31. The lands that belong to the community is referred to as__________
- A. sacred land
- B. individual land
- C. communal land
- D. rent land
32. Among the disadvantages of the one-man business is the fact that______
- A. its capital may not be increased without government permission
- B. the proprietor is personally liable for the firm’s debts
- C. the proprietor is not able to obtain credit
- D. the proprietor may not sue for bad debts
33. The most reliable and acceptable index of economic growth is the__________
- A. Wholesale Price Index
- B. Consumer Price Index
- C. National Income
- D. Retailer’s Price Index
34. The release of a liquid petroleum hydrocarbon into the environment is_______
- A. Oil glut
- B. Oil spill
- C. Oil shock
- D. Oil wastage
35. ECOWAS was formed for the purpose of________
- A. promoting co-operation and integration
- B. to facilitate the expansion of international trade
- C. to provide insurance
- D. to insure new investment
36. Economics is a social science concerned with the proper use and______
- A. production of goods and services
- B. distribution of wealth
- C. allocation of resources for growth
- D. creation of utility
37. The determination of price by bargaining between buyers and sellers is________
- A. Sales by Auction
- B. Tender
- C. Higgling and Haggling
- D. Price Control
38. An economy system that uses what is regarded as the “Market mechanism” is called_______
- A. Mixed economy
- B. Socialism
- C. Command economy
- D. Capitalism
39. The last link in the channel of distribution is____________
- A. Producer
- B. Retailer
- C. Consumer
- D. Wholesaler
40. John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________
- A. marginal physical productivity
- B. marginal income productivity
- C. consumer’s surplus
- D. economic rent
