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ECONOMICS TEST

1. Which of the following financial assets consist the lowest rate of interest in Nigeria?

 

 

 

 

 

2. Which of the following is not a form of business organization

 

 

 

 

 

3. A rational consumer will adjust his spending pattern so that

 

 

 

 

 

4. Disposable income is the same thing as

 

 

 

 

 

5. The Lagos clearing house is

 

 

 

 

 

6. Malthus became famous through his theory which may be stated simply

 

 

 

 

 

7. The largest liability appearing in the book of a commercial bank is

 

 

 

 

 

8. Bondholders are treated more favorably than shareholders because

 

 

 

 

 

9. Production covers all but one of the following activities:

 

 

 

 

 

10.

Economics is called a social science because it is

 

 

 

 

 

11. A Tax which takes a higher percentage from higher incomes is called?

 

 

 

 

 

12. Price control cannot work in Nigeria because

 

 

 

 

 

13. A budget deficit means

 

 

 

 

 

14. Which of the following is not true of the theory of optimum population?

 

 

 

 

 

15. In economics, production is complete when

 

 

 

 

 

16. The effect of the demand for product A caused by a change in the price of a product B is called?

 

 

 

 

 

17. A commercial bank is unique in that it is only the institution that

 

 

 

 

 

18. The following is NOT a reason for the existence of small firms

 

 

 

 

 

19. Which is NOT a direct effort to increase Agricultural production in Nigeria?

 

 

 

 

 

20. Which of the following is NOT strictly included In the study of economics?

 

 

 

 

 

21. Which of these would not be included in the fundamental principle of a free enterprise economy

 

 

 

 

 

22. Marginal cost is

 

 

 

 

 

23. When elasticity is zero, the demand curve is

 

 

 

 

 

24. By ‘trade by barter’, we mean

 

 

 

 

 

25. Which of the following item in the balance of payment of account is an invisible transaction?

 

 

 

 

 

26. The foreign exchange market is a market where

 

 

 

 

 

27. Which of the following statements is true?

 

 

 

 

 

28. The expression ‘terms of trade’ is used to describe

 

 

 

 

 

29. Which of these would NOT increase population of a country

 

 

 

 

 

30. Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

 

 

 

 

 

31. If the demand of a product with perfectly elastic supply increases, there will be

 

 

 

 

 

32. Inferior goods are referred to in Economics as goods

 

 

 

 

 

33. Opportunity cost is a term which describe

 

 

 

 

 

34. Which is an example of an invisible item in the trade Account of Ghana?

 

 

 

 

 

35. which of the following is not true about occupational distribution of the labour force of West Africa?

 

 

 

 

 

36. As consumption of beer increases, its marginal utility to a drinker will

 

 

 

 

 

37. Which of the following sector of the economy is estimated to be the largest employer of labour in the country

 

 

 

 

 

38. The biggest source of government revenue in Nigeria is

 

 

 

 

 

39. Less developed countries obtain foreign exchange reserve mainly from the export of

 

 

 

 

 

40. Which of the following activities of government precludes the existence of a market economy?

 

 

 

 

 

41. The optimum population of a country is reached when

 

 

 

 

 

42. In order to build up its capital stock, the typical less developed country should ideally

 

 

 

 

 

43. An increase in liquid reserve requirements by the central bank of Nigeria will result in

 

 

 

 

 

44. Which of the following can be regarded as a liability of a commercial bank?

 

 

 

 

 

45. Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?

 

 

 

 

 

46. If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

 

 

 

 

 

47. The advantage of sole proprietorship is as follow

 

 

 

 

 

48.

Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities

 

 

 

 

 

49. If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X

 

 

 

 

 

50. A distinguishing characteristics of a consumers’ cooperative is the fact that

 

 

 

 

 


Question 1 of 50



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