Question 1 of 20 44 total questions
The main function of retailer in the distribution channel is
A advertising the product on behalf of manufacturers
B bulk breaking
C branding and packaging of good
D direct customer services
E storage facilities for finished products
The 1962-1968 development plan in nigerian failed because of
A absence of indigenous bank
B higher exchange rate
C non availability of finance house
D movement of colonial masters
E over dependency on foreign capital
In production, total cost comprises of
A averages cost and marginal cost
B variable cost and averages cost
C variable cost and fixed cost
D marginal cost and variable cost
E fixed cost and averages cost
The demand for labour in an economy is a depiction of
A competitive demand
B Composite demand
C Complementary demand
D Deductive demand
E derived demand
One of the function of united nation conference on trade and development (UNTAD) is to
A carry out feasibility study for projects in less developed countries
B increase impact of developed countries over less developed countries
C increase share of less developed countries in world trade
D make goods available in developed countries
E transfer technology from developed to less developed countries
Disposable income in national income accounting is an income which
A cannot be used again
B is available for consumption and saving
C is a available to disabled people
D must be wasted once and for all
E pensioners receive from the treasury board
The following are reward for factors of production EXCEPT
A interests
B profit
C Rent and commissions
D rates and deposits
E wage and salaries
Which of these is a necessary condition for trade by barter?
A double coincidence of wants
B double exchange rate
C durability of goods
D divisibility of commodities
E homogeneity of goods
In a two-sector economy, income is a function of
A consumption + investment
B consumption + investment + tax
C consumption + investment + expenditure
D consumption + exports + imports
E saving + investment
An economic system in which the decision on what and how to produce is determined by the individual is called
A capitalism
B communism
C Socialism
D traditionalism
E welfarism
If the consumer demand for product X increases, as the demand for product, Y increases then the goods X and Y are
A complimentary goods
B composite goods
C derived good
D independent goods
E substitute good
Which of the folowing NOT among the objectives of OPEC?
A to stabilize the revenue from oil to producing countries
B to stabilize the price of iol in the world market
C to make sure that oil flows to all the consuming countries
D to estabilished petroleum refineries in all member state
E to co-ordinate and harmonize the oil policies of member countries
The following are type of business organization EXCEPT
A co-operative society
B Entrepreneurship
C partnership
D public corporation
E Sole proprietorship
Tc/Q =
A marginal cost
B Average coat
C total cost
D equilibrium level
Which of the following measure will NOT serves as a control during inflation period?
A increase in personal income tax
B increase in bank rate and interest
C increase in government capital expenditure
D reduction in money supply
E reduction in government recurrent expenditure
Government expenditure on universal basic education and subsidy on agriculture are aimed at
A encouraging growth of the economy
B projecting images of government
C re-allocation of resources
D redistribution of income and wealth
E stabilization of the economy
A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to as
A duopoly
B monopolist
C monopsonist
D oligopoly
E perfect competitor
The formular used by the Expenditure approach to calculate National income is
A Y=C + I + X - M –G
B Y= C + X – M – I + G
C Y = C + I + G + X – M
D Y = C – I + X – M + G
E Y = C + G – X + M – I
To discourage the consumption of harmful commodities, government should tax such commodities if they have
A elastic demand
B inelastic demand
C negative demand
D positive demand
E unitary demand
Long-run in economic mean a period of time in which
A all factor inputs are not being used
B all factor inputs are variable
C all factor inputs are fixed
D only few factor inputs are variable
E firms are not producing at all
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