A. economic factors
B. religious factors
C. geographical factors
D. social factors.
2. The reward for capital is __.
3. The reduction in the value of a country's currency in relation to the value of the currencies of other nations is known as __.
4. Mortgage banks give loans to investors on a long- term basis to __.
A. finance agriculture
B. establish banks
C. acquire machinery
D. build houses
5. In a capitalist economy, factors of production are owned and controlled by the __.
6. The establishment of industries in rural areas will help to reduce __.
A. urban-rural migration
B. rural-urban migration
C. rural-rural migration
D. urban-urban migration.
7. International trade is an application of the principle of __.
A. industrial production
B. mass production
C. regional production
D. comparative cost advantage.
8. The number of people who are qualified to work and who offer themselves for employment is called __.
A. migrant labour
B. working population
C. labour turnover
D. mobility of labour
9. Which of the following is an advantage of localisation of industry?
A. Development of subsidiary firms
B. Creation of parallel markets
C. Development of slums
D. Attraction of foreign capital
10. The Economic Community of West African States (ECOWAS) has been slow in achieving its objectives because of __.
A. the activities of multinationals
B. inadequate personnel at the secretariat
C. political instability
D. inadequate international support
11. Joint ventures are partnership involving __.
A. the poor and the rich
B. employers and workers
C. government and private investors
D. multinationals and individuals
12. In which of the following business units are the owners mostly the customers?
B. limited liability companies
D. public corporations
A. volume of trade between countries
B. direction of international trade
C. commodity terms of trade
D. volume of imports
14. If specialisation should take place, then __.
A. Ghana should produce coffee and cocoa
B. Ghana would benefit by producing cocoa only
C. Sierra-Leone should not produce any of the products
D. Sierra-Leone should produce coca and Ghana coffee
15. Which of the following is an invisible item?
A. Petroleum services
B. Processed rice
C. Processed milk
D. Banking services
16. The full meaning of OPEC is __.
A. Oil and Petroleum Exporting Countries
B. Original Petroleum Exporting Countries
C. Organisation of Petrol Exporting Countries
D. Organisation of Petroleum Exporting Countries.
17. The main concern of economists is to __.
A. control the growth of population
B. redistribute income between the rich and the poor
C. satisfy all human wants
D. allocate scarce resources to satisfy human wants.
18. Productive resources can also be called __.
A. principles of production
B. factors of production
C. items of production
D. labour and materials resources
19. The study of Economics becomes necessary because of the
A. large population size of the world
B. scarcity of resources
C. opportunity cost of goods and services
D. need to satisfy every desire of man
20. The type of demand that exists between torchlight and battery is __.
A. competitive demand
B. complementary demand
C. composite demand
D. independent demand
21. The population density of a town made up of 50 square kilometre land area and 100 million people is __.
A. 50,000 people per square kilometre
B. 0.2 million people per square kilometre
C. 0.5 million people per square kilometre
D. 20 million people per square kilometre
22. From the table, the mean of the distribution is __.
23. What is the median of the distribution?
24. Human wants are insatiable because wants are __.
A. limited while means are scarce
B. unlimited and means are also unlimited
C. limited and means are also limited
D. unlimited while means are scarce
Use it to answer question 25 and 26.
25. If the budget of the country was $7,200.00, how much is allocated to education
26. What is the ratio of expenditure on health to Agriculture?
27. Which of the following items is not an example of circulating capital?
A. Raw material
28. The principle of comparative cost advantage was propounded by __.
A. David Ricardo
B. Alfred Marshal
C. J.S. Mill
D. Adam Smith
29. The rate at which a country's exports is exchanged for her imports is ___.
A. trade balance
B. balance of payments
C. terms of trade
D. balance of currency account.
30. Efficiency of labour in a country is determined by the following except the
A. social attitude to work
B. education and training
C. total population
D. working conditions of workers.
31. The diagram below represents a production function.
At which of the points does diminishing returns set in?
32. Taxes and government expenditures are instruments of __.
A. monetary policy
B. tax policy
C. economic policy
D. fiscal policy.
33. A situation in which a commodity is sold abroad below its cost of production in the home country is known as __.
B. counter trade
C. bilateral trade
D. trade liberalisation
34. The Family Support Programme in Nigeria essentially focuses on __.
A. the generation of employment
B. the alleviation of poverty
C. agricultural and industrial development
D. economic emancipation of women
35. The Economic Commission for Africa was set up by the __.
36. If the pass mark was 40, how many students passed the examination?
37. How many students took the examination?
38. Utility is the satisfaction derived from __.
39. When a union is composed of workers with the same skill it is called ___.
A. an industrial union
B. a workers' union
C. a craft union
D. a technical union
40. The major objective, of a revenue allocation formula in a country is to __.
A. share revenue between the public and private sectors
B. ensure the financial viability of the country
C. share revenue between the different tiers of government
D. divert revenue from areas of surplus to areas of needs