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Question 1 Rapport
The assumptions of the principles of comparative cost advantage is based on
I. Absence of Trade Restrictions
II. No transport costs
III. Constant technology
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Question 2 Rapport
In a socialist economic system, decisions relating to the fundamental economic problems are taken by
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Question 3 Rapport
Which of the following is NOT a factor to be considered in siting an industry in a particular area?
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Question 5 Rapport
Arrangement of wants in order of importance is brought about by
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Question 7 Rapport
The most generally accepted definition of Economics was given by
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Question 8 Rapport
The decision of whether to use labour or capital intensive techniques in production process is a problem of
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Question 10 Rapport
To an individual, the term cost will include expenditure on the following EXCEPT
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Question 12 Rapport
The basic economics problem of what to produce arises as a result of
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Question 13 Rapport
When Elasticity of Demand is greater than one, the demand is
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Question 14 Rapport
The excess profit made by a firm in a competitive market situation in the short-term is known as
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Question 15 Rapport
The following are the main problems of distribution of essential commodities in Nigeria EXCEPT
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Question 16 Rapport
Which of the following will NOT be a barrier to international trade?
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Question 17 Rapport
Individuals who buy new shares in anticipation of reselling at higher prices in the stock exchange market are called
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Question 19 Rapport
The unit of satisfaction dived from the consumption of an additional unit of a commodity is known as
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Question 20 Rapport
A firm with a total of 54 employees produced 108 tonnes of toilet tissues in 3months. What is the average production per employee?
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Question 21 Rapport
The desire to hold cash balances in order to meet expenditures which arises due to unforeseen circumstances is
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Question 22 Rapport
The types of unemployment that evolved the use of machines to replaces human labour is known as
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Question 24 Rapport
In international trade, when payments of a country are higher than the receipts, then the balance of payment is
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Question 25 Rapport
All the following are the objectives of economic planning EXCEPT to
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Question 27 Rapport
Which of the following is NOT a problem of population census in Nigeria?
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Question 28 Rapport
The introduction of money into the economy has helped to resolve the following problems EXCEPT
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Question 29 Rapport
A negative effect of the discovery of petroleum on the Nigerian economy is
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Question 30 Rapport
The amount of money required for the day-to-day running of a business is known as
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Question 32 Rapport
When a change in the demand for commodity A leads to a change in demand for commodity B in the same direction, demand for A & B is
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Question 33 Rapport
A business organization set up for the mutual benefits of member with similar interest is known as
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Question 34 Rapport
Which of the following factors will NOT affect supply of maize in Nigeria?
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Question 35 Rapport
A development planning which takes a long range view of the economy and covers a period of 10-20 years is regarded as
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Question 36 Rapport
An inflation which occurs as a result of increase in production cost is known as
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Question 37 Rapport
Which of the following is NOT a function of the wholesaler in the distributive channel?
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Question 38 Rapport
The main differences between money market and capital market is that money markets
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