31. When a country’s population is experiencing increasing returns, that country is said to be?
- A. overpopulated
- B. economically poor
- C. over-producing goods and services
- D. under-populated
Reveal Answer
32. The most important attribute of money is?
- A. homogeneity
- B. relative scarcity
- C. divisibility
- D. general acceptance
Reveal Answer
33. The use of legally permissible means to reduce tax liabilities is known as tax?
- A. evasion
- B. avoidance
- C. relief
- D. exemption
Reveal Answer
34. The Economic Commission for Africa was set up by the?
- A. UNO
- B. ECOWAS
- C. OAU
- D. IMF
Reveal Answer
35. One of the techniques of monetary control used by the central bank of Nigeria is
- A. selective credit control
- B. budget deficit
- C. foreign exchange control
- D. monitoring the general price level
Reveal Answer
36. Crude petroleum is a good example of a
- A. lasting asset
- B. wasting asset
- C. synthetic product
- D. costless resources
Reveal Answer
37. A major effect of a long distribution chain is
- A. scarcity of commodities
- B. high retail
- C. low retails prices
- D. low producer earnings
Reveal Answer
38. One of the major criticism of the 1962 -1968 National Development Plan was that?
- A. it failed to incorporate lessons gained from earlier plans to enhance its efficiency
- B. it came too quickly after the country’s independence
- C. planned expenditure was based too heavily on expected earnings from crude oil
- D. its execution was based largely on foreign-sourced financial resources
Reveal Answer
39. Utility is the satisfaction derived from?
- A. production
- B. distribution
- C. consumption
- D. demand
Reveal Answer
40. Economic growth is different from economic development because economic growth
- A. describes expansion and changes
- B. is measurable but not objective
- C. describes expansion and not change
- D. is not measurable but objective
Reveal Answer
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