Question 1 of 20 46 total questions
Plantation farming can best be defined as cultivation of
A crops using hoes and cutlasses for farming
B food crops for personal consumption
C food for use by the family
D large scale farms of cash crops
E livestock for commercial purposes
The equation MV PT is known as
A demand and supply equation
B equilibrium equation
C equation of exchange
D money supply equation
E price index numbers
Goods that are useful, scarce and can command price are called …………. goods.
A capital
B consumer
C economic
D free
E scarce
Which of the following Is NOT a function of Merchant Bank
A Helps public companies to issue new shares
B Provision of medium and long-term loans
C They accept bills of exchange
D They guarantee the buying of shares
E They implement government monetary policies
The Industrial strategy of producing locally those goods that could have been imported is known as
A balance growth
B export promotion
C import substitution
D Industrialization
E urbanization
The African Development Bank was set up in 1964 and has its headquarters in
A Burkina Faso
B Ivory Coast
C Liberia
D Niger Republic
E Senegal
A comprehensive statement of Income and expenditure on international accounts for one financial year is called
A balance of payments
B balance of trade
C budget
D Index of trade
E terms of trade
A tax system in which the income earner pays a fixed percentage of his income annually is known as …………. tax.
A direct
B indirect
C progressive
D proportional
E regressive
The following countries are members of ECOWAS EXCEPT
A Angola
B Ghana
C Ivory coast
D Liberia
E Niger Republic
Which of the following goods are NOT examples of joint supply?
A Beef and hides
B fuel and kerosene
C Palm oil and kernel
D Tea and coffee
E Wool and Mutton
Standard deviation can be determined by the square root of the
A mean
B mean deviation
C mode
D variance
E variance divided by the mean
The following are types of monopolies EXCEPT
A cartels
B holding companies
C syndicates
D thrifts
E trusts
The following are bye-products of crude oil EXCEPT
A bitumen
B kerosene
C paraffin wax
D perfume
E petrol
The following are the objectives of economic planning EXCEPT
A achieving balanced growth
B diversification of the economy
C creation of more employment opportunities
D equitable allocation of resources
E rapid population growth
The theory of absolute advantage was propounded by
A Adam Smith
B David Ricardo
C Irving Fisher
D JB Kynes
E Thomas Malthus
The function muv/muz = py/pz represents
A consumer’s average utility level
B diminishing marginal utility
C increasing marginal utility
D marginal theory of price
E utility maximization
The first oil refinery in Nigeria was established at
A Alesa Eleme
B Araromi
C Kaduna
D Oloibiri
E Warri
Which of the following is NOT a feature of land?
A Free gift of nature
B Fixed in supply
C Geographically immobile
D Returns on land is wages
E Subject to law of diminishing returns
If the price Index of export is 140% and import is 200%, what is
Economics is regarded as a social science because It
A helps people to be acceptable In the society
B Is associated with social dubs
C is used by sociologist
D studies human behavior
E uses controlled experiment
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