Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.
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Question 121: A commercial bank is able to create money
Options:
A) by printing it
B) by maintaining reserve
C) by creating a demand deposit as it gives a new loan
D) by issuing cheques to depositors
E) by borrowing from the central bank
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The correct answer is C .
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Question 122: The National Electric Power Authority (NEPA) is a?
Options:
A) Public limited company
B) Public liability company
C) Private authority
D) Public corporation
E) Federal government authority
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The correct answer is D .
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Question 123: The law of variable proportions is applicable only
Options:
A) in the long-run period
B) to large-scale enterprises
C) to small-scale enterprises
D) in the short-run period
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The correct answer is A .
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Question 124: The primary function of non-bank financial institutions is to
Options:
A) manage investment portfolios for government
B) mobilize savings for investment
C) grant loans to banks
D) receive deposits from banks
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The correct answer is B .
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Question 125:
A supply curve slopes upwards from the left to the right indicating__________
Options:
A) a negative slope
B) a positive slope
C) a backward sloping supply curve
D) short-run supply curve
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The correct answer is B .
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Question 126: The relationship between the value of money and the price level is?
Options:
A) direct
B) unpredictable
C) diverse
D) inverse
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The correct answer is D .
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Question 127: The monetary control instrument most effectively used by the Central Bank of Nigeria is the
Options:
A) open market operations
B) margin requirment
C) reserve ratio
D) discount rate
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The correct answer is A .
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Question 128: When compared with a labour-intensive industry, a capital-intensive industry employs more?
Options:
A) workers than capital
B) workers than machinery
C) raw materials than capital
D) machinery than workers
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The correct answer is D .
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Question 129:
| | Share of gross national product (GNP) | Share of total employment | Growth rate of output |
| All agriculture | 40% | 70% | 3% |
| Industry and mining | 30% | 10% | 10% |
| Trade andservices | 30% | 20% | 5% |
What is the growth rate of GNP?
Options:
A) 18%
B) 10%
C) 6.7%
D) 0.5%
E) 4.1%3
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The correct answer is A .
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Question 130: If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?
Options:
A) 0.4%
B) 40.0%
C) 10.0%
D) 4.0%
Show Answer
The correct answer is B .