Question 1 of 20 48 total questions
The Organization of Petroleum Exporting Countries (OPEC) is an example of a
A perfect competition
B monopsony
C duopoly
D cartel
It is necessary to estimate the national income of of a country because it
A indicates the overrall performance of the economy
B ensure equitable distribution of wealth
C assits investors in identifying profitable ventures
D enables governments to conserve national resources
In a socialist economy, the means of productions owned and controlled by the
A state
B rich
C entreprenuer
D traders
A major problem facing the Economic Community of West African States (ECOWAS) as an economic integration , is the
A increasing population
B willingness of members to co-operate
C geographical contiguity
D weal trade relation
budget deficit can be financed by
A reducing the level of taxation
B printing more money
C lending to financial institution
D employing more workers
Public expenditure on on education and health is known as expenditure on
A general services
B social services
C commercial services
D economic services
The tax whose rate increase as the level of income increases is known as
A regressive tax
B proportional tax
C progressive tax
D company tax
Which of the following is a direct tax?
A import duties
B purchase tax
C export duties
D personal income tax
Government of West African countries levy taxes to
A prevent prices from falling
B make people richer
C limit the number of banks
D finance government projects
The most common index for measuring developments is
A the level of illiteracy
B the per capita income
C nutritional level
D population growth rate
Which of the following is part of the capital account of the balance of payments?
A Net investment from abroad
B import of machinery
C insurance
D transportation cost
When the demand for foreign exchange exceeds its supply, the value of the domestic currency
A appreciates
B depreciates
C inflates
D expands
Invisible trade refers to trade in
A services
B goods and services
C tangible goods
D crude oil
Precautionary motive relates to
A demand for money
B demands for goods
C supply of money
D supply of goods
The most important function of merchant banks is the
A issuing of currency
B provision of short term loans
C provision of medium and long term loans
D provision of short and long term loans
Cost-push inflation is likely to raise when
A there is an increase in government spending
B there is an increase in direct taxes
C demand for higher wages is granted
D there is a decrease in banks lending
Which of the following is the function of a central bank?
A accepting deposits from the public
B lending to the commercial banks
C discounting bills of exchange
D agent of payment for individuals
A continuous fall in the general price level is called
A recession
B depression
C deflation
D stagflation
money becomes a very poor store of value in a period of
A deflation
B depression
C recession
D inflation
The demand for money is
A derived demand
B composite demand
C joint demand
D complimentary demand
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