banks to reduce lending
C commercial banks to merge
D money supply to reduce
One way of controlling deflation is by
A contractionary monetary policy
B decreasing wages
C deficit financing
D rigid fiscal policy
When the federal government guarantees a loan for a state government, such a loan constitutes
A a public debt
B a transferred debt
C a private debt
D an inter-governmental debt
The major role of NDIC is to
A insure bank deposits
B regulate the activities of insurance companies
C ensure adequate capitalization of insurance companies
D accept customers' deposit
In computing national income, transfers are excluded because
A they are received only by the poor
B the figures reduce the size of national income
C it is difficult to get the exact figures
D they are not payments for productive activities
Personal income tax as a source of government revenue is increased when the
A tax rate is raised
B tax system is proportional
C retirement age is reduced
D tax base is contracted
If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by
A N4.0 milion
B N25. 0 milion
C N2.5 milion
D N15.0 milion
\(\begin{array}{c|c}
A 450kg
B 630kg
C 240kg
D 580kg
The savings deposit in a commercial bank is called
A Capital
B Fund
C Near
D Money
E Call money
A profit maximizing monopolist should produce within the range where his demand is
A Inelastic
B Elastic
C Infinitely elastic
D Unitary elastic
The difference in each country's total output on specification is
A 16000 units
B 9000 units
C 8000 units
D 7000 units
Find the mean price of the distribution
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