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 1951: The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents?
Options:
A) debt repayment
B) investments abroad
C) net income from abroad
D) capital consumption
Show Answer
The correct answer is C .
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Question 1952:
| Quantity | Fixed cost (₦) | Variable cost (₦) | Total cost (₦) | Marginal cost (₦) | Average cost (₦) |
| 1 | 750 | 200 | 950 | - | 950 |
| 2 | 750 | 560 | 1310 | 360 | 655 |
| 3 | 750 | 900 | 1650 | ? | 550 |
The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?
Options:
A) ₦350.00
B) ₦340.00
C) ₦360.00
D) ₦370.00
E) ₦55.00
Show Answer
The correct answer is B .
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Question 1953: Which of the following is an example of derived demand?
Options:
A) Tax relief
B) Labour
C) Wage increase
D) Entertainment
Show Answer
The correct answer is B .
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Question 1954: Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year
Options:
A) The population increased by 2.25million
B) There were 2.25 million live births
C) The government have to make provisions for 2.25 million children
D) 2.25 million - children were born
Show Answer
The correct answer is A .
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Question 1955: The main objective of WTO is to
Options:
A) ensure adequate protection of infant industries
B) provide a mechanism for tariff reduction
C) assist countries with chronic balance of payments problem
D) assist developing countries to execute developmental projects
Show Answer
The correct answer is D .
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Question 1956: Which of the following is used by the Central Bank of Nigeria to control inflation?
Options:
A) Tariff on imports
B) Tax rate
C) Exchange rate
D) Discount rate
Show Answer
The correct answer is D .
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Question 1957: An increase in money supply, other things being equal, will?
Options:
A) lower interest rates
B) reduce income
C) ensure trade balance
D) increase money demand
Show Answer
The correct answer is D .
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Question 1958: The mean is the best measure of central tendency because it
Options:
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
Show Answer
The correct answer is C .
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Question 1959:
One of the techniques of monetary control used by the central bank of Nigeria is
Options:
A) selective credit control
B) budget deficit
C) foreign exchange control
D) monitoring the general price level
Show Answer
The correct answer is C .
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Question 1960:
The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______
Options:
A) 145
B) 15
C) 90
D) 6
Show Answer
The correct answer is B .