Economics — 2002

Economics is best described as the study of

The most frequent occurring value in a given data is the

Subsistence production means that goods and services are

Warehouse facilities in the distribution and marketing of products are provided by

Which of the following is a reward to a factor of production?

Land is a factor of production because it

One of the advantages of large scale production is that

Which of the following is an advantage of division of labour?

Despite the benefits large firms enjoy, it could be limited by the

Localization of industry refers to the

Economist speaks about ‘opportunity cost’ when a consumer

The cost which firm will incur whether it is in production or not, is referred to as

The location of timber and plywood industries in West Africa is mainly influenced by the availability of

The main objective of setting up private businesses is to

small firms are important for the development of a country because

A limited liability company is owned by the

The National Electrical Power Authority (NEPA) in Nigeria is a

When elasticity is zero the demand curve is

An increase in the demand for butter reduces the demand for margarine, this type of demand is called

A commodity is said to have derived demand when it

Which of the following statements about population is correct?

Malthus population theory stated that

One of the criticisms of population increase is that it result in

Which of the following is not likely to be an effect of a growing population?

Census figure of most countries in West Africa is inaccurate because of

Which of the following is a problem of trade by barter?

Cheques are not money because

Which of the following is a liability of commercial banks?

The value of money is best determined by its

Which of the following is a function of the Central Bank of Nigeria?

Who among the following will benefit from inflation?

inflation can be controlled by increasing

Which of the following is a function of merchant banks?

personal savings are generally low in West Africa because of

Which business organization enjoys tax-free point in est Africa?

The greatest revenue earning industry in Nigeria is

A market equilibrium exist when

The incidence of an increase in tax on a commodity with perfectly inelastic demand will be on the

Budget surplus implies that

International trade is based on the law of

Terms of trade is used to describe

A nation's net export is negative when her

Deficit in the balance of payment is financed through

Devaluation of a currency in a country is likely to lead to

which of the following is not a benefit derived by Nigeria from the petroleum industry?

Gross Domestic Product (GDP) at market price plus net factor income from abroad gives

An economic system in which the state owns and controls the means of production is known as