Question 1 of 20 36 total questions
An economic system in which most means of production are owned and controlled by the State is known as a
A socialist economy
B capitalist economy
C mixed economy
D political economy
E feudal economy
The International Monetary Fund (IMF) is an international organization which
A gives annual grants to all developing countries
B assist countries to solve their balance of payment problems
C execute their development projects
D help to promote regional economic groupings
E is owned by all developed countries
The United Nation Conference on Trade and Development (UNCTAD) is a forum designed specifically for discussing the
A political conflicts in the United Nation Security Council
B educational needs of the developed countires
C religious affairs in the Southern Africa
D revenue allocation in Nigeria
E better terms of trade in the world
The international cartel formed to stabilize the world oil market is the
A Economic Commissioner for Africa
B International Monetary Fund
C Organization of Petroleum Exporting Countries
D Organization of Petroleum Importing Countries
E International Trade Organization
The petroleum industry in Nigeria is an example of a
A capital-intensive industry
B service industry
C labour-intensive industry
D tertiary production industry
E localized industry
The hourly wages of five employees of the Nigerian Port Authority are N2.52, N3.96, N9.20, and N3.75 respectively. The median hourly wage is
A N2.52
B N3.28
C N3.75
D N3.96
E N9.20
Economic growth specifically refers to the
A reliance on imported goods in preference to home-made goods
B sustained increase in the output of goods and services per head
C change in technical and institutional arangment of the economy
D continued increase in the depletion of a country's natural resources
E increase in the total number of people in the economy
Who bears the greater burden of the indirect tax when the demand for a commodity is inelastic? The
A wholesaler
B shareholders
C retailer
D consumers
E entreprenuer
The current and capital accounts in Nigeria’s balance of payments contain all the following items except
A oil export
B receipts for shipping services
C cost of aviation
D foreign investment
E IMF Standard Drawing Right (SDR)
Exchange control is a weapon used in regulating
A Internal trade
B Stock exchange
C Foreign exchange
D Barter trade
E Exchange of personal properties
In calculating the Gross National Product (GNP) by the income approach , all the following are included except
A wages and salaries
B direct taxes paid by persons and companies
C rents on houses
D retirement benefits
E business profits
Development banks mainly provides
A savings account facilities for a developing economy
B foreign exchange facilities for importers and exporters
C capital for development of specific sectors
D capital for hire-purchase of machinery
E capital for the development of special banks
Deficit financing means
A receiving grants from the IMF
B having budget surplus
C excessive government spending on banks
D borrowing to finance a budget
E inadequate supply of money from the finance companies
which of the following is a bank's responsibility to it's shareholders?
A making profits
B creating money
C paying high interest rate
D preventing inflation
E issuing currencies
The efficiency of a country's labour force depends on all the following except
A improved working conditions
B better and health care facilities
C adequate training
D stable economy
E frequent strikes and lock-outs
Changes in the value of money can be measured by
A The distributors
B A price index
C A demand index
D A supply index
E The use of cheque
Demand-pull inflation results when there is
A inadequate improvement in the wage rate of workers
B execessive demand due to high purchasing power
C excessive supply of raw materials for production
D rise in productivity of the factors of production
E excessive rise in the standard of living
which of the following market structure are imperfect in competition. I monopoly II duopoly III oligopoly
A I only
B II and III only
C I and II only
D I and III only
E I,II and III only
Monopoly can best be described as a market in which
A A single seller sells a product which has no close substitute
B Few sellers sell a product s at different prices
C The entry of other firms is restricted by the few firms in the market
D Two or more sellers sell a product which is differentiated
E a single buyer buys a product which has no close substitutes
The unemployment associated with decrease in demand is referred to as
A Disguised
B Imposed
C Cyclical
D Voluntary
E Functional
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