PAPER TYPE: C
1. Which Economics question paper type is
given to you?
A. Type A
B. Type B
C. Type C
D. Type D
2. Economics is the study of human behaviour as it relates to the
A. efficient allocation of resources
B. production of goods
C. operation of companies
D. generation of income
3. The downturn in the prices of shares on stock markets is a highlight of
A. efficient allocation of resources
B. the invisible hand
C. the regulatory nature of the market
D. consumer rationality
4. If X = 6 and N = 6, determine the value of Σfx
A. 36
B. 12
C. 1
D. 72
5. The standard deviation of a set of data is
A. always measured from the mode
B. the most representative of averages
C. always measured from the median
D. a measure of dispersion
6. The mean is the best measure of central tendency because it
A. is not affected by extreme values in a data
B. is a midpoint value in an array of data
C. is a balancing point in an observation
D. can be calculated from incomplete data
7. The most popular sizes of dresses and shoes are determined by the
A. range
B. mean
C. mode
D. median
8. If the demand for a good is more elastic than its supply, the tax burden is borne
A. equally by consumers and producers
B. more by producers
C. more by consumers
D. more by retailers and producers
9. If the price of a commodity with elastic demand increases, the revenue accruing to the producer will
A. double
B. increase
C. be constant
D. decrease
10.An excess demand for beans will result from
A. an increase in the price of beans
B. a decrease in the price of beans
C. an increase in the supply of beans
D. a decrease in the supply of beans
11.Consumer surplus tends to be higher when demand is
A. inelastic
B. perfectly elastic
C. elastic
D. unitarily elastic
12.One of the assumptions of ordinal utility theory is that
A. choice is not consistent
B. utility can be ranked
C. total utility is a function of price
D. satisfaction is measurable
13.The law of diminishing marginal utility explains why
A. the slope of a normal demand curve is negative
B. an abnormal demand curve slopes upwards
C. the slope of a normal demand curve is positive
D. the consumption of inferior goods increases with income
14.If a consumer plans to spend 120k on four oranges but spent 80k, his
consumer surplus is
A. ₦1.50
B. ₦0.40
C. ₦1.00
D. ₦2.00
15.A set of factors that can shift the supply curve are changes in
A. weather, price and technology
B. technology, weather and population
C. technology, price and taste
D. population, price and taste
16.If the coefficient of price elasticity of supply is greater than one, the supply is said to be
A. perfectly elastic
B. fairly inelastic
C. infinitely inelastic
D. fairly elastic
17.If commodity X is a by-product of commodity Y, this implies that both
commodities are
A. in competitive supply
B. in composite supply
C. jointly supplied
D. in excess supply
18.In perfect competition, price is determined by the
A. government
B. sellers
C. buyers
D. market
19.In order to reduce hardship faced by consumers due to high prices
government can introduce
A. maximum prices
B. commodity boards
C. minimum prices
D. price control boards
20.Average product is less than marginal product when
A. there is constant returns to scale
B. there is increasing returns to scale
C. there is decreasing returns to scale
D. diminishing returns set in
21.A firm enjoying economies of scale is said to be
A. reducing average cost as production increases
B. benefiting from the activities of other firms
C. maximizing profits as production increases
D. having an upward-sloping average cost curve
22.The rising portion of the long-run average cost curve of a firm is an
indication that it is experiencing
A. increasing efficiency
B. economies of scale
C. diseconomies of scale
D. increasing marginal returns
23.An industry's supply curve is more likely to be elastic when firms are
A. enjoying free entry and exit
B. operating at full capacity
C. operating below capacity
D. maximizing profits
24.One of the characteristics of monopolistic competition is that
A. there is mobility of factors of production
B. no single seller dominates the market
C. the firms are price-takers
D. consumers have perfect knowledge of price
25.The demand curve for factors of production
A. is perfect elastic
B. slopes upwards
C. slopes of downwards
D. is perfectly inelastic
26.An agreement among firms on price and segmentation is termed
A. cartel
B. collusion
C. haggling
D. specialization
27.In national income accounting, tax is determined by the
A. level of income
B. level of consumption
C. level of investment
D. rate of savings
28.A decrease in aggregate spending in an economy will ultimately lead to
A. boom
B. inflation
C. deflation
D. recession
29.If MPC is 0.7 while government expenditure increased by ₦ 150m, the
equilibrium national income is
A. ₦ 214 million
B. ₦ 45 million
C. ₦ 105 million
D. ₦ 500 million
30.The function of money which makes division of labour possible is its
A. unit of account
B. store of value
C. medium of exchange
D. standard of deferred payment
31.By buying treasury bills, the Central Bank of Nigeria intends to
A. increase money supply in the economy
B. reduce the cash reserve ratio for banks
C. reduce money supply in the economy
D. increase the capital base of commercial banks
32.The velocity of money is represented as
A. Money supply/ Real GDP
B. Real GDP/ Money supply
C. Nominal GDP/ Money supply
D. Real GDP/ Nominal GDP
33. One of the functions of commercial banks is
A. maintaining stable price in the economy
B. regulating monetary policies
C. granting loans to customers
D. issuing bank notes and coins
34. A strategy for curbing unemployment is to
A. implement government stabilization policy
B. increase taxes and decrease government expenditure
C. increase government expenditure and decrease taxes
D. ensure even distribution of job opportunities
35. In Nigeria, the distribution of job opportunities
A. balanced budgeting
B. deficit budgeting
C. surplus budgeting
D. zero budgeting
36. National development plans in Nigeria fail mainly because of
A. overdependence on foreign aids
B. inadequate funding of projects
C. poor implementation strategies
D. shortage of skilled manpower
37. The ultimate aim of agricultural policies in Nigeria is to achieve
A. food sufficiency
B. industrialization
C. full employment
D. industrial capacity utilization
38. Government can boost agricultural output in Nigeria primarily by
A. embarking on buffer stock programmes
B. placing embargo on food importation
C. granting subsidies on farm inputs
D. placing farmers on monthly income
39. Localization of industries refers to the
A. spread of firms producing different products
B. siting of industries near the market
C. concentration of firms of an industry
D. siting of firms producing different products
40. In developing countries, governments influence the location of industries in order to
A. spread development
B. redistribute wealth
C. encourage entrepreneurs
D. encourage industries to earn high profits
41. A disadvantage of Nigeria's dependence on imported petroleum products is the
A. instability in the demand for the products
B. dominance of multinational firms
C. instability in the supply of the product
D. poor maintenance of the refineries
42. The maximum number of shareholders for a limited liability company's is
A. twenty
B. five
C. seven
D. infinite
43. The primary motive for an individual engaging in production is to
A. make profit
B. satisfy basic human wants
C. redistribute wealth
D. put inputs into use
Use the table below to answer question 44 and 45.
|
Year |
Population |
Working Population (000) |
|
2000 |
25 |
13 |
|
2001 |
30 |
19 |
|
2002 |
40 |
32 |
|
2003 |
60 |
49 |
44. What is the population growth rate in 2003?
A. 33.3%
B. 20.0%
C. 11.0%
D. 50%
45. The percentage of working population in 2002 is?
A. 50%
B. 25%
C. 8%
D. 80%
46. One of the characteristics of free trade zone is
A. common tariff against non-member countries
B. different trade policies of non-member countries
C. free factor mobility within the zone
D. harmonized trade among member countries
47. If Nigeria imports vehicles from Japan the transaction will appear as a
A. debit on Japan's balance of payments
B. credit on Japan's balance of payments
C. credit on Nigeria's balance of trade
D. credit on Nigeria's balance of payment
48. One of the objectives of ADB is to
A. provide subsidies on imported goods to member countries
B. mobilize short-term loans for member countries
C. promote economic and social development of member countries
D. provide technical assistance to only poor member countries
49. The choice of the method of production in an economy is determined by the
A. level of technical know-how
B. rate of population growth
C. availability of natural resources
D. level of income
50. The amount of labour hired depends on the
A. number of skilled labour available
B. skill of labour
C. marginal productivity of labour
D. price of the inputs