Question 1 of 20 1,723 total questions
money supply at any given point in time refers to as
A bank notes, coins abd demand deposits
B notes and coins only
C minted money
D hoarded money
E money received as gifts
In Economics market is define as
A A place where buyers and sellers come together to exchange goods
B Any agreement made for consumers to buy all they need
C any arrangement made for producers to sell all their goods
D any arrangement where by buyers and sellers are in close touch with one another
E a place where only consumer goods are sold
An inflation in which the price rises steadily at an average rate of about 2% per annum is best described ad
A Galloping
B Induced
C Creeping
D Suppressed
E Run-away
The greatest disadvantages f barter system is the need for
A Durability
B Divisibility
C Homogeneity
D Double coincidence of wants
E Portability
A table which shows the price of a commodity and the quantity of it that is demanded per unit time is a
A Time series
B Demand series
C Demand curve
D Demand schedule
E Time schedule
Scarcity in Economics means that resources
A Are not enough to share among producers of goods and services
B Needed to satisfy human wants are limited
C Are never enough to share among consumers of goods and services
D Required to meet our essential wants are unlimited
E Can be managed if those who use them can behave rationally
Subsistence farming means producing food
A Mainly for the need of our immediate and extended family
B Crops for sale mainly
C Crops mainly for export
D To feed the community around
E In order to satisfy the government directives
The term marginal propensity to consume can best be explained as the
A Desire to spend more income on consumption
B Change in consumption as a percentage of change in income
C Average regularly spend on consumption
D Total expenditure on consumption
E Inclination to spend only a little on consumption
Which of these factors does not affect revenue allocation in Nigeria?
A Needs of an area
B Size of the population of an area
C Number of industries and land areas
D Revenue derivable from an area
E Development needs of the country
The imposition of high income tax by government to cut down demand is known as
A Monetary policy
B Budgetary policy
C Fiscal policy
D Internal policy
E Development policy
Which of the following crops can be referred to as Nigeria’s current export crops?
A Rubber, Groundnuts, Beniseed, cotton.
B Shear butter, Sorghum, Onions.
C Rubber, Cocoa, Coffee, Palm Kernel
D Palm Oil, Palm Kernel, Sugarcane
E Soya beans, Rice, Groundnut, and Cashew nut.
When the demand for a commodity is inelastic, who bears the greater burden of the indirect tax?
A The producer
B The government
C The retailer
D The consumer
E The wholesaler
External economies occur when
A Industries are scattered all around
B A firm decides to expand
C Industries are producing below capacity
D Firms compromising an industry are concentrated in one area
E A firm is located near raw materials
The coefficient of price elasticity of demand is zero when demand is
A Fairly elastic
B Perfectly inelastic
C Fairly inelastic
D Unitary elastic
E Perfectly elastic
Which of the following roles is being played by the Organization of Petroleum Exporting Countries (OPEC) with regards to Nigeria’s crude oil?
A Exploiting
B Exploring
C Refining
D Marketing
E Exporting
Which of the following is not an item of capital expenditure?
A Building of roads and bridges
B Supply of electricity
C Building of damns
D Building of habours
E Payment of interest on loans
The drawer of a cheque is the
A Person who is to be paid the sum of money as written on the cheque
B Person who takes the cheque to the bank
C Bank on which the cheque is drawn
D Person who writes out the cheque
E Bank official who certifies the payment
International trade and domestic trade are similar in all aspects except that
A Transportation by land, water and air is involved
B Goods are exchanged
C Services are exchanged
D The same currency is used as the medium of exchange
E Specialization and increased consumption is encouraged
A condition which adversely affects expansion of production is
A Effective management
B Limited size of the market
C Availability of funds
D Increased profit prospects
E Increasing returns to scale
Which of these does not relate to the law of comparative advantage?
A The law of comparative advantage was propounded by David Ricardo
B The law stresses the importance of relative efficiency
C In order to specialize, a country must have absolute advantage
D The law is based on opportunity cost principle
E The principle if followed, should increase total world output
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