Question 1 of 20 2,540 total questions
An advantage of the sole proprietorship over the partnership from of business organisation is that
A its existence is limited by an individual's life span
B it relies on the decision of friends to succeed
C the possibility of conflict in management is virtually non-existent
D it enjoys limited liability for debt in the event of failure
Securities are described as listed when they are
A mobilished as long-term debt instruments
B traded on a recognised stock market
C bought and sold purely for development purposes
D mobilized as short-term debt instruments
The monetary control instrument most effectively used by the Central Bank of Nigeria is the
A open market operations
B margin requirment
C reserve ratio
D discount rate
Inflation that is usually associated with periods of trade boom is
A creeping inflation
B cost-push inflation
C stagflation
D demand-pull inflation
Insurance companies, pension and provident funds and unit trusts are all examples of
A rural-based revenue mobilizers
B non-governmental organisations
C government financial agencies
D non-bank financial institutions
For a firm, value added can be defined as the difference between the
A input prices and product prices
B value of its output and inputs purchased from other firms
C value of its output and the cost of production
D total revenue and total cost
The distinguishing characteristic between the money market and the capital market lies in whether the
A securities are primary or secondary
B debt instruments provided are long-term or short-term
C funds mobilized are private or public
D securities are in debentures or ordinary shares
The term 'Near money' is best described as
A a financial instrument that is readily convertible to cash
B government financial instrument that is convertible to cash
C time deposits with low interest rates
D a financial asset that is convertible to cash
Imperfect market is characterized by
A perfect mobility of factors of production
B many buyers and few sellers
C a large number of buyers and sellers
D non-preferential treatment
The long-run average cost curve is called a planning curve because it shows what happens to costs when
A a bigger size of plant is built
B differents sizes of plants are built
C variable inputs are increased
D fixed factors are increased
Price elasticity of supply is a ratio of the change in
A original quantity to a change in new quantity
B quantity supplied to the change in price
C price to the change in quantity supplied
D quantity supplied to the change in demand
Short-run period in production is a period too short for a firm to be able to change its
A scale of operation
B total revenue
C total outputs
D variable inputs
A normal supply curve is usually positively sloped because the relationship between
A price and supply is positive
B demand and price is positive
C supply and price is negative
D price and demand is negative
If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be
A a monopolistic competitor as it can have a limited influence on price
B a monopolist as it can have a great influence on price
C a perfect competitor as it cannot influence the market price
D an oligopolist as it can collude with other firms to have some influence on price
\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)
A ₦3.00
B ₦4.00
C ₦60.00
D ₦120.00
In a planned economy, the emphasis is on
A public ownership and control
B prices and competition
C individual choices and decisions
D private ownership and control
If there is an increase in demand without a corresponding increase in supply, there will be a
A rise in price
B shift in demand curve to the left
C fall in price
D shift in supply curve to the right
The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is
A perfectly inelastic
B fairly inelastic
C perfectly elastic
D fairly elastic
Utility is the satisfaction derived from?
A demand
B production
C distribution
D consumption
In economic analysis, a statement is said to be normative if it?
A relates to value judgement
B is incorrect
C can be tested scientifically
D is contradictory
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