If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for N500, what will be United Kingdom's exchange rate with Nigeria?

• A. $0.05 = N1.00
• B. $0.06 =N1.00
• C. $0.11 =N1.00
• D. $0.12 =N1.00

The most common index for measuring developments is

• A. the level of illiteracy
• B. the per capita income
• C. nutritional level
• D. population growth rate

A firm that charges different price of goods or services that have same technical qualities is called

• A. a perfect competitor
• B. a monopsony
• C. an oligopoly
• D. a discriminating monopoly

one major function of the entrepreneur is

• A. bearing of risks
• B. maximizing profits
• C. taking charge of day to day management
• D. determinig the selling price of his products

The three broad categories of productions are

• A. direct, secondary and extractive
• B. primary, tertiary and direct
• C. primary, secondary and tertiary
• D. secondary , primary and direct

The type of inflation that emanates from excess demand overs supply is___________?

• A. Galloping inflation
• B. Imported inflation
• C. Demand-pull inflation
• D. Cost-push inflation

If Y = income, C = Consumption, I = Investment, X = Export and M = Import, then national income is

• A. Y = C - I + (x +m)
• B. Y = C + I + (x + m)
• C. Y = C +I +(X - M)
• D. Y =C + I + (m - x)

Scale of preference shows

• A. incomes of consumers in order of size
• B. utilities enjoyed by consumers
• C. opportunity cost of goods consumed
• D. consumer's wants in order of priority

In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total?

• A. income from all sources
• B. family assets
• C. collateral offered for bank loans
• D. investment inthe company

If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then?

• A. the equilibrium price and quantity will increase
• B. only the price will increase
• C. only the quantity will increase
• D. the price will remain constant