Economics 2010

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Economics is the study of human behaviour as it relates to the

efficient allocation of resources

production of goods

generation of income

operation of companies

The downturn in the prices of shares on stock markets is a highlight of

efficient allocation of resources

the invisible hand

consumer rationality

the regulatory nature of the market

The choice of the method of production in an economy is determined by the

level of technical know-how

rate of population growth

availability of natural resources

level of income

One of the objectives of ADB is to

provide subsidies on imported goods to member countries

mobilize short-term loans for member countries

promote economic and social development of member countries

provide technical assistance to only poor member countries

If Nigeria imports vehicles from Japan the transaction will appear as a

debit on Japan’s balance of payments

credit on Japan’s balance of payments

credit on Nigeria’s balance of trade

credit on Nigeria’s balance of payment

One of the characteristics of free trade zone is

common tariff against non-member countries

different trade policies of non-member countries

free factor mobility within the zone

harmonized trade among member countries

The percentage of working population in 2002 is?

50%

25%

80%

What is the population growth rate in 2003?

Add description here!

33.3%

20.0%

11.0%

50%

The primary motive for an individual engaging in production is to

make profit

satisfy basic human wants

redistribute wealth

put inputs into use

The maximum number of shareholders for a limited liability company's is

twenty

five

seven

infinite

A disadvantage of Nigeria's dependence on imported petroleum products is the

instability in the demand for the products

dominance of multinational firms

poor maintenance of the refineries

instability in the supply of the product

In developing countries, governments influence the location of industries in order to

spread development

redistribute wealth

encourage entrepreneurs

encourage industries to earn high profits

Localization of industries refers to the

spread of firms producing different products

siting of industries near the

concentration of firms of an industry

siting of firms producing different products

Government can boost agricultural output in Nigeria primarily by

embarking on buffer stock programmes

placing embargo on food importation

granting subsidies on farm inputs

placing farmers on monthly income

The ultimate aim of agricultural policies in Nigeria is to achieve

food sufficiency

industrialization

full employment

industrial capacity utilization

National development plans in Nigeria fail mainly because of

overdependence on foreign aids

inadequate funding of projects

poor implementation strategies

shortage of skilled manpower

In Nigeria, the distribution of job opportunities

balanced budgeting

deficit budgeting

surplus budgeting

zero budgeting

A strategy for curbing unemployment is to

implement government stabilization policy

increase taxes and decrease government expenditure

increase government expenditure and decrease taxes

ensure even distribution of job opportunities

One of the functions of commercial banks is

maintaining stable price in the economy

regulating monetary policies

granting loans to customers

issuing bank notes and coins

By buying treasury bills, the Central Bank of Nigeria intends to

increase money supply in the economy

reduce the cash reserve ratio for banks

reduce money supply in the economy

increase the capital base of commercial banks

The function of money which makes division of labour possible is its

unit of account

store of value

medium of exchange

standard of deferred payment

If MPC is 0.7 while government expenditure increased by ₦ 150m, the equilibrium national income is

₦ 214 million

₦ 45 million

₦ 105 million

₦ 500 million

28. A decrease in aggregate spending in an economy will ultimately lead to

boom

inflation

deflation

recession

In national income accounting, tax is determined by the

level of income

level of consumption

level of investment

rate of savings

An agreement among firms on price and segmentation is termed

cartel

collusion

haggling

specialization

The demand curve for factors of production

is perfect elastic

slopes upwards

slopes of downwards

is perfectly inelastic

One of the characteristics of monopolistic competition is that

there is mobility of factors of production

no single seller dominates the market

the firms are price-takers

consumers have perfect knowledge of price

An industry's supply curve is more likely to be elastic when firms are

enjoying free entry and exit

operating at full capacity

operating below capacity

maximizing profits

The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing

increasing efficiency

economies of scale

diseconomies of scale

increasing marginal returns

A firm enjoying economies of scale is said to be

reducing average cost as production increases

benefiting from the activities of other

maximizing profits as production increases

having an upward-sloping average cost curve

Average product is less than marginal product when

there is constant returns to scale

there is increasing returns to scale

there is decreasing returns to scale

diminishing returns set in

In order to reduce hardship faced by consumers due to high prices government can introduce

maximum prices

commodity boards

minimum prices

price control boards

In perfect competition, price is determined by the

government

sellers

buyers

market

If commodity X is a by-product of commodity Y, this implies that both commodities are

in competitive supply

in composite supply

jointly supplied

in excess supply

If the coefficient of price elasticity of supply is greater than one, the supply is said to be

perfectly elastic

fairly inelastic

infinitely inelastic

fairly elastic

A set of factors that can shift the supply curve are changes in

weather, price and technology

technology, weather and population

technology, price and taste D

population, price and taste

If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is

₦1.50

₦0.40

₦1.00

₦2.00

The law of diminishing marginal utility explains why

the slope of a normal demand curve is negative

an abnormal demand curve slopes upwards

the slope of a normal demand curve is positive

the consumption of inferior goods increases with income

One of the assumptions of ordinal utility theory is that

choice is not consistent

utility can be ranked

satisfaction is measurable

total utility is a function of price

Consumer surplus tends to be higher when demand is

inelastic

perfectly elastic

elastic

unitarily elastic

An excess demand for beans will result from

an increase in the price of beans

a decrease in the price of beans

an increase in the supply of beans

a decrease in the supply of beans

If the price of a commodity with elastic demand increases, the revenue accruing to the producer will

double

increase

be constant

decrease

If the demand for a good is more elastic than its supply, the tax burden is borne

equally by consumers and producers

more by producers

more by retailers and producers

more by consumers

The most popular sizes of dresses and shoes are determined by the

range

mean

mode

median

The mean is the best measure of central tendency because it

is not affected by extreme values in a data

is a midpoint value in an array of data

can be calculated from incomplete data

is a balancing point in an observation

The standard deviation of a set of data is

always measured from the mode

the most representative of averages

always measured from the median

a measure of dispersion

If x= 6 and N = 6, determine the value of Σfx

1 out of 10

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Economics 2010

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