Question 1 of 20 1,723 total questions
Localization of industries is
A the industrialization of a country
B the concentration of the firm of an industry in a particular area
C the location of a firm at a particular locality
D the economic development of a locality
E governement intervention in the location of industries
Farm produce are graded, packed and distributed by
A purchasing co=operatives
B agricultural co-operative banks
C consumer co-operative society
D marketing co-operatives
E wholesale co-operatives
Subsistence agriculture means
A cultivation for external use
B cultivation for local industries
C farming for the urban dwellers
D cultivation for household consumption
E cultivation for foreign currency
MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the
A marginal utility equation
B equation for consumer dis-equulibruim
C utility maximization equation
D equation for total utility
E equation for price elasticity
If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are
A complementary
B in joint demand
C luxuries
D in composite demand
E substitutes
If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is
A 0.025
B 0.24
C 0.22
D 0.25
E 0.23
The ranking of a consumer’s need in order of importance is termed
A An opportunity cost
B Economies of scale
C A scale of preference
D The making of choice
E Direct production
International trade takes place because of difference in
A production cost
B language
C government policy
D currency
E international boundary
Where is the headquarter of the African Development Bank (ADB) located?
A Lome
B Adis Ababa
C Accra
D Lagos
E Abdijan
Where was oil first discovered in commercial quantities in Nigeria?
A Oloibiri
B Warri
C Elesa Eleme
D Onitsha
E Port Harcourt
Which of the following is not an objective of the Indigenisaton policy in Nigeria? To
A Make Nigerians dominate their economy
B increase Nigerians participation in the economy
C prevent foreign monopoly of the economy
D eliminate foreign participation in the Nigerian economy
E protect the national interst and security
Which of the following is the source of raising funds for a public limited liability company in West Africa?
A Bank loans
B issue of shares
C issue of debentures
D ploughing back profits
E Sales of bonds
Which of the following is not a feature of a perfect market?
A large number of buyersand sellers
B Homogeneity of products
C Preferential treatment
D Absence of transport cost
E Perfect knowledge of market situation
Balance of trade can be define as
A the value of import in relation to the value of a country's exports
B the price ratio of imports as against that of exports
C equality in the total receipts and payments of a country in a year
D percentage value of imports over percentage value of exports
E price of exports versus price of imports
Terms of trade simply means the price
A ratio of import to export
B ratio of export multiplied by import
C ratio of export to import
D ratio of export multiplied by price ratio of import
E of export minus price of import
Net National Product (NNP) is equal to the
A Gross Domestic Product (GDP) less depreciation
B Gross National Products (GNP) less depreciation
C Gross Domestic Products (GDP) plus depreciation
D Gross National Products (GNP) plus depreciation
E Gross National Income plus Taxation
Which of the following best describes the multiplier?
A products of income and expenditure
B Curves of savings and expenditure
C Ratio of change in income to the expenditure that brought it about
D Constant level of income
E Equality of marginal propensity to consume and save
A tax whose rate increases as income increases is
A an indirect tax
B a progressive tax
C a regressive tax
D a direct tax
E a proportional tax
The real value of money is
A its face value
B what it can buy ata a particular time
C its rate of exchange with other currencies
D its intrinsic worth
E its rate of circulation
A budget is define as a
A Summary of expected expenditure by individuals and government
B summary of expected income
C record of value of services rendered in a year
D record of goods produced in a year
E summary of expected income and expenditure
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