Question 1 of 20 2,540 total questions
For an inferior good, a decreased in real income will lead to?
A a lower equilibrium price
B a change in quantity demanded
C an outward shift of the demand curve
D an inward shift of the demand curve
When two variables are positively related, the graph of the relationship?
A is a downward-sloping curve
B has a negative intercept
C is a straight line
D is an upward-sloping curve
If goods P and Q are purchased by a consumer, a fall in the price P with the price Q unchanged will cause the budget line to
A shift parallel inwards
B rotate outwards away from the origin
C rotate inwards towards the origin.
D shift parallel outwards
In the diagrams, the opportunity cost of a unit of cotton in terms of cocoa is
A 4 for Ghana; 2 for Nigeria
B 20 for Ghana; 60 for Nigeria
C 1/4 for Ghana; 1/2 for Nigeria
D 5 for Ghana; 30 for Nigeria
In the diagram above, what is the excess demand at the price of N60
In the pie chart below, the percentage for children is equivalent to
A 288 o
B 720 o
C 90 o
D 144 o
In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is
As a country gets more developed, the percentage of labour engaged in agriculture tends to?
A remain constant
B decrease steadily
C switch over to trading
D increase steadily
The major purpose of African Development Bank is to?
A provide loans for trade development
B provide loans for infrastructural development
C provide loans for develpment banks in distress
D educate peasant farmers in new techniques
One of the problems arising from the localization of industries is?
A high prices of output
B the exportation of output
C the scarcity of foreign exchange
D structural unemployment
The present privatization policy in Nigeria is aimed at?
A reducing income inequality
B reducing the prices of goods and services
C poverty alleviation
D increasing efficiency in production
The types, sources and uses of government income are mainly concerned with?
A public expenditure
B public revenue
C public budget
D public finance
One of the major factors militating against industrialization in Nigeria is the?
A inadequacy of infrastructural facilities
B absence of government participation
C frequent breakdown of equipment
D failure to get foreign partners and supporters
A deficit budget can be used to?
A stimulate recovery from a trade depression
B protect the economy from inflation
C starve the economic of funds for economic development
D provide measures to remedy the balance of payments
ECOWAS has taken a giant step towards economic integration by?
A presenting a united front against foreign economic exploiters
B introducing a common currency for travellers
C holding frequent meeting at various state capitals
D increasing economic stability among members states
One of the major criticisms of the 1992-1968 National development Plan was that?
A it failed to incorporate lessons gained from earlier plans to enhance its efficiency
B it came too quickly after the country's indepedence
C planned expenditure was based too heavily on expected earnings from crude oil
D its execution was based largely on foreign sourced financial resources
Import substitution aims at?
A substituting agricultural products with industrial ones
B substituting imports with agricultural exports
C the diversification of industries
D improving the balance of payments
Which of the following yields more revenue to Nigeria?
A Value added tax
B Royalties
C indirect tax
D Direct tax
One way of correcting the balance of payments problem of a country is to?
A introduce import-promotion measures
B buy investments abroad
C devalue the currency
D de-emphasize import-substitution industries
One of the roles of NNPC in the production and refining of crude oil is to?
A secure maximum government revenue and regulate price
B prevent the smuggling of petroleum products
C satisfy the domestic consumption of petroleum products
D protect the local operators in the petroleum industry
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