one of the function of a commercial bank is that it

• A. is responsible for formulating monetary policies
• B. accepts demand and time deposits from customers
• C. is the lender of the last resort
• D. is the banker of the government

Under normal circumstances, a producer will bear the entire burden of taxation on his output if the

• A. supply of his goods is more elastic than the demand
• B. demand for his products is completely elastic
• C. production of his commodity is subject to diminishing returns
• D. demand for his products is completely elastic

which of the following is not a problem of distribution of goods in Nigeria?

• A. poor communication network
• B. inadequate storage facilities
• C. ignorance of consumers
• D. Dishonesty of middlemen

Risk bearing and managerial control are the main function of the

• A. managing director
• B. manager
• C. entrepreneur
• D. chief excecutive

Compare and contrast the private limited company with the public limited company.

Mr Idowu needs a television and a refrigerator. Each cost N500.00, the exact amount he has . If Mr. Idowu buys the television , the refrigerator would be regarded as the

• A. marginal cost
• B. inferior item
• C. opportunity cost
• D. supplementary item

Use the data in the table below to answer the questions that follow;

(a) What is the percentage increase in the working population between 1955 - 1960?

(b) Calculate the ratio dependent population to the working population in 1955.

(c) Calculate the ratio of dependent population to the working population in 1960.

(d) Has the dependency ratio increased or decreased between 1955 and 1960?

Foreign exchange control in Nigeria is enforced by the

• A. Commercial banks
• B. Merchant banks
• C. Mortgage banks
• D. Central banks

Mono-products economics are those that

• A. have a rich culture heritage
• B. produce only raw materials
• C. live on the exportation of their raw products
• D. produce one main commodity

The Quantity Theory of Money state that an increase in the quantity of money would bring about

• A. a geometrical rise in price
• B. an unequal rise in prices
• C. a proportionate rise in prices
• D. an absolute rise in prices