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Question 1 Report
Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?
Question 2 Report
If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X
Question 3 Report
Inferior goods are referred to in Economics as goods
Question 5 Report
A commercial bank is unique in that it is only the institution that
Question 6 Report
A country has a surplus in its balance of visible trade if
Question 7 Report
By ‘trade by barter’, we mean
Question 9 Report
If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing
Question 11 Report
Bondholders are treated more favorably than shareholders because
Question 12 Report
If the demand of a product with perfectly elastic supply increases, there will be
Question 13 Report
Which of the following is NOT strictly included In the study of economics?
Question 14 Report
Opportunity cost is a term which describe
Question 15 Report
The numerical measure of elasticity is
Question 16 Report
Which is NOT a direct effort to increase Agricultural production in Nigeria?
Question 19 Report
Malthus became famous through his theory which may be stated simply
Question 20 Report
Which of these would not be included in the fundamental principle of a free enterprise economy
Question 21 Report
Marginal cost is
Question 22 Report
Economics is called a social science because it is
Question 23 Report
Which of the following item in the balance of payment of account is an invisible transaction?
Question 24 Report
Disposable income is the same thing as
Question 25 Report
The effect of the demand for product A caused by a change in the price of a product B is called?
Question 26 Report
The advantage of sole proprietorship is as follow
Question 28 Report
Which of the following statements is true?
Question 29 Report
An increase in liquid reserve requirements by the central bank of Nigeria will result in
Question 30 Report
The expression ‘terms of trade’ is used to describe
Question 31 Report
In order to build up its capital stock, the typical less developed country should ideally
Question 32 Report
Which of the following activities of government precludes the existence of a market economy?
Question 33 Report
Which of the following financial assets consist the lowest rate of interest in Nigeria?
Question 34 Report
Which of these would NOT increase population of a country
Question 35 Report
Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities
Question 36 Report
The largest liability appearing in the book of a commercial bank is
Question 37 Report
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
Question 38 Report
The optimum population of a country is reached when
Question 39 Report
Price control cannot work in Nigeria because
Question 41 Report
Which of the following can be regarded as a liability of a commercial bank?
Question 42 Report
Which of the following is not a form of business organization
Question 43 Report
Less developed countries obtain foreign exchange reserve mainly from the export of
Question 44 Report
Which is an example of an invisible item in the trade Account of Ghana?
Question 45 Report
The following is NOT a reason for the existence of small firms
Question 46 Report
A distinguishing characteristics of a consumers' cooperative is the fact that
Question 47 Report
Which of the following sector of the economy is estimated to be the largest employer of labour in the country
Question 48 Report
A rational consumer will adjust his spending pattern so that
Question 49 Report
A Tax which takes a higher percentage from higher incomes is called?
Question 50 Report
As consumption of beer increases, its marginal utility to a drinker will
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