- 1. The transactionary motive for holding enables the holders to
A) Buy goods and services on daily basis
B) Invest for future benefits
C) Meet unforseen circumstances
D) Buy securities and shares
- 2. Taxes levied on goods manufactured within a country is
A) Excise duties
B) Value added tax
C) Company tax
D) Import duties
- 3. When the structure of a commodity changes in order to increase its satisfaction, it is called ------- utility
A) Time
B) Place
C) Form
D) Marginal
- 4. Find the median of the following set of data: 35,10,14,38,15,18,22,30, and 28
A) 38
B) 22
C) 35
D) 10
- 5. If Qd = 40 - 4p and p =4, what is the quantity demanded?
A) 32
B) 26
C) 30
D) 24
- 6. To reduce hardship faced by consumers due to high prices, government can introduce
A) Minimum prices
B) Commodity board
C) Maximum price
D) Price control boards
- 7. The active population of a country determines the size of its
A) National income
B) Force gross national product
C) Labour force
D) Gross domestic product
- 8. Which of these is an example of indirect tax?
A) Sales tax
B) Capital gains tax
C) Profit tax
D) Savings tax
- 9. The reduction in the value of a country's currency in terms of other currencies of the world is called
A) Devaluation
B) Revaluation
C) Adjustment
D) Evaluation
- 10. One among the following is not a type of utility
A) Time utility
B) Joint utility
C) Place utility
D) Form utility
- 11. The type of economic system in which the means of production are owned and controlled by private individuals is known as
A) Feaudalism
B) Mixed economy
C) Socialism
D) Capitalism
- 12. A document forming the constitution of a company and defining it's objectives and powers with regards to its dealing with the outside world is called -------
A) Prospectus
B) Articles of Association
C) Memorandum of Association
D) Promoter of Association
- 13. The number of persons per square kilometre of land is known as
A) Population pressure
B) Population density
C) Population census
D) Population gathering
- 14. All things being equal, the higher the price, the lower the quantity of goods demanded. This is the law of
A) Supply
B) Demand
C) Marginal cost
D) Diminishing returns
- 15. Equilibrium is a situation which occurs when there is a balance between ----- demanded and --------
A) Quantity demanded and supplied
B) Increase and decrease
C) Minimum and maximum
D) Shortage and surplus
- 16. All these are sources of government revenue except
A) Supply
B) Loan
C) Taxes
D) Saving
- 17. The imposition of high income tax by government to cut down demand is known as
A) Fiscal policy
B) Internal policy
C) Budgetary policy
D) Monetary policy
- 18. When the demand for a commodity is inelastic, who bears greater burden of the indirect tax?
A) The consumer
B) The wholesaler
C) The government
D) The producer
- 19. A table which shows the price of a commodity and the quantity of it that is demanded per unit time is a
A) Demand schedule
B) Demand series
C) Time schedule
D) Demand curve
- 20. The reward of a debenture holder of a public company is a fixed rate of
A) Allowance
B) Dividend
C) Interest
D) Return
- 21. The core economic problem of a society is
A) Scarcity of resources
B) Efficient use of resources
C) Where to produce
D) How to produce
- 22. The asset that is used up in the course of production is ------- capital
A) Business
B) Current
C) Fixed
D) Circulatory
- 23. The reward of a factor of production that cannot be fixed in advance is
A) Profit
B) Salary
C) Rent
D) Interest
- 24. In the long run production period, all factors of production are
A) Fixed
B) Variable
C) Negative
D) Marginal
- 25. What to produced in a market economy is determined by
A) Economist
B) Consumer
C) Producer
D) The government
- 26. A member of partnership that contributes only his name in the running of the business is ------- partner
A) Active
B) General
C) Dormant
D) Norminal
- 27. The total number of working hours offered for employment at a particular time and at a given wage rate is
A) Labour market.
B) Labour force
C) Demand for labour
D) Efficiency of labour
- 28. Which of the following is a characteristic of human capital?
A) Stability
B) Motivational
C) Immobility
D) Predictability
- 29. The extraction of mineral resources in their natural state is
A) Manufacturing
B) Construction
C) Mining
D) Marketing
- 30. The motive for holding money to meet up with unforseen circumstances is
A) Speculative
B) Consumption
C) Transactionary
D) Precautionary
- 31. The demand for labour is ------- demand
A) Competitive
B) Composite
C) Complementary
D) Derived
- 32. The purchasing power of an individual's income is
A) Real income
B) Velocity of income
C) Money income
D) Disposable income
- 33. When inflation is caused by excessive increase in cost of production, it is
A) Galloping
B) Cost push
C) Demand pull
D) Stagflation
- 34. Which of the following sources yield more revenue to Nigeria?
A) Fines
B) Royalties
C) Indirect tax
D) Direct tax
- 35. Tax collected directly from individual and companies profit is-------- tax
A) Progressive
B) Ad valorem
C) Direct
- 36. The institution that has the capacity to change currency notes and coins when the need arises in Nigeria is -------- bank
A) Central
B) Merchant
C) Mortgage
D) Commercial
- 37. The market for trading long term loan financial assets is
A) Money
B) Factor
C) Capital
D) Foreign exchange
- 38. If an individual earns a monthly income of ₦80,000, determine his disposal income if he pays ₦5,000 as income tax
A) ₦65,000
B) ₦70,000
C) ₦40,000
D) ₦75,000
- 39. Which of these is a negative effect of petroleum on Nigerian economy?
A) Employment generation
B) Neglect of agriculture
C) Economic growth
D) Increase in national income
- 40. The downward slope of the production possibility curve indicate
A) There is total production
B) Diminishing returns exist.
C) Resources are not efficiently utilised
D) There is opportunity cost of production
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