Question 1 of 20 272 total questions
Which of the following is NOT associated with minimum price legislation?
A Black market
B Excess demand
C Excess supply
D Unattainable equilibrium
E Unemployment
If the population of a school is 600 and 60% are In JSS, how many students are in SSS?
The use of tax and expenditure policy to regulate the economy is known as
A deregulation
B fiscal policy
C monetary policy
D physical measures
E structural adjustment
Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds
A as much to TR as to TC
B less to TR as to TC
C less to TC than to TR
D more to TC than to TR
E more to TR than to T
The following are rewards for factors of production EXCEPT
A interest
B profit
C rent
D subsidy
E wages
Which of the following is the correct order in the chain of distribution?
A Consumer —> Distributor → Retailer → Producer
B Producer → Consumer → Retailer → Wholesaler
C Producer → Wholesaler → Retailer → Consumer
D Retailer → Consumer → Producer → Wholesaler
E Wholesaler → Retailer → Producer → Consume
At the equilibrium price,
A demand is greater than supply
B demand equates supply
C demand is less than supply
D price is equal to demand only
E price is equal to supply only
Which of the following is a disadvantage of localization of industries?
A Aiding cooperation among firms
B Creating structural unemployment
C Encouraging subsidiary industries
D Encouraging the growth of skilled labour
E Reducing cost of production
The demand for factors of production is said to be
A competitive
B complementary
C composite
D derived
E joint
The satisfaction derived from Die consumption of a commodity is referred o as
A consumption
B demand
C production
D utility
E utilization
An industry operating in a perfect competitive market situation will maximum profit when
A DD = SS
B DD < SS
C MC > AC
D MC < AR
E MC = MR
The 2nd National Development plan in Nigeria was between
A 1962 — 1968
B 1970 — 1974
C 1975 — 1980
D 1980 — 1985
E 1985 — 1990
An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.
A capitalist
B communist
C mixed
D socialist
E welfarist
Persistent fail In the general price level Is known as
A deflation
B devaluation
C general price Increase
D inflation
E price index
ECOWAS secretariat is located in
A Abuja, Nigeria
B Accra, Ghana
C Conakry, Guinea
D Freetown, Sierra Leone
E Monrovia, Liberia V
In the equation Q = a - bp + e; Q and P are .... Variables respectively.
A constant and dependent
B dependent and independent
C error term and independent
D independent and constant
E independent and dependent
Which of the following is NOT a function of the IMF?
A assisting member countries in printing and issuing their currency
B Exchange rate stabilization
C Promoting international monetary cooperation
D Providing financial aid to members experiencing balance of payment difficulties
E Serving as a clearing house f member countries
A business formation with a minimum of two and maximum of twenty persons is called
A cooperative society
B joint stock company
C one man business
D partnership
E public corporation
Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?
A Coordinating and unifying petroleum policies of member countries
B Ensuring efficient and regular supply of oil to the two market
C Raising the revenue of member countries from oil through price increase
D Refining of petroleum products in member countries
E Stabilizing oil prices putting a production ceiling
In international trade, when payments of a country are higher than the receipts, then the balance of payment is
A favourable
B in equilibrium
C perfect
D unfavourable
E uniform
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