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Economics (2016) QUIZ STUDY
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One of the major uses of national income statistics in Nigeria is to
A. Equally distribute national income among citizens
B. Determine the total population
C. Compare population growth among nations
D. Estimate per capita income

The major characteristics of an undeveloped nation is
A. Over-dependence on foreign products
B. Dominance of the industrial sector
C. High per capita income
D. Efficient and sensitive financial sector

Which is of the following is NOT among the financial institutions in Nigeria?
A. Federal Mortgage Bank
B. Microfinance Banks
C. Insurance Banks
D. Federal Ministry of Finance

Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.
Determine the range?
A. 0.25
B. 10
C. 1.55
D. 9.95

One of the problems facing the Nigerian oil and gas industry is____________________?
A. Over-capacity utilization
B. The discovery of alternative oil sources
C. Shortage of indigenous manpower
D. The excess supply of petroleum products

The demand curve faced by a monopolist is_____?
A. Positively sloped
B. Vertical
C. Horizontal
D. Negatively Sloped

The interest charged on loans is determined by the __________?
A. Exchange rate
B. Fiscal policy
C. Risk associated with the loan
D. Rate of production in the country

A country that is over-populated will face the problem of
A. Low birth rate
B. Low per capita income
C. High wage rate
D. Full employment

If additional unit of a variable factor input causes a fall in the marginal product, this implies that
A. Total product starts declining
B. Average product has become zero
C. Diminishing returns has set in
D. Increasing returns is operating

10. q-image

From the graph above P2 in price control situation is referred


Minimum price


Shut-down price


Maximum price


Mark-up price

The additional cost incurred by producing an additional unit of output is known as
A. Fixed cost
B. Total cost
C. Average cost
D. Marginal cost

One of the factors that determine the supply of agricultural produce in Nigeria is
A. Price of substitutes
B. Technological development
C. Consumers choice
D. Consumers income

13. q-image

From the graph above, fixing maximum price of garri below equilibrium prices at P1 will


Encourage the production of garri


Create an excess supply of garri


Increase the consumption of garri


Decrease the consumption of garri

In the theory of the consumer behavior, a consumer is said to maximize utility when
A. Marginal utility of a commodity is equal to the price paid for it
B. Marginal utility of a commodity X is equal to the price of commodity Y
C. Average utility of a commodity is equal to the price paid for it
D. Total utility of a commodity is equal to the price paid for it

If Mr Wale took a loan for the purpose of investment, the demand for money is________________?
A. Precautionary motive
B. Transactionary and Precautionary motive
C. Speculative motive
D. Speculative and Transactionary motives

The overall demand for crude oil for various uses is an example of __________?
A. derived demand
B. competitive demand
C. composite demand
D. complementary demand

One of the factors limiting the effectiveness of division of labour in the production process is the
A. Prevailing wage rate
B. Level of technology
C. Unemployment rate
D. Population size

One of the important features of perfect competition is_____?
A. Adequate knowledge of existing prices
B. The influence on prices by individual economic units
C. The restriction in terms of movement of goods and services
D. The administration of a centralized price system

What effect would a change in price of a commodity have on its supply?
A. An increase in supply
B. No change in supply
C. A decrease in supply
D. A change in the quantity supplied

All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?
A. An indifference curve
B. An exceptional demand curve
C. A budget line
D. An isoquant map

Which of the following is a major determinant of price elasticity of demand?
A. The price of the commodity
B. Availability of factors of production
C. The prices of factors of production
D. Income of the consumers

If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________?
A. Nigeria produces cocoa more cheaply than Ghana
B. Nigeria and Ghana produce at the same level
C. Ghana produces cocoa more than Nigeria
D. Nigeria produces more cocoa than Ghana

One of the ways of improving the marketing of agricultural produce is by
A. Reviewing the land tenure system
B. Ensuring even distribution of farm inputs
C. Embarking on irrigation farming
D. Establishing agricultural marketing boards

The study of economics is necessary mainly because of
A. Unemployment
B. Unlimited resources
C. Scarcity of resources
D. Overpopulation

If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?
A. 2
B. 0.5
C. 1.5
D. 1

Which of the following is NOT a source of government revenue?
A. Taxes, Fees, licenses and fines
B. Personal income, disposable income and transfer earnings
C. Interest, dividends, profits and earnings
D. Grants, aids and borrowing

Public limited liability companies are owned by__________?
A. The federal government
B. Private and individual organizations
C. The state government
D. The federal and state governments

The type of inflation that emanates from excess demand overs supply is___________?
A. Galloping inflation
B. Imported inflation
C. Demand-pull inflation
D. Cost-push inflation

The price elasticity of supply of perishable goods is_________?
A. Elastic
B. Unitary
C. Inelastic
D. Zero

In Nigeria, most agricultural policies are aimed at______?
A. Ensuring equitable distribution of income
B. Liberalizing all sectors of the nation's economy
C. Encouraging the development of manufacturing sector
D. Achieving self-sufficiency in food production

One major problem encountered by ECOWAS is_______?
A. Conflict of interest among members
B. Increasing population
C. Weakness in the trade relationship
D. Language barrier

One of the characteristics of private enterprises is ______?
A. Provision of welfare to the citizens
B. That tax payers bear all the risks
C. Public ownership of shares
D. Individual funding of business activities

The concept of marginal utility indicates the relationship between utility and _________?
A. Price
B. Satisfaction
C. Cost
D. Revenue

In Nigeria, unemployment can be minimized through______?
A. Diversification of the economy
B. Strict immigration law
C. Paying unemployment benefits
D. Restrictive fiscal policy

The demand for two or more commodities to satisfy a particular want is _____?
A. Derived
B. Composite
C. Competitive
D. Joint

36. q-image

The supply curve above is


Fairly inelastic


Perfectly inelastic


Unitary elastic


Perfectly elastic

One of the factors affecting change in demand for a commodity is the _______?
A. Supply of the commodity
B. Availability of the substitutes
C. Price of the commodity
D. Technical know-how

Public ownership of productive factors is a feature of_______?
A. Socialism
B. Capitalism
C. Feudalism
D. Mixed economy

If the marginal propensity to save is 0.8, calculate the multiplier?
A. 1.25
B. 5
C. 1.3
D. 2.25

Which of the following is a set of measures of dispersion?
A. Mean and median
B. Mean and standard deviation
C. Range and variance
D. Mode and mean

The slow pace of industrial growth in Nigeria can be attributed to__________?
A. lack of raw materials
B. lack of market for produce
C. inadequate skilled labour
D. over-dependence on the oil sector

Consumers allocate their resources based on the ______?
A. Law of diminishing marginal utility
B. Value in use and value in exchange principle
C. Law of returns to scale
D. Diamond and water paradox

A country's terms of trade can be improved by________?
A. Revaluation of currency
B. Collective bargaining
C. Reducing demand for imported goods
D. Imposing lower export duties

A government budget proposing to spend more than its expected revenue in a year will create_______?
A. Opportunity for combating inflation
B. Depression in the economy
C. Shortage in money supply
D. Opportunity for full employment

Population growth is determined by_______?
A. Dependency ratio
B. Labour force
C. Per capita
D. Net migration

Which of the following can cause oil glut in the International market?
A. Excess demand over supply
B. Under- capacity utilization
C. Excess supply over demand
D. Economic boom

Price (N) & 20 & 16 \\
\text{Quantity demanded} & 100 & 58

From the table above, the elasticity of supply is_____?
A. Inelastic supply
B. Perfectly elastic
C. Elastic supply
D. Unitary elastic

Localization of industry is encouraged because of
A. Low interest charges on loans
B. High standard of living
C. Low foreign exchange rate
D. Improvements in infrastructure

A company's expenditure on raw materials is termed as_______?
A. Prime cost
B. Explicit cost
C. Average cost
D. Implicit cost


Development plans fail in Nigeria mainly because of


Corruption and political instability


Over-dependence on foreign aid


High cost of plan implementation


Shortage of personnel

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