1. Scale of Preference is referred to as the:
A. Consumer wants in order of priority
B. Consumer preference for luxuries goods
C. Array of consumer's needs
D. Choices consumers make
2. The average total cost when 20 units are produced is __.
B. ₦47. 50kg
A. Need for money to invest
B. Desire to hold money in liquid form rather than investing it
C. Desire to hold money in tangible assets.
D. Interest rate
4. One of the characteristics of a monopolist is that, he can influence ___.
A. Price or quantity
B. Both price and quantity
C. Prices charged by other producers
D. Quantity produced by other producers
5. One of the goals of development plans in Nigeria is to __.
A. Improve the country’s GDP
B. Increase the profitability of multinational business
C. Deregulate the economy
D. Achieve the higher standard of living for the citizens
6. Want satisfying capacity of a commodity is called __.
B. Consumer Surplus
7. In a command economy, resource allocation is managed primarily by__.
A. Large corporations
B. Competitive markets
C. Labour Unions
D. Central planning
8. Law of diminishing marginal utility is also called __.
A. Law of consumption
B. Law of equi-marginal utility
C. Law of satisfaction
D. Law of satiable wants
9. Which of the following types of inflation would result if the price level rose because of an increase in the price of raw materials?
B. Demand-pull inflation
D. Cost-push inflation
10. Creation of utility is known as __.
11. An economy is in the midst of a recession. An example of a government policy aimed at moving the economy back on the path of positive growth is an __.
A. Increase in taxes
B. Increase in government spending on infrastructure improvements
C. Increase in the property tax
D. Decrease in cash transfers to the very poor
12. The current Governor of the Central Bank of Nigeria is ___.
A. Sanusi Lamido Sanusi
B. Tony Elumelu
C. Godwin Emefiele
D. Shamsudeen Usman
13. Which of the following is NOT a regulator in the Nigerian financial services sector?
A. The Central Bank of Nigeria (CBN)
B. The Securities and Exchange Commission (SEC)
C. The Nigeria Deposit Insurance Corporation (NDIC)
D. The Bank of Industries (BOI)
14. Which of these is not a traditional factor of production?
15. The largest tax collected at the Federal Government level is the ___.
A. Company Income Tax (CIT)
B. Personal Income Tax (PIT)
C. Value Added Tax (VAT)
D. Property Tax
16. The population of a county x in 1990 was 35 million. The births were 450,000 while it recorded 210,000 deaths. If in the same year, its immigrants were 20,000 and 10,000 of its citizens left the country. Calculate the total population of the country at the end of the 1990.
17. In a free market economy, wage is determined mostly by __.
A. The inter-play of demand and supply
B. The trade union
C. None of the above
D. The government
18. Per capita income in any African Country is measured by __.
A. Adding total saving to the GNP
B. Dividing the GNP by the total production
C. Adding total saving to the GNP
D. Adding total investment to the GNP
19. If the fixed cost is ₦600.00, variable cost is ₦400.00 and total output is 100. What is the average cost?
20. The middlemen in the chain of distribution are __.
A. Manufacturer and Consumer
B. Retailers and Consumers
C. Consumer and Wholesalers
D. Wholesalers and Retailers
21. One of the problems arising from localization of industries is __.
A. The expectation of output
B. Structural unemployment
C. The scarcity of foreign exchange
D. Huge prices output
22. Which of the following combinations is variable set of development indicators?
A. Growth of government expenditure and imports
B. High fertility, literacy and school enrolment rates
C. Growth of population and national income
D. Low infant mortality and high per capital income and literacy rates
23. Factors of production are said to be specified when __.
A. The can be put to only one use in production
B. The can be put to all uses in production
C. None of the above
D. They are used to analyze cost effective
24. Economics of scale described __.
A. The quantity of the product
B. The demand schedule
C. The price of the product
D. The quantity produced
25. Current account are classified as money because ___.
A. They are ultimately the obligations of the treasury
B. Banks hold currently equal to the value of their outstanding deposits
C. They can be readily used in the making of the purchases and payment of debts
D. They earn interest income to the depositor
26. Production is said to be complete when :
A. Goods are in the market
B. Goods are completely manufactured
C. Goods are with the final consumers
D. Goods are with retailers
27. One of the disadvantages of international trade is that it:
A. Encourage economic independence among nations
B. Increases world output
C. Promotes self-reliance and satisfaction with only what can be produced internally
D. Restricts spread of technical knowledge
28. If the growth of available resource continuously out spaces that of the population, a country will experience __.
A. Under Population
B. Competitive Population
C. Optimum Population
D. Over Population
A. Excess Demand
B. Equilibrium Quantity Supplied
C. Excess Supply
D. Equilibrium Quantity Demand
30. Which of the following is not an example of economic efficiency?
A. Resource Efficiency
B. Productive Efficiency
C. Programme Efficiency
D. Technical Efficiency
31. What is excess supply at the equilibrium price?
32. Which of the following would cause the aggregate demand curve to shift to the right?
A. An increase in purchases by the federal government
B. An increase in real interest rates
C. An appreciation of the domestic currency
D. A decrease in the money supply
33. Taxes and government expenditure are instruments of ___.
A. Economic policy
B. Monetary policy
C. Fiscal policy
D. Tax policy
34. If the equilibrium price of a certain commodity is ₦120.00 and the government fixed its price at ₦110.00, the supply will be __.
A. Smaller than the equilibrium supply
B. Greater than the equilibrium supply
C. A determinant of the market forces of equilibrium
D. The same at the equilibrium supply
35. Moses bought a pair of shoes instead of a face cap, his real cost is therefore is __.
A. The face cap
B. The shoes
C. The prices of shoes
D. The price of a face cap
In the diagram above, PS is the supply curve for a particular commodity, when OP is the price.
Which of the following statement is correct?
A. When price is zero, the quantity supplied infinite
B. The quantity is elastic
C. The quantity supplied infinite
D. When a price is infinite, the quantity supplied is zero
37. In economics, the concept of utility means __.
A. The total value of all the goods and services consumed
B. The amount of satisfaction we derive from consumption of goods and services
C. The utilization of goods and services
D. The monetary value of the goods we consume
38. The diagram below illustrates:
A. Inelastic demand
B. Perfectly elastic demand
C. Elastic demand
D. Perfectly inelastic demand
39. A specific argument advanced for protection is __.
A. To reduce unemployment
B. To protect domestic labour against cheap foreign labour
C. All of the above
D. To protect infant industries and industries important for national defence
40. The regulatory authority of the Capital Market in Nigeria is the __.
A. Securities and Exchange Commission
B. Central Bank
C. Stock Exchange Market
D. Nigerian Deposit Insurance Corporation