Question 1Under ECOWAS agreement, a Nigerian can enter and stay in Ghana without VISA for a period of A.14 days B.30 days C.60 days D.90 days E.100 days Objective Show full explanation
Question 2How many development plans did Nigeria have between 1960 and 1984? A.one B.two C.four D.five E.sixObjective Show full explanation
Question 3The act of combining factor inputs in order to obtain specific output is known as A.factor procurement B.manufacturing C.investment D.industrialization E.production Objective Show full explanation
Question 4Which of the following is not a part of the fixed costs of a limited liability company?A.interest on loans B.rent on buildings C.depreciation reserves D.management expenditure E.wagesObjective Show full explanation
Question 6If a firm doubles its output and its costs increase by 60% the firm is experiencing A.increasing costs B.economies of scale C.decreasing returns D.decreasing costs E.none of the aboveObjective Show full explanation
Question 7The PAYE (Pay As You Earn) in Nigeria is an example of A.indirect tax B.progressive tax C.regressive tax D.community tax E.flat-rate taxObjective Show full explanation
Question 9Under perfect competition, the long-run equilibrium requiresA.MR = MC B.MR = AC = AR C.Mr > MC D.MR = AR = AC E.AR = ACObjective Show full explanation
Question 10Given that the total fixed cost is N1,000. Total variable cost N2,500 and the output, 100units. Find the average total cost of producing one unit. A.N60 B.N45 C.N35 D.N30 E.N40Objective Show full explanation
Question 11A capital market differs from the money market in that in the formerA.loan sought is short term B.loan repayment is guaranteed C.loan sought is long term D.the percentage of interest charged is more E.none of the above Objective Show full explanation
Question 12An aspect of taxation that involves normative economics is the A.tax rate B.effect on incentive to work C.fairness of the tax D.tax burden E.none of the above Objective Show full explanation
Question 13The method used to determine the possible outcome of an electoral contest is:A.opinion poll B.referendum C.plebiscite D.press review Objective Show full explanation
Question 14Under the emirate system legislative functions were performed by the A.ulama B.Klad C.Emir D.HakimiObjective Show full explanation
Question 15The failure and assimilation policy necessitated introduction of: A.indirect rule B.direct rule C.association D.paternalismObjective Show full explanation
Question 16The first federal constitution in Nigeria was the A.Clifford Constitution B.Mcpherson constitution C.Lyttleton constitution D.independence constitution Objective Show full explanation
Question 17The atomic bomb test carried out around the Sahara Desert made Nigeria server relationsA.France B.Canada C.The United States D.GermanyObjective Show full explanation
Question 18The economic basis of feudalism is: A.trade B.capital C.agriculture D.slavery Objective Show full explanation