Question 1 of 20 272 total questions
The basic economics problem of what to produce arises as a result of
A competing demands for scarce resources
B excessive supply
C the availability of too many experts
D the failure of the price system
E the reduction of poverty
The main industrial cities in Nigeria are
A Ikeja, Kano, Onitsha and Port-Harcourt
B Kaduna, Dutse, Ogbomoso a Calabar
C Kano, Ilesa, Vadeikya and Afikpo
D Maiduguri, Ikote Ekiti, Moniya and Akungba
E Mokwa, Ijebu-ode, Warri and Gummel
Demand for labour depends on the following factors EXCEPT
A number of industries/enterprises
B nature of industries/business enterprises
C price of labour
D demand for labour output and prices
E the period of training
A negative effect of the discovery of petroleum on the Nigerian economy is
A conversion of the economy into a mono product type
B development of infrastructures
C encouragement of international recognition
D provision of job opportunities
E rapid industrialization
Which of the following is NOT a problem of population census in Nigeria?
A inadequate transportation
B High birth rate
C High cost
D Mass illiteracy
E Political interest
The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as
A average utility
B marginal cost
C marginal product
D marginal utility
E total utility
Which of the following factors will NOT affect supply of maize in Nigeria?
A Extension services to farmers
B Improve technology
C Price of maize
D Quantity of wheat produced
E Weather and climatic condition
Points outside the production possibility curves shows
A unequal allocation of resources among factors
B capital production level
C under utilization of resources
D unattainable production level
E effective consummation of resources
All the following are the objectives of economic planning EXCEPT to
A reduce the rate of inflation and achieve stable value for the naira
B encourage inflow of public and private capital
C evolve a sequential political transition and enthronement of popular government
D reduce economic dependence on foreign nations
E achieve full employment
A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?
A 0.02 tonnes
B 0.2 tonnes
C 2 tonnes
D 20 tonnes
E 200 tonnes
A one-man business is controlled by
A an active partner
B board of trustees
C board of directors
D dormant partner
E the owner
An inflation which occurs as a result of increase in production cost is known as
A cost-push inflation
B creeping inflation
C demand-pull inflation
D hyper-inflation
E runaway inflation
When Elasticity of Demand is greater than one, the demand is
A perfectly elastic
B unitary elastic
C zero elastic
D inelastic
E elastic
A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as
A comprehensive planning
B indicative planning
C perspective planning
D regional planning
E sectors planning
A business organization set up for the mutual benefits of member with similar interest is known as
A cooperative society
B partnership
C private limited company
D public corporation
E public limited company
Which of the following is NOT a function of the wholesaler in the distributive channel?
A Bulk breaking
B Direct contact with end users
C Feedback information to manufacturers
D Public relations and advertising of products
E Storage facilities for finished products
The main differences between money market and capital market is that money markets
A acts as advisers to investor while capital markets teleguides
B are owned by individuals, while capital markets are owned by government
C accepts collateral, while capital markets does not accept such
D accepts funds while capital markets disburse fun to investors
E provide short term loans, while capital markets provide long-term loans
Excise duties are taxes levied on
A goods coming into the country
B goods going out of the country
C industrial incomes
D locally manufactured goods
E selected consumer durable
Which of the following will NOT be a barrier to international trade?
A Communication hindrances
B Easy conversion of currencies
C Geographical locations
D Ideological differences
E Imposition of duties and quotas
In Economics, want means…………aspiration
A endless
B qualitative
C quantifiable
D satisfied
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