Question 1 of 20 1,723 total questions
when a country has a large labour forvce , it is beneficial to use a method of production which is
A capital intensive
B land intensive
C labour intensive
D mechanically intensive
E technically intensive
When a business has an unlimited liability
A the owner are not responsible for all its financial debts
B all its profits can be taxed by the government
C the owners are responsible for all its financial debts
D all its assets belongs to the members of its board of directors
E it ceases to exist at the death of one of its owner
One of the greatest demerits of the middlemen in Nigeria is that they
A increase the price of goods and services at will
B Sell in small units only
C Store goods in warehouse that are not spacious enough
D Sell on credit to retailers only
E Do not advertise their goods
Which of the following are not agents of distribution
A Wholesalers
B Retailers
C Consumers
D Government agencies
E Cooperative societies
Which of the following statements is not true of cheques? They
A provide an alternative to carrying large sums of money around
B can be written out for any amount needed
C are legal tender
D provides a form of receipt
E provide a record of payment made
The notion of short-run and long-run periods is responding for grouping cost into
A fixed and variable
B implicit and explicit
C average and total
D capital and running
E money and opportunity
which of the following statements is not true of capital income?
A it helps in the assessment of standard of living
B it is calculated as National Income Population
C It is calculated as Population National Income
D It is used by the UNO to assess and assist developing countries
E It is used as one of the indicators of economic growth
Which of the following is not a member of OPEC?
A Indonesia
B Iran
C Venezuela
D United Arab Emirates
E Egypt
The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the
A ECOWAS
B IMF
C OPEC
D NNPC
E ECA
Regressive tax is not a good tax system because it
A Is not convenient to pay
B Is not certain what to pay
C Is not economical to collect
D Does not ensure equity in payment
E Is not neutral to price trends
Limited liability in Economics means that
A a shareholder's liability in the event of debt or bankruptcy is limited to the amount he has invested
B a shareholder's liability for the debt company is dependent on how much he is owing
C shareholders can not be asked to pay for the debts of the company
D shareholders try to ensure that only a small proportion of the debt comes to them
E shareholders want all the debts paid equally
The Joint Stock Company can be a company whose minimum membership is
The theory of consumer behavior is based on all the following assumption except that the
A Consumer is assumed irrational
B Consumer taste remains constant
C Consumer has budget constraint
D Consumer aims at maximizing his utility
E Consumer is exposed to more than one commodity
Which of the following best explain an inflationary situation at current price level?
A Demand, supply
B Demand supply
C Demand = Supply
D Demand/Supply
E Demand = zero
Time deposit has the same meaning as
A current account
B demand deposit
C deposit account
D bank deposit
E bank rate
The purchasing power of the Naira will fall when
A workers are retrenched
B the colour of the naira is changed
C the government cuts all salaries and wages
D there is inflation
E the naira is overvalued
A perfect market has all the following features except that
A there are many buyers and few sellers
B the commodities bought and sold are homogenous
C there is free entry and exit
D buyers and sellers have perfect knowledge of the market
E there is only one ruling price
A firm that charges different price of goods or services that have same technical qualities is called
A a perfect competitor
B a monopsony
C an oligopoly
D a discriminating monopoly
E a duopoly
A rational consumer tends to do all the following except
A buying more at a high price than at a low price
B buying more at a low price than at a high price
C buying at utility maximization
D reacting to price changes
E complying with the law of demand
All the following factors will cause a change in demand except
A the consumer's income
B the consumer's taste
C a change in population size
D a change in weather condition
E the price of commodity
Next
Question Navigator
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
