A.

how price fluctuates in the market

B.

how prices are controlled in the market

C.

how to avoid inflation

D.

how the government fixes the prices of essential commodities.

A.

industrial bank

B.

mortgage bank

C.

commercial bank

D.

central bank

A.

0

B.

0.5

C.

1.5

D.

2

A.

downwards from left to right

B.

upwards from left to right

C.

downwards from right to left

D.

upwards from the origin

A.

there is constant returns to scale

B.

there is decreasing returns to scale

C.

there is increasing returns to scale

D.

diminishing returns set in

A.

derived demand

B.

composite demand

C.

joint demand

D.

complimentary demand

A.

savings account

B.

time deposit account

C.

current account

D.

fixed deposit account

A.

rent

B.

profit

C.

interest

D.

gain

A.

underpopulation

B.

inadequate labour

C.

failure to plan

D.

ineffective plan implementation

A.

cause increase in price

B.

help in price stability

C.

grade and blend goods

D.

are too many

A.

demand for the commodity

B.

the government

C.

price system

D.

private individuals

A.

rises

B.

stagnates

C.

rapidly reduces

D.

equals natural growth rate

A.

tax object

B.

tax rate

C.

incidence of taxation

D.

system of taxation.

A.

Preferential shareholders participate and can vote and be voted for during the AGM

B.

ordinary shareholders are given priority in case the company is liquidated

C.

Preferential shareholders are prominent shareholders than ordinary shareholders

D.

Ordinary shareholders are the core shareholders in the company

A.

per capital income

B.

per capital output

C.

per capital real income

D.

per capital revenue

A.

greater than 1 but less than infinity

B.

greater than 0 but less than 1

C.

equal to 1

D.

none of the above

A.

commercialization

B.

nationalization

C.

privatization

D.

restructuring

A.

Construction, manufacturing and banking

B.

Shipping, trading and fishing

C.

Power, telecommunications and sports

D.

Extraction, farming and tourism

A.

a geometrical fall in prices

B.

a proprotionate fall in price

C.

a rise in prices

D.

an unequal fall in prices

A.

economic buoyancy

B.

inflationary period

C.

war time

D.

economic recession.

A.

supply

B.

complementary

C.

the rationing function of prices

D.

diminishing marginal utility

A.

double coincidence of wants

B.

unit of account

C.

indivisibility

D.

making payments through banks only

A.

cooperative society

B.

stock exchange

C.

insurance company

D.

post office

A.

weather, price and technology

B.

technology, price and taste

C.

technology, weather and population

D.

population, price and taste

A.

Output may be increased by changing all factors by the same proportion

B.

Diminishing returns

C.

There are sunk costs

D.

The total cost curve is the same as the total variable cost curve

A.

Land

B.

Labour

C.

Capital

D.

Entrepreneur

A.

difference between birth rate and death rate

B.

number of births in a year

C.

increase in the population growth in a year

D.

difference between the total population and the death rate

A.

expansion of demand

B.

contraction of demand

C.

individual demand

D.

abnormal demand

A.

financial economics

B.

administrative economics

C.

technical economics

D.

market economics

A.

anyone can become a buyer or seller

B.

unwanted goods can always enter the market

C.

the market becomes a dumping ground

D.

the goods are not inspected

A.

residual unemployment

B.

structure unemployment

C.

disguised unemployment

D.

frictional unemployment

A.

a tax should be impossible to evade

B.

a tax should be convenient to pay

C.

no tax should be levied on food

D.

there should be no taxation without representation

A.

bottled water

B.

air

C.

household utensils

D.

shelter

A.

at a lower price, more is supplied

B.

two commodities can be supplied at the same time

C.

at a lower price, less is supplied

D.

producers pay high taxes

A.

supply always exceeds demand

B.

demand always exceeds supply

C.

price is an incentive to consumers

D.

price is an incentive to producers

A.

perfectly elastic

B.

perfectly inelastic

C.

fairly inelastic

D.

fairly elastic

A.

higher inflation

B.

higher unemployment

C.

lower profits for industries

D.

lower importation of raw materials by industries

A.

Petrol

B.

Textbook

C.

Pencil

D.

Gold

A.

cooperative societies

B.

nationalized industries

C.

joint stock companies

D.

pressure groups

A.

the central bank

B.

development banks

C.

mortgage banks

D.

commercial banks

A.

a budget

B.

an opportunity cost

C.

a scale of preference

D.

choice

A.

enables easy location of required figures

B.

makes for easy comparison of figures

C.

occupies more space than mathematical equation

D.

shows whether the figures are increasing or decreasing

A.

variable inputs

B.

factors of production

C.

capital for production

D.

fixed inputs

A.

enjoying free entry and exit

B.

operating below capacity

C.

operating at full capacity

D.

maximizing profits

A.

joint stock companies

B.

sole proprietorships

C.

partnerships

D.

public enterprises

A.

private ownership of the means of production

B.

Equitable distribution of income and wealth

C.

capital accumulation

D.

markets and prices coordinate economic activities

A.

total cost less total revenue

B.

average revenue less average cost

C.

total revenue less total cost

D.

marginal revenue less marginal cost

A.

real cost is the alternative forgone while the money cost is the actual amount paid for buying the item

B.

the real cost is the opportunity cost, while the money cost is the marginal cost

C.

money cost is the opportunity cost, while the real cost is the actual cost in monetary terms

D.

money cost is always greater than real cost

A.

a change in demand

B.

a change in quantity demanded.

C.

an increase in demand

D.

a shift in the demand curve to the right.

A.

Consumers prefer more to less

B.

Consumers are rational

C.

Consumers are willing to make choices

D.

Consumers make consistent choices

A.

ban the importation of agricultural products

B.

increase the exportation of agricultural products

C.

improve the quality of domestic agricultural products

D.

increase the output of domestic agricultural products

A.

Bank notes

B.

Silver

C.

Bank deposit

D.

Cheques

A.

marginal cost

B.

fixed cost

C.

total cost

D.

average cost

A.

capitalism

B.

socialism

C.

Communism

D.

unitarism

A.

Yam is a substitute good while palm oil is a complementary good

B.

Yam is complimentary good while palm oil is a substitute good

C.

Yam and oil are complimentary goods

D.

Yam and beans are substitute goods

A.

interest

B.

rent

C.

dividend

D.

wages

A.

the curve flattens out

B.

there is a movement along the curve

C.

the curve shifts

D.

the curve becomes steeper.

A.

a function of money

B.

a characteristic of money

C.

the demand for money

D.

the supply of money

A.

A rise in industrial output

B.

Low farm productivity

C.

Free interaction

D.

Controlled international relations.

A.

10%

B.

45%

C.

55%

D.

90%

A.

supply of commodities

B.

supply of currency

C.

salaries of workers

D.

demand for commodities.

A.

cost-benefit method

B.

distribution method

C.

expenditure method

D.

consumption method

A.

to obtain more equitable distribution of money income

B.

production of a given output with the lowest cost combination of factors of production

C.

Adoption of capital- intensive technology

D.

Increasing the quantity of the fixed factor of production.

A.

marginal benefit exceeds marginal cost the by greatest

B.

consumer surplus exceeds producer surplus by the greatest amount

C.

the areas of consumer and producer surplus are equal

D.

the combined amounts of consumer surplus and producer surplus are maximizes.

A.

spends his income to maximize satisfaction

B.

is not influenced by advertisement

C.

behaves in a particular way all the time

D.

knows the prices of all goods and buys the cheapest

A.

Accepting deposits from the public

B.

Lending to the commercial bank

C.

Discounting bills of exchange

D.

Agent of payment for individuals

A.

deflation

B.

depression

C.

recession

D.

inflation

A.

help to break the bulk

B.

finance producers

C.

increase prices

D.

provide after-scale services

A.

Range

B.

mode

C.

mean

D.

median

A.

36

B.

12

C.

1

D.

72

A.

deals with short-term loans while capital market deals with long term funds.

B.

deals with money only while capital as well

C.

is limited in scope while capital market does not.

D.

Uses interest rates while capital market does nor.

A.

Total produce/no of labour

B.

Change in total product/ change in variable factor

C.

Total product/ fixed factor

D.

Average product/ no of Labour

A.

Import duties

B.

Purchase tax

C.

Export duties

D.

Personal income tax

A.

birth rate less death rate

B.

death rate less migration

C.

death rate plus birth rate

D.

birth rate plus migration

A.

Open market operation

B.

Reserve requirements

C.

Sale of treasury bills

D.

change of central Bank Governor

A.

efficient allocation of resources

B.

operation of companies

C.

production of goods

D.

generation of income

A.

Harmonization of cultural practices

B.

Free movement of persons, goods and services

C.

Payment of high tariffs

D.

Dumping of goods in less developed countries

A.

greater than quantity supplied

B.

equal to quantity supplied

C.

less than quantity supplied

D.

equal to excess supply

A.

a cartel

B.

an industry

C.

a co-operative

D.

wholesalers

A.

Composite demand

B.

Derive demand

C.

Joint demand

D.

C and B

A.

X and Y are substitutes

B.

X and Y are complements

C.

X and Y are dependent on each other

D.

X and Y are independent of each other

A.

Consumers suffer the entire increase in tax on the product

B.

producer suffers the entire increase in tax on the product

C.

producer suffers larger proportion of the increase in tax on the product

D.

consumers suffer larger proportion of the increase in tax on the product

A.

Increase quantity supplied

B.

Decrease quantity demanded

C.

Allowing price to fall towards equilibrium

D.

Allowing price to rise towards equilibrium

A.

average benefit

B.

marginal benefit

C.

total benefit

D.

optimal satisfaction

A.

A one-time increase in commodity prices

B.

A period when prices increase rapidly

C.

A sustained increase in the overall price level

D.

An increase in the overall level of business activity

A.

Former require that one of the countries has absolute advantage in the two goods but latter does not

B.

Former requires one country to have at least absolute advantage in one of the trading goods over the other country but latter does not.

C.

Former does not require any of the country to have absolute advantage in any of the two goods but latter require that one of the countries should have absolute advantage in all the goods.

D.

Former does not require any of the country to have absolute advantage in any of the two goods but latter require that one of the countries should have absolute advantage in at least one of the goods.

A.

Perfect competition

B.

Monopoly

C.

Oligopolist

D.

Monopolistic competition

A.

At zero price, more is demanded than supplied

B.

At zero price, quantity supplied exceeds quantity demanded

C.

At equilibrium price, quantity supply is equal to quantity demanded.

D.

Any quantity can be obtained when the price is low

A.

Provision of technical assistance for development projects

B.

Provision of funds for the supply and demand of infrastructural facilities

C.

Adoption of a common tariff policy for trade and development

D.

Provision of fund for agricultural development

A.

industry’s demand curve/industry’s supply curve

B.

firm’s supply curve/industry’s demand curve

C.

firm’s demand curve/industry’s demand curve

D.

industry’s demand curve/firm’s demand curve

A.

Fairly elastic demand

B.

Unitary elastic demand

C.

Inelastic demand

D.

Perfectly elastic demand

A.

commodity money

B.

currency value

C.

barter

D.

legal tender

A.

reduce price when demand is inelastic

B.

increase price when demand is elastic

C.

reduce price when demand is elastic

D.

fixed the price of his commodity based on the price of other producers.

A.

0.25

B.

0.5

C.

0.75

D.

0.8

A.

Disposable income is the only variable that determines consumption

B.

Investment spending is positively related to the rate of interest

C.

imports lead to a decrease in the level of exports

D.

Imports lead to a decrease in spending on locally produced goods and services.

A.

issuing new bond to finance public sector borrowing requirements

B.

auditing the various agencies and departments of government

C.

loaning money to other countries that transact business with Nigeria

D.

assisting banks that are in financial position

A.

It is determined by the forces of demand

B.

it is determined by the forces of supply

C.

it is determined by both demand and supply forces

D.

it is determined by the forces of demand or supply whichever is shorter

A.

Income that is lost after tax has been removed

B.

Income that could be spent when tax has been removed

C.

Income that tax authority mandated to be given to charity when tax has been removed

D.

Income to be disposed secretly for future spending after tax has been removed

A.

The price of the commodity is high

B.

The commodity is scarce

C.

Another good may have been purchased instead of it

D.

The commodity provides many benefits

A.

Any point inside the production possibility curve indicates unemployment or underemployment

B.

Increase in the price of a commodity leads to a fall in the demand for its substitute

C.

The fixing of price above the equilibrium price level leads to surplus of the commodity

D.

An increase in both market supply and market demand may not result in a change in equilibrium price and quantity.

A.

Negative and decreasing

B.

Positive and increasing

C.

positive and decreasing

D.

Zero

A.

perfect competition

B.

monopoly

C.

oligopoly

D.

imperfect competition

A.

a country’s population size

B.

a country’s economic growth

C.

the human level of development

D.

the flow of imports to a country

A.

Monopol

B.

Duopoly

C.

Oligopoly

D.

Monopsony

A.

Changes in the quantity purchased of a good is less than proportionate changes in its price

B.

Changes in the quantity purchased of a good is proportional to changes in its price

C.

Changes in the quantity purchased of a good is more than proportionate changes in its price

D.

The quantity purchased of a good never responds to change in its price.

A.

The supply is fixed

B.

Land is mobile

C.

It is subject to diminishing returns

D.

Land is heterogeneous

A.

settlement

B.

migration

C.

industrialization

D.

Urbanization

A.

Industry is the group of firms producing related products

B.

Industry is the group of firms in the manufacturing sector

C.

Industry is the group of firms in different sectors of the economy

D.

Industry is the group of firms with a single pressure group

A.

3.0

B.

2.5

C.

2.3

D.

1.5

A.

age distribution

B.

sex distribution

C.

geographical distribution

D.

occupational distribution

A.

rate of tax is constant at all income levels

B.

rate of tax decreases as income increases

C.

rate of tax increases as income increases

D.

tax is direct rather than indirect

A.

0.2%

B.

20%

C.

200%

D.

250%

A.

Over a period

B.

At a point

C.

Consistently

D.

Intermittently

A.

No change in supply as price changes

B.

Any change in price completely stops supply

C.

Changes in price double supply

D.

A change in price leads to proportionate change in supply

A.

competitive supply

B.

excess supply

C.

joint supply

D.

composite supply

A.

Equilibrium price is determined by forces of demand and supply

B.

Individual households and firms pursue personal interest

C.

Producers and consumers are rational in decision making

D.

Price control in prominent in the commodity and input markets.

A.

A company is owned by large number of people

B.

A company is owned by small number of people

C.

A company is insulated against litigation

D.

A company is not insulated against litigation

A.

Average variable cost equals average total cost minus average fixed cost

B.

Average fixed cost equals average variable cost minus average total cost

C.

Average total cost equals average variable cost plus average fixed cost

D.

Average total cost minus average variable cost equals average fixed cost

A.

less of the other good is produced

B.

the same quantity of the other good is produced

C.

more of the other good is produced

D.

none of the other good is produced

A.

The same product of the same quality is sold for different prices of the same buyer

B.

The same product of the same quality is sold for different prices to different buyers

C.

Different products are sold for the same price to the same buyers

D.

Different products are sold for the same price to different buyers.

A.

All factors affecting change in demand also affect change in quantity demanded except income

B.

All factors affecting change in demand are not affecting change in quantity demanded except income

C.

Many factors leads to change in demand but only change in price affect change in quantity demanded

D.

Many factors leads to change in demand but only change in income affect change in quantity demanded

A.

import substitution

B.

capital intensive

C.

labour intensive

D.

first come first employed

A.

less than normal profit

B.

greater than normal profit

C.

equal to super normal profit

D.

less than super normal profit

A.

primary production

B.

secondary production

C.

tertiary production

D.

industrial production

A.

Marginal benefit of consumption

B.

Marginal propensity to purchase

C.

Marginal propensity to consume

D.

Marginal propensity to save

A.

Px = Mux

B.

Px >_ MUx

C.

Px > Mux

D.

Px < Mux

A.

Student’s bursary

B.

Owners occupied houses

C.

Office Inducement

D.

Intermediate goods

A.

rise in the cost of production

B.

decrease in the transportation cost

C.

rise in demand for goods

D.

decrease in the cost of production

A.

Lender of last resort to commercial bank

B.

Banker to commercial bank

C.

Regulator to both the money and capital markets

D.

Receipt of government deposits

A.

Variable cost

B.

Marginal cost

C.

Total cost

D.

Fixed cost

A.

Stable

B.

falling

C.

rising

D.

getting stronger

A.

Net export to abroad

B.

Net import from abroad

C.

Net income from abroad

D.

Net income to abroad

A.

the issuing of cheques

B.

the payment of standing order

C.

lending money to borrowers

D.

accepting cheques from customers

A.

Limited

B.

scarce

C.

unlimited

D.

in grades

A.

Rate at which money are borrowed from commercial bank

B.

Rate at which bank receive deposit from the public

C.

Central bank rate on the money borrowed by commercial banks

D.

Commercial bank rate on the money borrowed from other commercial bank

A.

equitable distribution of resources

B.

absence of exploitation

C.

equitable distribution of income

D.

promotion of high standard of living

A.

arrangement specifying how production and consumption are controlled in a society

B.

arrangement whereby goods are distributed in a society

C.

arrangement whereby human wants are satisfied in a society

D.

arrangement specifying how productive resources are distributed in a society

A.

cost of machine

B.

cost of electricity

C.

salaries and wages

D.

cost of raw materials.

A.

choice, scarcity, resources and efficiency

B.

wants, scarcity, choice, scale of preference and opportunity cost

C.

wants, scarcity and choice

D.

wants, choice, scale of preference and opportunity cost

A.

private ownership of properties

B.

existence of competition

C.

high level of profit maximization by private investors

D.

joint decision-making by the citizens in a society.

A.

many

B.

insatiable

C.

limited

D.

numerous

A.

2.5

B.

0.5

C.

zero

D.

infinity

A.

it is a schedule of all consumers of a commodity in a market

B.

it is the aggregate demand schedule of all consumers of a commodity in a market

C.

it is a table showing the different quantities of a community which a consumer would purchase at various prices

D.

it is a table showing the composite demand schedule of all consumers of a commodity in a market.

A.

it is a cost incurred by the firm on variable inputs

B.

it is the cost of producing one extra unit of a commodity at any output level

C.

it is the sum of the fixed cost and variable cost

D.

it is referred to as overhead cost

A.

the size of the market

B.

availability of capital

C.

interdependence among the workers

D.

the nature of the product

A.

what to produce

B.

how to produce

C.

where to produce

D.

for whom to produce

A.

unit of account

B.

medium of exchange

C.

store of value

D.

standard of deferred payment

A.

is owned by the government

B.

sells its shares to members of the public

C.

operates as a government corporation

D.

is not legally recognized as a firm

A.

Ostentation

B.

Speculation

C.

Transactions

D.

Precautionary

A.

TC = FC-VC

B.

FC = TC + VC

C.

TC > FC + VC

D.

TC = FC + VC

A.

production of goods

B.

issuing of currency

C.

presenting budgets

D.

printing of cheque book

A.

Double

B.

be constant

C.

increase

D.

decrease

A.

spread development

B.

encourage entrepreneurs

C.

redistribute wealth

D.

encourage industries to earn high profits

A.

money supply /real GDP

B.

real GDPmoney supply

C.

nominal GDP/real GDP

D.

money supply/nominal GDP

A.

income and wealth

B.

stock & flows

C.

injection: and leakages

D.

leakages and injections:

A.

spread of firms producing different products

B.

concentration of firms of an industry

C.

siting of industries near the market

D.

siting of firms producing different products

A.

the economy’s stock of capital may be either growing or shrinking

B.

the economy’s stock of capital is growing

C.

net investment is zero

D.

the economy’s stock of capital is shrinking.

A.

equally by consumers and producers

B.

more by consumers

C.

more by producers

D.

more by retailers and producers

A.

wants are virtually unlimited

B.

the originator of the idea drew it this way and modem economists follow this convention

C.

resources are scare

D.

resources are not equally efficiency in producing every good.

A.

embarking on buffer stock programs

B.

granting subsidies on farm Inputs

C.

placing embargo on food importation

D.

placing farmers on monthly income

A.

utility

B.

manufacturing

C.

division of labour

D.

factory workers

A.

instability in the demand to the products

B.

instability in the supply for the products

C.

dominance of multinational firms

D.

poor maintenance of the refineries

A.

analysis of how a consumer tries to spend income

B.

study of the large aggregates of the economy or the economy as whole

C.

analysis of how firms attempt to maximum their profits

D.

study of how supply and demand determine price in individual markets.

A.

common tariff against non-member countries

B.

free factor mobility within the zone

C.

different trade policies of non-member countries

D.

harmonized trade among member countries

A.

paying the wages of all farmers

B.

establishing and funding research

C.

formulation of policies

D.

provision of rural infrastructure

A.

Negative

B.

positive and falling

C.

positive and rising

D.

zero

A.

lending to the public

B.

bank rate

C.

legal reserve requirements

D.

open market operation

A.

perfectly inelastic

B.

perfectly elastic

C.

relatively inelastic

D.

relatively elastic.

A.

reducing average cost as production increases

B.

maximizing profits as production increases

C.

benefiting from the activities of other firms

D.

having an upward - sloping average cost curve

A.

increase money supply in the economy

B.

reduce money supply in the economy

C.

reduce the cash reserve ratio for banks

D.

increase the capital base of commercial banks

A.

Bank notes

B.

Bank overdrafts

C.

Bills of exchange

D.

Money order

A.

there are many goods that are substitutes for bicycles

B.

there are many goods that are many goods that are substitutes for bicycles

C.

there are many goods that are substitutes for bicycles

D.

bicycles are normal goods

A.

co – operation

B.

collective bargaining

C.

display of placards

D.

legal action

A.

balanced budgeting

B.

surplus budgeting

C.

deficit budgeting

D.

zero budgeting

A.

implement government stabilization policy

B.

increase government expenditure and decrease taxes

C.

increase taxes and decrease government expenditure

D.

ensure even distribution of job opportunities

A.

Horizontal

B.

uniform

C.

positive

D.

vertical

A.

decision making?

B.

Capitalist system

C.

Socialist system

D.

Mixed system

A.

provide subsidies on imported goods to members countries

B.

promote economic and social development of member countries

C.

mobilize short-term loans for member countries

D.

provide technical assistance to only poor member countries

A.

breaking the bulk

B.

offering credit facilities to consumers

C.

financing manufacturers

D.

buying in bulk from manufacturers

A.

NDP = GNP – depreciation

B.

NDP = GDP + Net Income from abroad

C.

NDP = GDP – depreciation

D.

NDP = GDP x Net Income from abroad

A.

smaller is the marginal propensity to save

B.

higher is the interest rate

C.

lower is the average propensity to consume

D.

lower is the rice level.

A.

Increase in money supply

B.

A fall in real income

C.

Appreciation in the value of money

D.

Increased employment

A.

debit on Japan’s balance of payments

B.

credit on Nigeria’s balance of trade

C.

credit on Japan’s balance of payments

D.

credit on Nigeria’s balance of payments

A.

The gold standard

B.

The gold standard

C.

The commodity system

D.

The gold standard

A.

import substitution

B.

Export promotion

C.

parts development

D.

infant industries potation.

A.

Its yield is based on profit

B.

Its yield is a fixed rate of interest

C.

It has no redemption date

D.

There is a voting when interest is paid

A.

increase

B.

fall

C.

first fall but increase later

D.

Remain unchanged

A.

Ratio

B.

liquidity ratio

C.

interest rate

D.

capital base

A.

a massive production of farm produce

B.

re–establishing the marketing boards

C.

establishing more agricultural banks

D.

processing of farm produce

A.

total cost

B.

marginal cost

C.

fixed cost

D.

variable cost

A.

selling price is above the short–run marginal cost

B.

selling price is below the short–run marginal cost

C.

average revenue is greater than marginal revenue

D.

average revenue is less than marginal revenue

A.

negatively sloped

B.

parallel to the price axis

C.

parallel to the quantity axis

D.

positive sloped

A.

production cost is high

B.

factor prices decrease

C.

there is too much money in circulation

D.

government embarks on deficit financing

A.

law of diminishing returns

B.

law of returns to scale

C.

cost of fixed inputs

D.

cost of variable inputs

A.

GNP

B.

GDP

C.

NDP

D.

NNP

A.

increase the capital base of banks

B.

provide more money to run the economy

C.

minimize the rate of bank failures

D.

enhance efficiency in bank operations

A.

obtaining the maximum output from available resources at the lowest possible cost

B.

Conservation of natural gas and oil deposits

C.

equity in the distribution of national resource

D.

Producing without waste

A.

be self–sufficient

B.

raise general living standards

C.

raise the level of production

D.

reduce aggregate expenditure

A.

the age of workers

B.

government policy

C.

trade unions

D.

wage rate differentials

A.

42

B.

85

C.

114

D.

213

A.

positively

B.

negatively

C.

at the early stage of production

D.

at the later stage of production

A.

Wages and salaries of public servants

B.

students branches and scholarships

C.

profit of international

D.

income of self-employment persons

A.

high infant mortality rate

B.

the level of income

C.

high birth rate

D.

inadequate medical care for children

A.

high level of risk

B.

limited expertise

C.

limited source of capital

D.

high taxation

A.

Limited liability

B.

High profit

C.

High sense of ownership

D.

Low credit rating

A.

Unity

B.

Productivity

C.

rate of substitution

D.

revenue

A.

labour–intensive method of production

B.

capital–intensive method of production

C.

efficient allocation of resources

D.

efficient distribution of output

A.

make abnormal profits

B.

suffer losses

C.

make normal profits

D.

collude with each other

A.

utility is measurable

B.

utility is not measurable

C.

total utility equals marginal utility

D.

total utility is constant

A.

Monopolistic

B.

oligopolistic

C.

Monoposonistic

D.

competitive

A.

limited her imports to its currency value of exports

B.

Reducing the nation’s domestic piece level

C.

limiting her exports to its currency value of exports

D.

Undervaluing, the country’s currency.

A.

A normal good

B.

An inferior good

C.

A substitute

D.

A dash

A.

Consumers

B.

producers

C.

auction

D.

government

A.

an increase in imports

B.

a decrease in the income stream

C.

an increase in household consumption

D.

a decrease in exports

A.

market forces determine interest and exchange rates

B.

government alone determines interest and exchange rates

C.

market forces and government determine interest and exchange rates

D.

exchange rate is regulated while interest rate is fixed

A.

53

B.

86

C.

212

D.

213

A.

MP is greater than AP

B.

MP is less than AP

C.

MP is equal to AP

D.

MP is equal to zero

A.

0.80

B.

1.25

C.

2.00

D.

10.00

A.

balanced budget

B.

national debt

C.

budget deficit

D.

budget surplus

A.

How progressive a tax is

B.

How distorting a tax is

C.

Who ultimately pays the tax

D.

How a tax is collected.

A.

N12.50.00

B.

N50.00

C.

N37.50

D.

N500.00

A.

planned economy

B.

Capitalist economy.

C.

Mixed economy

D.

Socialist economy.

A.

Length and cost of training

B.

Supply of Labour

C.

Attractiveness

D.

Influence of trade Unions

A.

how much of the resources of society are used to produce a particular commodity

B.

the rate of inflation

C.

the rate of unemployment in the economy

D.

the various combination of two commodities that can be produced.

A.

balance budget

B.

budget surplus.

C.

budget difficult

D.

fiscal surplus

A.

perfectly price elastic

B.

perfectly price inelastic

C.

down sloping

D.

up sloping

A.

Government participation in the distribution trade

B.

Inadequate storage facilities for agricultural goods

C.

Inadequate credit facilities for potential distribution

D.

the tendency to hoard and smuggle.

A.

Ends in Economic are the resources with which it can attain our goals

B.

Tables and graphs are focus of arithmetic technique used in economics to present ideas pictorially

C.

Three basic question every economy must answer are hat to produce, how to produce and for whom to produce

D.

A and B are substitutes if the supply of an increase, the price B will tend to increase.

A.

price is increase

B.

price remains constant

C.

price is reduced

D.

The commodity is a luxury.

A.

NNP= Gross National product (GNP) – Depreciation

B.

NNP = Gross National product (GNP) + Net incomes from abroad.

C.

NNP = Gross Domestic product (GDP) – Depreciation

D.

NNP = Gross Domestic product (GDP) – Net incomes from abroad.

A.

prints the country’s currency

B.

handles the collection of debts of owed to the government

C.

leads money to businessmen

D.

issue the country’s currency.

A.

there is a patent of the commodity

B.

There is free flow of information in the market

C.

The markets have different elasticity of demand

D.

The cost of separating the markets is low.

A.

The quantity demand is insensitive to changes in price

B.

Price is insensitive changes in quantity

C.

price and quantity demanded changes by some percentage

D.

The demand function is horizontal.

A.

Income

B.

Population

C.

price of the commodity itself.

D.

Quantity of commodity

A.

cash

B.

money at call

C.

stock and shares

D.

Treasury Bills.

A.

consumption is inversely related to income

B.

consumption is the independent inversely related to income is the dependent variable

C.

if income is N15,000, the consumption is 10,500

D.

if consumption is N300,000, then income is N10,000

A.

Cost of raw materials

B.

rent on land

C.

Labour wages

D.

cost of light.

A.

if cross price elasticity that of demand between two goals, A and B, is negative we can conclude that A and B are substitutes

B.

the co-efficient of elasticity of demand is measured as a ration of change in quantity demand to change in price

C.

A market will be in disequilibrium when demand is not equal to supply

D.

All the above.

A.

Total utility is decreasing

B.

Level of utility is constant

C.

Consumer is satisfied

D.

A.

An economy where economic decision making is shared by individuals and government is known as mixed economy

B.

Given that apples and pears are substitutes, If the price of pear fall

C.

An elasticity of demand measured between two point on a demanded curve is called a point elasticity

D.

A and B are complements. If the supply of A decreases, the price B are tend to fall

A.

entrepreneurs.

B.

Workers

C.

consumers

D.

legislators.

A.

marginal revenue is less than price

B.

price is less than average cost

C.

marginal cost is less than marginal revenue

D.

average variable cost is less than average cost

A.

$ 750,000 million

B.

$100,250 million

C.

$ 102,500 million

D.

125,050 million

A.

12.7%

B.

15.7%

C.

16.7%

D.

19.7%

A.

demand less foreign exchange

B.

set up businesses

C.

to pay their taxes

D.

hardly want to lend money

A.

consumers are exploited

B.

private initiative is discouraged

C.

efficient allocation of resources is assured

D.

job security is assured

A.

NNP= Gross National Product (GNP) - Depreciation

B.

NNP= Gross National product (GNP Net incomes from abroad

C.

NNP= Gross Domestic product (GDP) – Deprecation

D.

NNP = Gross Domestic product (GDP) – Net incomes from aboard

A.

tin of milk

B.

hammer

C.

loaf of bread

D.

shirt

A.

Income and company taxes

B.

Sale taxes

C.

commodity taxes

D.

Excise Duties

A.

Commercial Banks

B.

The Central Bank

C.

The Capital Market

D.

The World Bank

A.

treasury bills

B.

currencies

C.

government bonds

D.

commodities

A.

Development bank

B.

Insurance company

C.

Mortgage bank

D.

Merchant bank

A.

relatively scarce

B.

generally acceptable

C.

portable

D.

durable

A.

growth of food production in arithmetical progression

B.

growth of population in geometric progression

C.

positive checks to population growth

D.

development and growth of manpower

A.

marginal revenue

B.

marginal cost

C.

average cost

D.

average revenue

A.

natural barriers to entry

B.

legal barriers to entry

C.

illegal barriers to entry

D.

unnatural barriers to entry

A.

income is diminished

B.

income remains the same

C.

utility is diminished

D.

population is high

A.

Increasing aggregate demand

B.

paying higher wages

C.

reducing aggregate demand

D.

A deficit budget

A.

progressive

B.

proportional

C.

regressive

D.

ad-valorem

A.

fixed in demand

B.

fixed in supply

C.

mobile

D.

untrainable

A.

interest

B.

wage

C.

bonus

D.

profit

A.

changes as the marginal rate of satisfaction changes

B.

is the ration of the prices of the two goods?

C.

is the ratio of the budget of total utility?

D.

Equals one, since the consumer can buy combination along the budget constraint.

A.

terms of trade

B.

balance of payment

C.

balance of payment adjustment

D.

capital account

A.

Government

B.

Board of directors

C.

Shareholder’s Conference

D.

Owner

A.

create additional employment

B.

increase expenditure

C.

source for new funds

D.

increase the level of efficiency

A.

high

B.

low

C.

average

D.

unitary

A.

geographical distribution of population

B.

age distribution of population

C.

sex distribution of population

D.

occupational distribution of population

A.

development banks

B.

merchant banks

C.

commercial banks

D.

the Central banks

A.

a weak currency

B.

devaluation from time to time

C.

a strong currency

D.

balance of payment problem

A.

Economic Commission for Africa

B.

Economic Community of Africa

C.

Exporting Countries of Africa

D.

Economic Conference on Africa

A.

consumers increasing their demand for the product

B.

consumers demand for the product remaining unchanged

C.

consumers shifting completely to substitute products

D.

suppliers increases the supply of the product

A.

transaction demand for money

B.

precautionary demand for money

C.

derived demand for money

D.

speculative demand for money

A.

encourage rural-urban drift

B.

discourage foreign investment in agriculture

C.

support the marketing of farm produce

D.

reduces tariff on food import

A.

12 bags

B.

24 bags

C.

28 bags

D.

30 bags

A.

Human wants are more than human needs

B.

Material things are more than human wants

C.

Human wants are limitless while the means to satisfy them are limited

D.

Human while are easy to define

A.

high birth rate

B.

high death rate

C.

encouragement of early marriage in the rural areas

D.

climatic conditions of the different parts of the country

A.

a rise in price

B.

no change in price

C.

price fluctuation

D.

a fall in price.

A.

tertiary production

B.

primary production

C.

secondary production

D.

advanced production

A.

planned and capitalist economics

B.

exchange subsistence economies

C.

subsistence and planned economies

D.

capitalist and exchange economics

A.

Indonesia

B.

Iran

C.

Venezuela

D.

Egypt

A.

consumers would have complete knowledge of goods

B.

cost of production would be at the maximum level

C.

. every firm would enjoy the benefits of large scale production

D.

incomes of the consumers in the community would be high.

A.

the total cost curve

B.

the same as the marginal cost curve

C.

above the marginal revenue curve

D.

the same at that of the perfect competitor.

A.

price increase, quantity decreases

B.

price decrease, quantity decrease

C.

price decreases, quantity increase

D.

price increases, quantity increase.

A.

Discouraging investors

B.

Opening up neglected parts of the country

C.

Effective control of a natural monopoly

D.

Rapid economic development

A.

large firms

B.

retailers

C.

small firms

D.

wholesalers.

A.

volume of trade between countries

B.

direction of international trade

C.

commodity terms of trade

D.

volume of imports

A.

persons with bank savings

B.

persons who live on fixed pension funds

C.

creditors

D.

debtors.

A.

marginal cost equal average revenue

B.

marginal cost equals average cost

C.

marginal cost equals marginal revenue

D.

marginal revenue equals average cost

A.

0.5

B.

1,0

C.

1

D.

1.5

A.

cultivation of food crops for family consumption?

B.

Co-operative farming

C.

Commercial farming

D.

Subsistence farming

A.

income tax

B.

property tax

C.

sales tax

D.

import- duties.

A.

not all wants can be satisfied

B.

we will never be faced with the need to make choice

C.

we must develop ways to decreases our individual wants

D.

the discovery of new resource.

A.

the best way invest in the stock market

B.

business decision making under foreign competition

C.

individual and social choice

D.

inflation unemployment in a growing economy

A.

law of demand

B.

interaction of the forces of demand and supply.

C.

total number of people in the market

D.

total quantity of the commodity in the market.

A.

domestic production

B.

imports

C.

domestic expenditure

D.

tax on infant industries.

A.

net national product

B.

gross domestic product

C.

disposable income

D.

gross national product.

A.

Oil and Petroleum Exporting Countries

B.

Original Petroleum Exporting Companies

C.

Organization of Petrol Exporting Countries

D.

Organization of Petroleum Exporting Countries

A.

rent

B.

wage

C.

interest

D.

commission.

A.

good road network

B.

efficient storage facilities

C.

too many middlemen.

D.

Adequate market information.

A.

monopolistic competition

B.

price discrimination

C.

perfect competitive market

D.

price control

A.

uninsurable risk

B.

normal profit

C.

economic profit

D.

monopoly profit.

A.

transactionary

B.

speculative

C.

accumulation

D.

deflationary

A.

one’s choices be arrived at logically and without error

B.

one’s choice be consistent with one’s goals

C.

one’s choice never very

D.

one makes choice that do not involve trade-offs

A.

change jobs.

B.

evade taxes.

C.

accumulate huge wealth

D.

make national decision

A.

Wrong declaration of earnings

B.

Payments of flat rate tax

C.

constant employment

D.

Low capacity utilization

A.

indeterminate

B.

unlimited

C.

limited

D.

transferable

A.

demand for the commodity will rise

B.

demand for the commodity will fall

C.

supply of the commodity will be constant

D.

Supply of the commodity will fall.

A.

that are generally in short supply.

B.

that are no longer in demand

C.

whose demand falls as income increases

D.

whose price falls as demand increases

A.

recurrent expenditure

B.

direct investment

C.

recurrent revenue

D.

capital receipt

A.

Co-operatives

B.

Limited liability companies

C.

Partnerships

D.

Public corporations

A.

licenses

B.

rents

C.

royalties

D.

taxes

A.

wages

B.

salary

C.

interest

D.

profit

A.

bilateral trade

B.

economic integration

C.

regional marketing board

D.

international competition

A.

agriculture employs the highest percentage of the labour force

B.

too much money is invested in agriculture

C.

farmers lack the finance and technology required

D.

the farms are too large

A.

less than quantity demanded

B.

equal to the quantity demanded

C.

greater than quantity demanded

D.

equal to zero

A.

the ways of making more goods available in the market

B.

a policy of ensuring stable price in the market

C.

a general reduction in the price level

D.

effective working of the forces of demand and supply

A.

primary production

B.

secondary production

C.

tertiary production

D.

intermediate production

A.

want them most but cannot pay for them

B.

can pay for them but do not want them

C.

want them and can also pay for them

D.

are dependent on the labour force

A.

produce one main commodity

B.

produce only raw materials

C.

depend on the export of their raw materials

D.

specialize in agricultural industries