Question 1 of 20 2,540 total questions
Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?
A 7000 units
B 16000 units
C 9000 units
D 8000 units
What is the median quantity?
An institution that regulates trade relations among members is the
If government increases in its expenditure on public works, the desired effect is
A a reduction in the use of capital equipment
B an increase in the level of emploment
C an increase in the level of inflation
D an increase in the use of capital equipment
The factor responsible for the current inflationary pressures in Nigeria is the
A exchange rate depreciation
B increase in exports
C low per capital income
D budget surplus
Business organization in which the owners' personal property may be forfeited in the event of bankruptcy are
A partnerships and limited liability companies
B partnerships and sole proprietorships
C cooperatives and sole proprietorship
D corporation and sole proprietorship
A long-term capital outflow is recorded in the balance of payment as a
A credit on the capital account
B credit on the current account
C debit on the current account
D debit on the capital account
Economic growth is different from economic development because economic growth
A describes expansion and change
B is measurable but not objective
C describes expansion and not change
D is not measurable but objective
The loans from the World Bank to developing countries are mainly to support
A capital-intensive technology
B the establishment of universities
C their infrastructure investment
D their level of consumption
The raising of funds by selling stocks to the public is called
A equity financing
B deflcit financing
C loan financing
D debt financing
The problem of planning in Nigeria is mainly in the
A implementation of the plans
B appraisal of the plans
C allocation of scarce resources
D articulation of the plans
The price index computed between two time periods is given as 128%,This implies that the
A disposable income have increased by 28%
B living standards have fallen by 128%
C living standards have risen by 128%
D living standards have fallen by 28%
The monetization policy of the Nigerian government is aimed at
A encouraging public servants to retire early and become self-employed
B transferring government's properties to retired public servants
C reducing government's burden on the provision of fringe benefits to public servants
D helping government recover properties held by public servants
In economics, production takes place only when
A producers sell to retailers
B value has been added to a commodity
C modern equipment is used
D consumption has taken place
If elasticity of demand is greater than I and less than infinity, demand is said to be
A elastic
B perfectly inelastic
C inelastic
D perfectly elastic
Economic freedom is a basic feature of economy
A an industrialized economy
B a planned economy
C a developed economy
D a market economy
When the marginal utility of a commodity is zero the total utility is
A at its minimum
B upward-sloping
C downward-sloping
D at its maximum
An inverse relationship between price and quantity demanded implies that
A the two variables change in opposite directions
B the two variables change in the same direction
C only one variable changes
D the two variables remain unchanged
A buyer who haggles in the market is applying the principle of
A choice
B price mechanism
C opportunity cost
D utilty maximization
If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when
A the price-quantity ratios are equal
B equal amounts of X and Y are consumed
C less of Y and more of X are consumed
D less of X and more of Y are consumed
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