A manufacturer who wants to build a new plant will source funds from the

• A. commercial banks
• B. money market
• C. capital market
• D. government

The short-run in production is the time period when

• A. techniques of production can easily be changed
• B. all factors of production are variable
• C. at least a factor is fixed while others are variable
• D. variable factors cannot be changed

The short-run average variable cost of a firm will rise owing to

• A. the expansion of factory space
• B. the building of new warehouse
• C. an increase in the cost of labour
• D. an increase in the salaries of directors

An industry can best be described as

• A. a place where goods are processed
• B. a place where different firms produced different goods
• C. an aggregation of indidvidual firms producing similar commodities
• D. the concentration of various firm in the same locality

Bank consolidation policy in Nigeria is a measure to increase

• A. the capital base of banks
• B. employment opportunities in banks
• C. the number of shareholders
• D. the number of branches

A firm achieves least-cost in production by substituting factors until?

• A. their prices are equal
• B. the ratio of their marginal -physical-products equals the ratio of their prices
• C. their marginal -physical-products are each equal to their factor prices
• D. their marginal -physical-products are each equal to zero

A deficit budget can be used to?

• A. stimulate recovery from a trade depression
• B. protect the economy from inflation
• C. starve the economic of funds for economic development
• D. provide measures to remedy the balance of payments

From which of the following does Nigeria derive trade concessions?

• A. IMF
• B. World Bank
• C. ADB
• D. EEC

In the national income and product accounts, double counting is avoided if?

• A. only final goods counted
• B. only intermediate goods are counted
• C. only intermediate and final goods are counted
• D. the value of all goods and services are added together

In the diagram, the marginal propensity to consume (MPC) is equal to

• A. RP/TP
• B. TP/RP
• C. RT/RP
• D. RT/TP