Test Sample Welcome to your Economics 1. Which of the following is not emphasized in a product possibility curve? Deselect Answer Scarcity of resources Unemployment of labour Inefficiency in the use of resources Economic development None 2. Which of the following NOT among the objectives of OPEC? Deselect Answer to stabilize the price of oil in the world market to established petroleum refineries in all member state to stabilize the revenue from oil to producing countries to make sure that oil flows to all the consuming countries None 3. A market situation with few sellers and many buyers is called Deselect Answer duopoly Omonopoly perfect competition oligopoly None 4. MPC + MPS equals Deselect Answer Zero Multiplier One APS None 5. Producers operating in a free market economy are more efficient as a result of Deselect Answer the existence of competition government regulation of their activities the very few number of participants the commitment of the shareholders None 6. In income determination theory, acceleration principles shows that Deselect Answer investment is the causes, while income is the effects income and investment are both effects incomes is of on effect on investment income and investment are both causes None 7. The largest component of national income in developing countries consist of Deselect Answer wages and salaries rent profit profit and rent None 8. Holding money to take care of contingencies is Deselect Answer a precautionary motive a transactions motive an expansionary motive a speculative motive None 9. In the long-run, a firm must shut down if its average revenue is Deselect Answer greater than average cost equal to the average cost equal to the minimum average revenue is less than average variable cost None 10. The act of cultivating land and rearing of animal for man's use is Deselect Answer forestry agriculture mono culture horticulture None 11. In the event of bankruptcy, owners of joint-stock companies lose Deselect Answer both company and private assets only the capital invested only their dividends their private properties None 12. The main disadvantages of deflationary policies is Deselect Answer full employment in the country increasing cost of living unemployment in the country improved standard of living None 13. If government in a fiscal year has its revenue receipts less than the expenditure, such country is having Deselect Answer deficit budget favorable budget balanced budget surplus budget None 14. A firm's average cost decreases in the long-run because of Deselect Answer increasing returns to scale diminishing average returns decreasing average fixed cost decreasing marginal returns None 15. What is the median term in the distribution below; 14, 13 29,15,13,17,12. Deselect Answer 14 13 15 12 None 16. The following are type of business organization EXCEPT Deselect Answer co-operative society partnership Entrepreneurship public corporation None 17. The contribution of petroleum to the economy of Nigerian is most prominent in the area of Deselect Answer revenue generation infrastructural development fuel provision employment generation None 18. Which of the following is NOT a feature of capitalism? Deselect Answer Free enterprise private ownership of property competition detailed economics planning None 19. When an economy is having a balance of payment surplus the best alternative opened to it is to Deselect Answer devalue its currency borrow from abroad promote imports into the country increase its foreign reserve None 20. One of the function of united nation conference on trade and development (UNTAD) is to Deselect Answer transfer technology from developed to less developed countries increase share of less developed countries in world trade increase impact of developed countries over less developed countries make goods available in developed countries None
