UNIZIK Economics 2014/2015 Day 3 Past Questions

Practice each question, then open it to see the full details.

In economics, the inferior goods are defined as foods

A.Whose quality is low
B.consumed by very poor people
C.whose consumption falls when consumers income rise
D.which satisfies only the basic needs
E.none of the above

A.usefulness
B.power of satisfaction of want
C.beneficial
D.advantageous
E.consumable

The dominant form of tax in Nigeria is

A.direct
B.indirect
C.inheritance
D.personal income
E.value-added

An economy in which both the public and the private contribute sustainably tto the growth of output is

A.a socialist economy
B.a capitalist economy
C.a mixed economy
D.an industrialized economy
E.a pleasant economy

Retailers are more in number than wholesalers because

A.retail business may not be registered or incorporated
B.retail business requires less expense
C.retailers deal with final consumers
D.all wholesalers sale business are large enterprise
E.all retail business are small enterprise

The decision in a sole proprietorship are made by:

A.government
B.board of directors
C.management
D.shareholder's conference
E.owner

The advantages that accrue a firm as the firm increases are known as:

A.external diseconomies
B.internal returns to scale
C.internal economies
D.external diseconomies
E.constant returns to sale

One main quality of a good is that it

A.is sold in the market
B.satisfies wants
C.is made in the country
D.is always tangible
E.is non-perishable

In economic life choice is necessitated by

A.the need to construct the scale of preference
B.the opportunity cost of consumption
C.unlimited want
D.scarcity of economic resources
E.all of the above

The stock exchange market is where

A.business borrow some capital
B.the federal government trades on treasury
C.existing bonds and stocks are traded
D.new stock and shares are traded
E.none of the above