1. Which question paper type of Economics is given to you?
A. Type F
B. Type E
C. Type L
D. Type S
2. The choice of how to produce in a command economy is determined by
D. labour unions
3. In capitalist economies, questions about what to produce are ultimately answered by __.
A. income level of households
B. available technical skills in the economy
C. output decisions of firms
D. holding decision of households
4. The best measure of dispersion to determine the tallest tree in a forest is __.
C. standard deviation
D. mean deviation
5. What is the percentage contribution of services to the national income?
6. If the national income is ₦60m, the contribution of the manufacturing sector is __.
7. A combination of factors responsible for a shift from D0D0 to D1D1 are __.
A. consumers income and change in technology
B. price of the commodity and weather conditions
C. consumers income and population size
D. consumers taste and change in price
8. Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price.
9. A change in demand for a normal goods implies that, there is a __.
A. change in the quantity demanded as price changes
B. shift in the demand curve
C. movement along a given demand curve
D. change in the price elasticity of demand
10. If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is __.
A. unitary elastic
B. zero elastic
A. unitary elastic
B. zero elastic
11. From the graph above, the consumer will attain equilibrium at point __.
12. A rightward shift of the budget line is caused by a __.
A. fall in consumer income
B. change in consumer taste
C. fall in the commodity relative price
D. rise in the commodity relative price
13. Given the supply function P = 1/4(Qs+10) when P = ₦10, what is Qs?
From the table above, Calculate the price elasticity of supply.
15. When price is set below equilibrium, this will lead to __.
A. an increase in the quantity supplied
B. a new equilibrium
C. a decrease in the quantity supplied
D. a fall in price
16. Price mechanism determines the prices of commodities through __.
B. market forces
C. the sales of treasury bills
D. government legislation
17. From the table above, find the values of E and F respectively
A. 27 and 1
B. 68 and 12
C. 28 and 5
D. 12 and 19
18. If the production of a large firm is higher than that of a small firm, it is experiencing __.
A. external economies of scale
B. external diseconomies of scale
C. internal economies of scale
D. internal diseconomies of scale
19. Division of labour requires that, the tasks in a production line be performed __.
A. by specialists
B. in stages
C. by all workers
D. by unskilled labourers
20. Given that FC = ₦500, VC = ₦1,500, and Q = 50 units. Find the average cost of the product.
21. Rent and administrative expenses are examples of __.
A. average fixed costs
B. average variable costs
C. fixed costs
D. variable costs
22. A perfect competitor will continue to expand output up to the point where __.
A. TC > TR
B. MR = AR
C. MC < MR
D. MC > MR
23. One of the characteristics of a monopolist is that, he can influence ___.
A. quantity produced by other producers
B. prices charged by other producers
C. both price and quantity
D. price or quantity
24. A monopolist can boost up his revenue by __.
A. adjusting both price and output upward
B. reducing total output to match price
C. increasing price
D. reducing price
25. Which of the following can be used to measure the Gross National product in an open economy?
26. If MPC = 2/3 and investment is ₦100 million, the level of national income is __.
A. ₦100 million
B. ₦10 million
C. ₦303 million
D. ₦300 million
27. The precautionary demand for money is determined by __.
A. the rate of interest
B. the level of savings
C. the level of income
D. general price level
28. An inflation that co-exists with high rate of unemployment is __.
C. demand-pull inflation
D. cost-push inflation
29. One of the challenges facing the banking industry in Nigeria is __.
A. ensuring technological security
B. providing employment
C. providing loans for investment
D. creating more money
30. Short-term loans for investment are usually obtained through the __.
A. stock market
B. development banks
C. money market
D. capital market
31. Given a base year and the price index of 175% the following year, which of the following year will arise?
A. The cost of living decreases of that year
B. The cost of living remains unchanged
C. The value of money rises by 75%
D. The value of money falls by 75%
32. Wage freeze is a policy measure aimed at __.
A. encouraging investors
B. curbing inflation
C. regulating standard of living
D. curbing deflation
33. A major obstacle to the development of Nigeria economy is __.
A. low capital formation
B. rural-urban migration
C. over dependence on oil
D. poor developmental policies
34. A major feature of an underdeveloped economy is __.
A. excess capacity utilization
B. low rate of population growth
C. low level of standard of living
D. low level of unemployment
35. An important role of agriculture in Nigeria's economic development is the ___.
A. processing of raw materials for industries
B. regulation of price system
C. provision of infrastructure
D. provision of employment
36. An advantage of large-scale farming over peasant farming is in the area of __.
A. providing research and massive employment of labour
B. redistributing national income to various regions of the country
C. encouraging the use of traditional implements
D. encouraging urban-rural migration
37. A major disadvantage of localization of industry is __.
A. the risk of structural unemployment
B. over-utilization of installed industrial capacity
C. the risk of seasonal unemployment
D. under-utilization of installed industrial capacity
38. One major factor that determines the location of an industry is __.
A. tax exemption grant
B. its proximity to the market
C. the capital base
D. the social responsibility of the firm
39. The major contribution of OPEC to the Nigerian economy is the __.
A. provision of social infrastructures
B. granting of subsidies on petroleum products
C. stabilization of oil prices
D. building of refineries
40. The loading of crude oil at the terminal is an activity in the __.
A. downstream sector of the oil industry
B. upstream and downstream sector of the oil industry
C. upstream sector of the oil industry
D. midstream and upstream sectors of the oil industry
41. The short-run average variable cost of a firm will rise owing to __.
A. the expansion of factory space
B. the building of new warehouse
C. an increase in the cost of labour
D. an increase in the salaries of directors
42. Firms embark on vertical integration in other to __.
A. take over markets formally controlled by other firms
B. prevent other firms from entering the market
C. reduce advertisement and management cost
D. enjoy economies of large-scale production
43. The voting power in co-operative societies is vested on __.
B. members without loan
D. members with the highest contribution
44. An accurate census figure is an important tool for planners in __.
A. providing employment
B. siting industries
C. providing social amenities
D. allocating resources
45. An accurate population census is important in other to __.
A. produce more food for the growing population
B. provide employment opportunities for the people
C. estimate a country's per capita income
D. fast track industrial development
46. A major determinant of floating exchange rate is __.
A. the highest denomination of the currency
B. an Act of the parliament
C. the system of government
D. the forest of demand and supply
47. If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is __.
A. excise duties
B. import duties
48. The main objective of WTO is to __.
A. ensure adequate protection of infant industries
B. provide a mechanism for tariff reduction
C. assist countries with chronic balance of payments problem
D. assist developing countries to execute developmental projects
49. The major determinant of the total volume of output in an economy is the __.
A. level of total expenditure
B. composition of consumer spending
C. number of farmers
D. size of the labour force
50. The labour force of a country is determined by the __.
A. age structure of the population
B. geographical distribution of the population
C. sex distribution of the population
D. number of people available for work