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Question 1 of 72
1. Question
The following are the basic concepts of Economics EXCEPT
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Question 2 of 72
2. Question
The arrangement of wants in order of priority is known as
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Question 3 of 72
3. Question
Which of the following is NOT a basic tool for Economic analysis?
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Question 4 of 72
4. Question
Given that the arithmetic mean of the group of scores: 3,2,5, x and 7 is what is the value of x?
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Question 5 of 72
5. Question
The following are Economic goals of society EXCEPT
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Question 6 of 72
6. Question
The following are advantages of division of labour EXCEPT that it
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Question 7 of 72
7. Question
Which of the following is NOT a primary production?
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Question 8 of 72
8. Question
The maximum number of people that can form a partnership is
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Question 9 of 72
9. Question
The over-all success or failure of a business mainly depends on the
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Question 10 of 72
10. Question
The following are reasons for conducting population census EXCEPT
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Question 11 of 72
11. Question
One of the negative implications of declining and aging population is
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Question 12 of 72
12. Question
A situation whereby people are not willing to take up a paid job is known as ______ unemployment
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Question 13 of 72
13. Question
Which of the following is a weapon used by trade unions during trade dispute?
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Question 14 of 72
14. Question
In the chain of distribution, which of the following arrangements is correct?
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Question 15 of 72
15. Question
Which of these is a function of a retailer?
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Question 16 of 72
16. Question
Which of the following is NOT a representative money?
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Question 17 of 72
17. Question
The following are problems of agricultural development in Nigeria EXCEPT
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Question 18 of 72
18. Question
Which of the following is the formula used to calculate variance?
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Question 19 of 72
19. Question
Find the mean deviation of the following sets of data 1,2,4,5 and 8
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Question 20 of 72
20. Question
Who among the following economists propounded the theory of division of labour?
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Question 21 of 72
21. Question
The following are reasons for differences in wages EXCEPT
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Question 22 of 72
22. Question
A condition which adversely affects expansion of production is
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Question 23 of 72
23. Question
The theory that explains the relationship between demand for money and supply of money in an economy is
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Question 24 of 72
24. Question
Money supply is influenced by the following factors EXCEPT
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Question 25 of 72
25. Question
The following are policy measures taken to revamp agriculture EXCEPT
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Question 26 of 72
26. Question
The consumer’s price index is calculated as
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Question 27 of 72
27. Question
Which of the following is NOT a problem of the marketing board?
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Question 28 of 72
28. Question
The following are effects of inflation on the economy EXCEPT that it
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Question 29 of 72
29. Question
Which of the following is a way of controlling deflation?
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Question 30 of 72
30. Question
Which is the following does NOT encourage industrial development
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Question 31 of 72
31. Question
Concentration of firms producing similar products in an area is
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Question 32 of 72
32. Question
A free economy could also be referred to as _____ economy
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Question 33 of 72
33. Question
The cost that does not vary with the level of output in short-run is termed ____ cost
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Question 34 of 72
34. Question
Which of the following formular is used in calculating marginal cost?
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Question 35 of 72
35. Question
The cardinalist approach emphasized that utility is
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Question 36 of 72
36. Question
The point at which total utility is at maximum and marginal utility is zero is called
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Question 37 of 72
37. Question
When a change in price brings about a greater change in quantity of goods demanded, it is called _____ demand
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Question 38 of 72
38. Question
Which of the following graphs show unitary elastic demand
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Question 39 of 72
39. Question
From the table above, what is the percentage change in demand?
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Question 40 of 72
40. Question
An example of a direct tax is
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Question 41 of 72
41. Question
Government expenditure can be classified into _____ and _____ expenditure
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Question 42 of 72
42. Question
The drawee of a cheque is the
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Question 43 of 72
43. Question
Institutions involved in the capital market include the following EXCEPT
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Question 44 of 72
44. Question
The following are ways by which the government can encourage industrialization EXCEPT by
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Question 45 of 72
45. Question
The roles of industrialization in the economic development of Nigeria include the following EXCEPT
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Question 46 of 72
46. Question
The upward sloping of the supply curve implies that the
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Question 47 of 72
47. Question
The summation of Ojo’s, Ade’s, Osas’s and Oke’s demand is known as _______ demand
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Question 48 of 72
48. Question
A perfect competitor is a price taker. Hence, the graph showing the firms demand curve is
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Question 49 of 72
49. Question
If Y = C + I + G and C = a + by, then Y would be equal to
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Question 50 of 72
50. Question
National income statistics as a measure of the living standard of a country is done on the basis of
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Question 51 of 72
51. Question
Given that Net National Product (NNP) of a country in a fiscal year is N50bn, while depreciation is N Calculate the Gross National Product (GNP) for the year
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Question 52 of 72
52. Question
If the value of GDP is 50% less than GNP. What is the value of the GDP?
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Question 53 of 72
53. Question
The summation of marginal propensity to save and marginal propensity to consume is
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Question 54 of 72
54. Question
International trade depends on the concept of
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Question 55 of 72
55. Question
The following are barriers to international trade EXCEPT
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Question 56 of 72
56. Question
Unfavourable balance of payment in the Nigerian economy can be corrected through
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Question 57 of 72
57. Question
Balance of payment’s deficit can be financed by the following EXCEPT
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Question 58 of 72
58. Question
Which of these is NOT an objective of IMF as an International Economic Organisation?
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Question 59 of 72
59. Question
Which of these is NOT a feature of a third world nation?
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Question 60 of 72
60. Question
OPEC special fund was set up in
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Question 61 of 72
61. Question
Given the demand and supply functions:
Qd = 30 – 3p
Qs = 2 + 4p
(i) Calculate the quantity demanded and supplied when price is N2, N4, N7, N8 and N10 respectively
(ii) Use the results in (i) above to construct the demand and supply schedules
(iii) What is the equilibrium price and quantity?
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
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Question 62 of 72
62. Question
If the National Income of a country increased from N500m to N900m and the consumption also increased from N400m to N600m;
(a) Determine the Marginal Propensity to Consume
(b) Calculate the Multiplier
(c) What is autonomous consumption?
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
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Question 63 of 72
63. Question
State and explain FIVE importance of agriculture to industrial development of Nigeria
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(i). Source of raw materials: majority of the material used in industries in Nigeria is from agriculture.
(ii) A source of (employment) labour for industries: agriculture provides unskilled labour, which is in abundance to industries in Nigeria.
(iii) Creation of market: industrial product as fertilizer, pesticides, cutlass, hoes, etc
(iv) Provision: agriculture provides food used in feeding the teeming population of industrial sectors.
(v) A source of money for industries: a huge amount of money used in establishing and developing industries in Nigeria comes from agriculture.
(vi) It made available foreign exchange for the country from export which is then in-turn used in developing industries in Nigeria.
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Question 64 of 72
64. Question
List and explain FIVE factors that can affect the size of a country’s population
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(i) Birth rate: if the birth rate rises, the population of the country will increase, cetrisparribus, and vice-versa.
(ii) Death rate: if the death rate should increase the possibility is that the population of the country will increase.
(iii) Immigration: if the rate of immigration is greater than emigration, the size of a country’s population will increase.
(iv) Political stability: the period of peace makes for population growth. The greater the peace in the country, the bigger its size.
(v) Early marriage: if the people in a country marry early, the size of the country’s population increases, but when the marriage is late the country’s population decreases.
(vi) The women population: if the number of women in a country’s more than that of the men, it is likely that the population of the country will increase more if the reverse occurs, the size of the population falls.
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Question 65 of 72
65. Question
(a) Define Supply of Labour
(b) State and Explain FIVE factors affecting the supply of labour
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a)
Supply of labour may be defined as the total number of capable men and women who are gainfully employed and those who fall in the age bracket capable and willing to work but have no work to do in a country at a particular period of the time.
(b) Factors affecting the supply of labour :
(1) Population: the greater the population of a country the greater will be the supply of labour, other things being equal
(2) Hour of work: the longer the hours people are willing to work, the greater the supply of labour will be and vice-versa
(3) Overtime wages: The higher the overtime wages the greater the supply of labour. Some employers pay high overtime wages. This induces many workers to work for earning.
(4) Schooling: if the school leaving age is very low, the labour supply will be high and vice-versa.
(5) Migration: if the number of immigrants is more than the emigrants. The supply of labour will be high and vice-versa.
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Question 66 of 72
66. Question
(a) Define Mixed Economy and give examples of countries operating the system
(b) What are the features of a mixed economy?
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a)
Mixed economy is an economic system where the means of production are controlled by both the private sector and the public sector. The question of what to produce? How to produce ? for whom to produce? Are answered by both the private individuals and the government. Examples of countries operating this system are Nigeria, Britain, Ghana, etc.
(b)
Features of a mixed economy:
(i) Means of production are jointly owned by private individuals and government.
(ii) Profit motive: under mixed economy, the private sector tries to maximize profit while the public sector renders welfare services to the citizens
(iii) Economic decision in the economy are made by the government and the private sector.
(iv) The government modifies the forces of demand and in one way or the other regulates the economy
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Question 67 of 72
67. Question
(a) Define Export Promotion
(b) List and explain FIVE measures taken by the government to encourage export promotion
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a)
Export promotion is a deliberate government effort geared towards the establishment and deliberate promotion of industries that engage in the manufacture of exports.
(b) Measures taken by the government to encourage export promotion ;
(i) Granting tax holiday: Industries can be exempted from paying tax for a certain period so as to reduce their cost of production.
(ii) Conducive atmosphere: infrastructures especially power should be provided, this encourages local firms to compete well with the foreign
(iii) Industrialization: The government can promote export through industrialization, whereby the primary products are used/converted into finished goods that can be exported.
(iv) Creation of marketing board: This will facilitate easy export of goods produced by the small firms.
(v) Bilateral/Multi-lateral agreement: The government can encourage export promotion by entering into a trade agreement with other countries of the world.
(vi) Provision of Capital: this is done through the provision of loans to businessmen to set-up industries and the output can be exported.
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Question 68 of 72
68. Question
(a) What is Specialization?
(b) Discuss FIVE advantages of specialization
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a) Specialization is the process by which an individual, a firm, or a country limits its productive efforts to particular areas of production in which it has greatest advantage over others.
(b) Advantages of specialization:
(i) Greater skill and dexterity: Through repetition of the same job, workers develop greater skill and dexterity i.e increased knowledge of the particular Job is obtained.
(ii) Higher productivity: specialization lead to a higher output per worker – i.e each workers output is higher than it would be if he undertook all the process alone.
(iii) Less fatigue: A worker becomes less tired since he merely repeats the same task as a routine and does have to strain himself either physically or mentally.
(iv) The use of machines: Division of labour and specialization set free and encourage talented men for research and invention of specialized machines for the various separate processes.
(v) Saving of time: Each worker keeps to the same tool or process all the time and thus saves the time he would have used switching from one tool or process to another.
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Question 69 of 72
69. Question
(a) What is a Co-operative Society?
(b) Explain FIVE features of a Co-operative Society
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a) A co-operative society is any group formed by people with a common interest who contribute money in the form of capital to promote the business interest of members. It is a voluntary association of people who have common interests.
(b) Features of co-operative society :
(i) Democracy: Each member has only one vote regardless of the contributions made to the society.
(ii) Private ownership: It is owned by private individuals, that is, it’s not owned by the government.
(iii) Promotion of members interest: It is set up by the people with a common interest in order to promote their business interest and for the provision of other welfare benefits.
(iv) Limited liability: The liability of members is limited to the amount contributed to the society.
(v) Controlled and managed by a committee: A committee is set up by members to manage and control the affairs of the society.
(vi) Perpetual existence: A co-operative society is similar to a limited liability company, as it can exist in perpetuity.
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Question 70 of 72
70. Question
(a) Define Utility
(b) With the aid of diagrams, explain how demand curve could be derived from utility theory
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a) Utility can be defined as the total amount of satisfaction a consumer derives from the consumption of a particular product at any particular point in time. It is also referred to as the ability of a product to give satisfaction to the consumer.
(b) Derivation of demand is based on the law of diminishing marginal utility. It slopes downward from left to right like the demand curve. A consumer demand for any product is a function of marginal utility. Marginal utility shows that as a more of a commodity is consumed the satisfaction declines, and the consumers will be willing to pay lower prices for more of such product.
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Question 71 of 72
71. Question
(a) Differentiate between “terms of trade” and “balance of trade”
(b) Describe THREE ways by which a balance of payments deficit can be corrected
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a) Terms of trade: refers to the rate at which a country’s export exchange for imports.
Terms of trade=index of export prices x 100
Index of import prices 1
Balance of trade: This refers to the total value of goods sold and bought by a country during a given period usually a year. It is the difference between a country’s visible export and import over a given period of the year.
(b) Correlation of balance of payment deficit;
(i) Devaluation: It is the official reduction in the value of a country’s currencies whereby making export cheaper and import will be more expensive.
(ii) Promotion of Import Substitution Industries: import-substituting industries will be set up to produce goods that were previously imported.
(iii) Export Promotion Measures: Measures that will encourage export should be put in place such as tax reduction/holiday, subsidies, concessions.
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Question 72 of 72
72. Question
(a) What is Capital Market?
(b) Explain how it differs from the Stock Exchange
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This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted.Hint
(a) Capital market: is the market for long-term loans. Long term loans are taken for business or to expand an already existing one. The sellers (in the market) are the finance houses while the buyers are business ventures. The price of the loans is the interest.
(b) Capital market is the market for long-term loans while the stock exchange is a market where shares, stock, and other securities are bought and sold. Stock exchange is one of the institutions involved in the capital market. It is the market where long term capital are sought for the expansion of an existing business.
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