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Economics Part 2
1. The theoretical relationship between money supply and prices is weakened by changes in the
A. Velocity of money B. Interest rate C. General price level D. Money supply
2. The active population of a country determines the size of its
A. Labour force B. Gross domestic product C. National income D. Economic resources
3. Joint –stock companies can raise funds from
A. Various sorces B. Government C. The capital market D. The money market
4. The use of government revenue and expenditure to achieve set objectives is known as
A revenue allocation B. Monetary policy C. Fiscal policy D. Budget
5. An example of injection into the circular flow of income is
A. Imports B. Exports C. Pensions D. Taxes
6. As long as marginal utility is positive, total utility must be
A. Decreasing B. Zero C. Negative D. Increaseing
7. contradictionary monetary policy is used to
A. Deregulate the economy B. Expand the output level C. Control inflation D. Bridge the deflationary gap
8. use the data below to answer the question that follows
56, 36, 62, 79, 83, 36, 62, 42, 62 and 42.
A. 65.8 B. 55.8 C. 45.5 D. 55.6
9. Use the data below to answer the question that follows
56, 36, 62, 79, 83, 36, 62, 42, 62 and 42.
A. 62 B. 54 C. 36 D42
10. The output approach to measuring national income is based on the computation of
A. Profit earned B. Value added C. Final output D. Factor cost
11. If income rises from N2000 to N4000 and quantity demanded increases from 80 units to 120 units, find the income elasticity of demand.
A. 4.0 B. 2.5 C. 0.5 D. 1.2
12. A high rent on land will affect the cost of producing maize
A. At the later stage of production B. At the early stage of production C. Positively D. Negatively
13. In a perfecly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?
A. N146 B. 250 C. N396 D. N323
14. Diminishing marginal utility implies that
A. marginal utility decreases as consumption decreases B. Marginal utility decreases as consumption increases C. Total utility decreases as consumption increases. D. Marginal utility increases as consumption increases.
15. a major trading problem facing ECOWAS is
A. Non-implementation of decisions B. High poverty level C. The absence of common currency D. Political instability.
16. use the information below to answer the question that follows.
A. 30.2 B. 20.8 C. 14.2
17. Use the information below to anser the question that follows
Give that Qd =20-4P and Qs = 6P + 12
A. 8 B. 12 C. 30 D. 22
18. An upward movement along the same supply curve results in
A. An increase in quantity supplied B. A decrease in quanity supllied
C. An increase in supply D. A decrease in price
19. The excess benefit derived from the purchase of goods over the amount paid for them is refferred to as consumer
A. Credit B. Sovereignty C. Rationality D. Surplus
20. A good indicator of economic development is an increase in
A. Real national income B. Real per capita income C. Gross national product D. Per capita income
21. if the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is
A. Inelastic B. Perfectly elastic C. Elastic D. Perfectly inelastic
22. The production possibility curve can be used to explain the underlying concepts of
A. Wants and means B. Opportunity cost and scale of preference C. Scale of preference and choice D. Opportunity cost and choice
23. If the active population is 50 million and unemployed is 5 million, what is the unemployment rate?
A. 55% B. 90% C. 10% D. 45%
24. A major impediemtn to the development of agricultre in Nigeria is
A. Low income of farmers B. Limited research on seedlings C. Land use system D. Inadequate supply of farm inputs
25. The economic policy of privatization came up as a result of the poor performance of
A. Public enterprises B. Private enterprises C. Commercial banks D. Small-scale business
In the diagram above, there is an excess
A. Demand for 20 units B. Supply of 20 units C. Demand of 30 units
D. Supply of 40 units
27. if the increase in the price of yams is used to estimate the inflation rate, the inflation rate, this is an example of
A. Normative reasoning B. Positive reasoning C. Deductive reasoning D. Inductive reasoning
28. A major determinant of the demand for a luxury good is
A. The income of consumers B. Tastes and fashion C. The price of the good D. The price of other goods
29. if referred reserves of a bank is 20% and N10000 is paid into its demand deposit account, what is the excess reserves?
A. N12000 B. N18000 C. N2000 D. N8000
30. The export-promotion strategy is aimed at producing
A. More goods for exports B. More goods for domestic consumption C. Consumer goods originally imported D. Machinery for industries
31. One of the effects of instability in farmers’ income in Nigeria is
A. Inadequate supply of fertilizer B. Low level of technology C. Lack of infrastructure facilities D. Rural-urban migration
32. One of the factors affecting the supply of manufactured goods is
A. Consumer tastes B. Availity of inputs C. Weather D. Technology
33. The activites in the oil and gas industry are classified into
A. Discovery and extraction B. Onshore and offshore C. Exploration and transportation D. Upstream and downstream 66
35. The population of a country will decrease if
A. The death rate exceeds the birth rate B. The birth rate exceeds the death rate C. There is rapid economic growth D. Immigration is equal to emigration.
36. Individual markets differ from each other according to
A. The degree of competition B. The number of buers C. Its composition D. The volume of trade.
37. The use of modern weaving machines in the production of local fabric will result in
A. An increase in the demand for labour B. An increase in wages C. A decrease in wages D. A decrease in the demand for labour
38. If 100 units and 120 units of commodity X are supplied at N800 at different times, it means that there is
A. a change in supply B. An increase in the quantity supplied C. A decrease in the quantity supplied D. A change in the quantity supplied
39. Economic growth takes place when there is an increase in
A. Savings over time B. Population over time C. Output over time D. Investment over time
40. Which of the following producers is closest to being a monopolist?
A. A baker B. A large chain store C. An automobile plant D. A wheat farmer
41. The deregulation of telecommunication services in Nigeria is a chracteristic of ? A. Command economy B. Market economy C. Feudal economy D. Traditional economy
42. The characteristics of entry and exit ensures that firms
A. Earn Excess Profit B. Break –even C. Expand their operation. D. Earn normal profit
43. Price mechanism determines the price of commodities through
A. Government legislation B. Market forces C. Auctioning D. The sales of treasury bills
44. The major contribution of OPEC to the Nigeria economy is the
A. Building of refineries B. Granting of subsidies on petroleum products C. Provision of social infrastructures D. Stabilization of oil price
45. The loading of crude oil at the terminal is an activity in the
A. Midstream and upstream sectors of the oil industry B. Upstream and downstream sector of of the oil industry. C. Downstream sectors of the oil industry D. Upstream sector of the oil industry.
46. A change in demand for a normal good implies that, there is a
A. Change in the price elasticity of demand B. Shift in the demand curve C. Change in the quantity demanded as price change D. Movement along a given demand curve.
47. Division of labour requires that, the tasks in a production line be performed
A. By unskilled labourers B. In stages C. By specialists D. By all workers
48. One major factor that determined the location of industry is
A. Tax exemption grant B. The capitial base C. Its proximity to the market
D. The social responsibility of the firm
49. Monopolist can bloat his revenue by
A. Adjusting both price and output upward B. Increasomg price C. Reducing total output to march the price D. Reducing price.
50. If MPC=2/3 and investment is N100 million. The level of national income is
A. N300 Million B. N10 Million C. N100 Million D. N303 Million