Question 1 of 20 4,545 total questions
The process of building up country’s capacity to process raw materials for the production of goods is known as
A firm
B industry
C industrialization
D location of industry
E localization
The purchasing power of the Naira will fall when
A worker are retrenched
B the colour of the Naira is changed
C the military take over
D there is inflation
E none
A monopolist is a
A duopolist
B group of producers of related goods
C partnership business that produces a commodity with high demand
D single producer or seller of a commodity at cheap rate
E single producer or seller of a commodity that has no close substitute
Economic growth can be defined as
A a rapid and sustained rise in real output per head
B A rise in real income per head
C an increase in technology only
D insufficiency in food production
E over population in a country
Through membership of the Economic Community of West African States (ECOWAS) countries have achieved
A a large market for their products
B emancipation of Africa
C full employment of resources
D higher transportation cost of goods within the region
E military superiority over other African countries
The demand curve of a perfect competitive market is infinitely elastic indicating that the firm can
A refuse to sell any quantity
B sell any quantity of output at the prevailing price
C sell fixed quantity of output at the prevailing market price
D sell less quantity
E sell more quantity at a higher price
Which of the following is a form of business enterprise?
A Cartel
B Entrepreneurship
C Partnership
D Stock exchange
E Supermarket
Taxes levied on locally manufactured goods are called
A custom duties
B excise duties
C purchase tax
D sales tax
E VAT
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 none
Which of the following hinder(s) effective distribution of goods in Nigeria?
A Branding and packaging of goods
B Good transportation network
C Large quantity of goods
D numerous middlemen
E Warehousing facilities
One of the roles of industrialization in economic development of Nigeria is
A employment generation
B environmental pollution
C target of enemy’s attack
D unemployment
E uneven development
A production possibility curve shows the
A resources used to produce a particular commodity
B possible combinations of two commodities
C rate of inflation
D rate of unemployment in the country
E tabular illustration of production possibilities
In a given set of data, if the variance is 25, what is the standard deviation?
The amount of satisfaction per unit of the commodity consumed is called
A average cost
B average utility
C marginal cost
D marginal utility
E total utility
The headquarters of the African Development Bank (ADB) was originally located at
A Cotonou
B Harare
C Abidjan
D Lagos
The five countries that established the Organization of Petroleum Exporting Countries (OPEC) are
A Nigeria, Iraq, Venezuela, Kuwait and Ghana
B Saudi Arabia, Kuwait, Sierra Leon, Iran and Iraq
C Algeria, Kuwait, Venezuela, Iran and The Gambia
D Kuwait, Venezuela, Iran Iraq and Saudi Arabia
One major aim of a cartel is to
A increase production
B regulate output through quota system
C have a joint account
D share profits equally
Expenditure by foreign tourist in a country will be recorded as
A visible exports
B official transfers
C transfer income
D divisible exports
The terms of trade is described as unfavourable when
A the price of imports rises relative to those of exports
B the price of exports rises relative to those of imports
C the net income from aabroad does not change
D the value of exports exceeds those of imports
Terms of trade may be define as the
A trade between one country and another
B relationship between country's receipt from others and payment to others
C rate at which a country's export exchange for imports
D different between the value of export and imports
Next
Question Navigator
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
