Question 1 of 20 2,540 total questions
In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to
A increase price
B reduce output
C reduce price
D retain price
A change in demand for a normal good means
A a shift in the demand curve
B a change in the price changes
C a movement along a given demand curve
D a change in the price elasticity
The final stage in the production process of any commodity involves its movement from the
A retailer to the wholesaler
B producer to the wholesaler
C retailer to the consumer
D wholesaler to the retailer
One of the causes of the present high rate of inflation in Nigeria is
A increasing budget surplus
B increasing factor costs
C exchange rate appreciation
D high capacity utilization
The difference between payments and receipts for visible trade is called
A bilateral trade
B current balance
C balance of payments
D balance of trade
A major reason for having national development plans is to
A ensure efficient use of available resources
B involve people in national programmes
C make government spend more on production
D ensure that more citizens are involved in planning
The number of shareholders in a private limited liability company ranges from
A two to seven
B two to three
C two to fifty
D two to twenty
The tax levied on goods and services at each stage of production is
A surtax
B VAT
C ad valorem tax
D PAYE
The excess of aggregate expenditure over full employment level of output is referred to as
A GNP gap
B deflationary gap
C inflation gap
D recessionary gap
If budget deficits are financed by borrowing, the crowing-out effect can be offset by an increase in
A government expenditure
B savings
C interest rates
D exchange rates
When the importation of a commodity is limited to a definite quantity, the trade control means used is known as
A exchange control
B tax relief
C devaluation
D quotas
The European Union was formed to
A promote free trade within member nations
B promote economic integration in non-member countries
C assist countries to achieve their economic goals
D finance development projects in member nations
A country is said to have absolute advantage when she
A has a higher opportunity cost in the production of a good
B can sell to other countries without buying from them
C can produce more of any good with fewer resources
D has a lower opportunity cost in the production of good
Fiscal policy is the government's plan to control aggregate demand by manipulating
A the demand and supply of money
B revenue and expenditure
C tastes and preferences of consumers
D the structure of production and employment
The difference between birth and death rates of a given population is referred to as the
A mortality rate
B fertility rate
C natural growth rate
D linear growth rate
Government's involvement in agricultural business in Nigeria is most manifested in the
A establishment of farm settlements in each state of the federation
B establishment of credit guarantee scheme for small-scale farmers
C formation of farmers' cooperative societies
D procurement and distribution of fertilizers
The labour force in Nigeria falls between the ages of
A 18 and 45
B 18 and 55
C 18 and 30
D 18 and 60
Import duty concessions on the industrial inputs directly benefit the
A consumers
B external sector
C commercial sector
D manufacturers
The marketing of agricultural commodities in Nigeria is hampered by
A lack of adequate storage facilities
B the existence of farmers' associations
C the existance of commodity exchange
D the abolition of marketing boards
Maximum wage legislation seeks to
A fix wages above the equilibrium wage rate
B set wages below the equilibrium wage rate
C deter employers from exploiting their employees
D ensure an upper limit to the wages payable
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