Question 1 of 20 1,723 total questions
open market operation are the process by which
A the Central Banks purchases and sells securities
B Commercial Banks purchases and sells securities
C business firms buys raw materials freely
D huseholds buys consumer goods openly
E the money market takes over the function of the Central Banks
The value of money is determined by the
A rate of interest
B general price level
C quantity of money in circulation
D level of economic development
E weight of the currency notes and coins
if over a period of time there is more money in the economy than the available goods and services , the economy is likely to experience
A devaluation
B inflation
C deflation
D demonetization
E over-valuation
The monetary system that requires a double coincidence of wants is known as the
A gold standard
B barter system
C commodity system
D gold exchange standard
E cheque system
Agriculture plays a dominant role in West African economies because
A the Green Revolution in Nigeria is agricultural
B it supplies all the food stuffs consumed in Ghana alone
C there are large plantation of cocoa, groundnut and oil palm in West Africa
D it is the main source of revenue in Sirera Leon alone
E it emplys more than 50% of the total labour force in West Africa
Choice is necessary because resources
A are available
B can be found everywhere
C are constant
D are scarce
E are unlimited
The price system refers to the system by which
A the government controls price in the economic system
B prices tends to rise to a general level
C price allocates resources between consumer and producer goods
D government allocate resources to consumers and producers
E the producers fix the price for their products
The country that makes the largest contribution to the IMF is
A The USA
B Britain
C West Germany
D France
E Norway
The wholesale provides all the following services to the manufacturer except
A warehousing
B financing production
C marketing the product
D granting credit
E after-sales services
the headquarter of the Organization of Petroleum Exporting Countries (OPEC) is in
A Geneva, Switzerland
B Vienna, Austria
C Paris, France
D London , Britain
E New York, USA
Another name for the International Banks for Reconstruction and Development (IBRD) is
A International Monetary Funds
B International Development Bank
C World Bank
D International Bnak of Africa
E International Bank for West Africa
The amount of money to be created by commercial banks is actually influenced by the
A legal reserved ratio
B external reserve
C external borrowing
D availability of money and capital market
E bank deposits
The Nigerian economy can be best describe as a
A socialist economy
B capitalist economy
C mixed economy
D controlled economy
E domestic economy
Disguised unemployment
A is a statistical artifacts with no economic meaning
B can be eliminated if the capital output ratio is increased
C can be eliminated if the press is free
D calls for the implementation of five=year plans
E exist when manpower is not being utilized efficiently
Distribution involves the
A movement of raw materials to production centres
B transfer of goods and services from one market to another
C movement of goods and services by middlemen to urban centres
D transfer of goods and services from wholesalers to consumers
E transfer of goods and services from production centre to consumers
One major function of the Central Bank is to
A mint money
B hold demand deposit and honour cheques
C act as a medium of exchange
D create money
E control and regulate money supply
Which of the following is not done by the NNPC?
A production of crude oil
B Refining of crude oil
C Exploration for crude oil
D Exploitation of crude oil
E Pricing of crude oil
which of the following best describes the budget? A
A plan of government's needs and expenditure for a year
B detailed estimate of government financial operation for a year
C satisfactory balance between income and expenditure for one year
D plan for importation of essential goods and services for one year
E plan for control of government industries and corporations for one year
The concentration of industries in one place is referred to as
A location of industries
B multiplication of industries
C pluralization of industries
D proliferation of industries
E localization of industries
which of the following are determinants of the rate of population growth?
A Birth rate, immigration and death rate
B birth rate, death rate and emigration
C Death rate , birth rate and net migration
D Migration, large families and birth rate
E Death rate, migration and mortality rate
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