Economics Past Questions And Answers
391
A budget is define as a
- A. Summary of expected expenditure by individuals and government
- B. summary of expected income
- C. record of value of services rendered in a year
- D. summary of expected income and expenditure
392
Limited liability in Economics means that
- A. a shareholder's liability in the event of debt or bankruptcy is limited to the amount he has invested
- B. a shareholder's liability for the debt company is dependent on how much he is owing
- C. shareholders can not be asked to pay for the debts of the company
- D. shareholders try to ensure that only a small proportion of the debt comes to them
393
The tailoring services is competitive partly because it consists of a large number of?
- A. large-scale enterprises
- B. medium scale enterprises
- C. small scale enterprises
- D. government-owned enterprises
394
The difference between the gross domestic product (GDP) and gross national product (GNP) IS?
- A. depreciation
- B. transfer payment
- C. net income from abroad
- D. direct taxes
395
An association formed by a group of individuals solely for the marketing of their product is a
- A. credit and thrift society
- B. consumer cooperative society
- C. producer cooperative society
- D. voluntary organization
396
The components of a three-sector economy are
- A. banks, schools and hospitals
- B. workers, producers and marketers
- C. households, firms and the government
- D. producers, retailers and wholesalers
397
One of the factors limiting the effectiveness of division of labour in the production process is the
- A. Prevailing wage rate
- B. Level of technology
- C. Unemployment rate
- D. Population size
398
Find the total credit that the banking system can create if primary deposit is just N100.00 while the cash ratio is 20%
- A. 700.00
- B. 600.00
- C. 500.00
- D. 400.00
399
Import substitution aims at?
- A. substituting agricultural products with industrial ones
- B. substituting imports with agricultural exports
- C. the diversification of industries
- D. improving the balance of payments
400
If the government stops subsidy on cocoa production, the supply curve of cocoa will
- A. become vertical
- B. remain unchanged
- C. shift to the left
- D. shift to the right