The Nigerian economy is mono-cultural because government revenue is derived mainly from?

• A. agriculture
• B. manufacturing
• C. coal
• D. crude oil

which of the following is not a consequence of increased unemployment?

• A. a fall in tax revenue for the government
• B. a reduction in trade union's influence
• C. a fall in death rate
• D. an increase in the labour force

A fiscal policy instrument that can influence the demand pattern in an economy is

• A. government spending
• B. interest rate
• C. income tax
• D. tariff

Budget surplus implies that

• A. expenditure equals revenue
• B. expenditure is less than revenue
• C. expenditure is greater than taxation
• D. direct tax is more than indirect tax

(a) What is a market? [4 marks]

(b) Explain the main features of a perfectly competitive market. [16 marks]

The ownership of a public limited liability company is made up of

• A. two to twenty persons
• B. minimum of two and maximum of fifty
• C. minimum of seven and no maximum number
• D. owner owned by the government

If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the?

• A. marginal revenue of the enterprise
• B. marginal revenue product of labour in the enterprise
• C. average revenue of the enterprise
• D. marginal cost of production

A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?

• A. Check how much he has
• B. Find out which is the cheapest of the items
• C. Draw up a scale of preference
• D. Weigh the opportunity cost of each item against the other

Which of the following financial institutions cannot be found on the capital market of a country

• A. commercial bank
• B. mortgage bank
• C. stock exchange
• D. Agricultural bank

which of the following is a direct tax

• A. import duty
• B. export duty
• C. capital gain tax
• D. sales tax