If a person supplements his current income by drawing on past savings in order to make both ends meet, he is said to be living

A. good life

B. an average life

C. on his savings

D. a reckless life

E. on borrowed money

Which of the following is not a set of measures of central tendency?

A. Mode and Median

B. mean and median

C. Mean and mode

D. Median and percentage

E. Mode, mean and median

Which of the following pairs can be referred to as middlemen?

A. wholesalers and agents

B. Retailers and consumers

C. Consumers and agents

D. Wholesalers and retailers

E. Wholesalers and consumers

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

E. specialize in agricultural industries

A Nigerian household demand curve for semovita is downward sloping because

A. the demand for semovita is high

B. the local markets are flooded with semovita

C. semovita is produced in Nigeria

D. every household can afford to buy semovita

E. the higher the price of semovita, the lower the quantity demanded

To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as

A. consumer goods

B. products

C. wealth

D. commercial goods

E. durable goods

The decision to consume more of one product swill under normal circumstances imply that

A. more of another product will be consumed

B. less of something else will be consumed

C. no other product will be consumed

D. decision-making is basic in economics

E. enough resources are available

The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the

A. allowance for total depreciation

B. total interest payment

C. net income from abroad

D. total tax and interest payment

E. net internally generated income

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 constomers

C. is the lender of the last resort

D. is the banker of the government

E. is responsible for issuing currency notes

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

E. inadequate market