Question 1 of 20 1,723 total questions
A priority rating of aggregate individuals wants is called
A Scarcity
B choice
C A scale of preference
D opportunity cost
Per capita income in any West African country is measured by
A dividing the GNP by total population
B adding the total savings to the GNP
C multiplying the GNP by the total population
D subtracting the GNP fron the GDP
The benefits that result from concentrating similar firms in an area is referred to as
A external diseconomies of scales
B internal diseconomies of scales
C internal economies of scales
D external economies of scales
In long run, all factors inputs are
A variable
B diminishing
C constant
D fixed
The precautionary motive for holding money is to enable the holder to
A buy stocks when interest are high
B overcome unforseesn contigencies
C buy goods and services on daily basis
D buy fixed assets
In determining cost economics considers
A implicit cost only
B explicit cost only
C implicit and explicit costs
D explicit cost less implicit
Productivity , per worker, is best measured by
A total output less number of workers
B total output multiplied by number of workers
C number of workers less total output
D total output didvided by number of workers
The graph of the function X = a + bY is
A linear
B quadratic
C cubical
D exponential
The system whereby goods are exchanged for goods is known as
A stock exchange
B barter system
C banking
D co-operative system
which of the following best describes capital as a factor of production?
A a natural resources found everywhere
B a stock of physical assets used for production
C the organization of human and material resources for production
D resources used in training labour
every society strive to pursue all the following economic objectives except
A increase production
B price stability
C an inequitable distribution of income
D sustainable growth and income
The price elasticity of coefficient indicates
A how far business can reduce cost
B the degree of competition
C the extent to which curve shifts
D consumer responsiveness to price changes
E none of the above
The money payment made to owners of land and labour are
A rent and wages
B interst and profits
C wages and interest
D didvidends and salary
E tax
A major setback in any mixed economy is
A that is combined both the capitalist and socialist systems
B the freedom of choice in the production and consumption of goods and services
C that government intervenes to secure full utilization of resources
D that economy decisions are determined by market forces
E that the absence of profit motive in the public sector may reduce incentives for hard work
The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called
A socialism
B Welfarism
C communism
D capitalism
E traditionalism
The instrument used in many countries to restrict imports includes
A high tarrifs
B price index
C excise duties
D bank rate
E subsidies
Which of the following countries is a major trading partner of Nigeria?
A Britain
B Canada
C Japan
D Germany
E China
The stability of Nigerian economy depends mainly on the export price of
A groundnut
B cotton
C cocoa
D mineral oil
E palm kernel
The level of economic development is low in Nigeria because
A planning has nopractical relevance
B of the pattern of the consumers' spending
C the country is too large
D of ineffective plan implementation
E there is no unique planning model
development plans in Nigeria have deviated from their targets due to
A lack of manpower
B political instability
C high population growth rate
D brain drain in the country
E inadequate land
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