Which of the following item is not included in measuring national income by the income approach?

A. Wages and salaries of public servants

B. Student's grants and scholarships

C. Profits of companies

D. Income earned by self-employed persons such as lawyers

E. Rents on property

If an economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvement in labour ans capital combined, the balance of 3% is usually attributed to

A. land and enterprenuer

B. abundance of natural resources

C. level of human capital

D. technical progress and related factors

E. discipline in political leadership

A government treasury bill is a form of debt instrument which falls due for repayment after

A. 3 months

B. 9 months

C. 2 years

D. 5 years

E. 10 or more years

Which of the following is not regarded as money in Economics?

A. Coins

B. Currency notes

C. bank depisits

D. cheques

E. Naira and Kobo

Which of the following is not a reason why people migrate from one place to another ?

A. to find jobs and improve their standard of living

B. To live in a more suitable climate

C. For the sake of change and adventure

D. political or social situation in a country

E. To buy foreign goods for sale in their country

A major function of the middlemen in Nigeria is the distribution of

A. commodities to all consumers regardless of income

B. commodities to consuming centres

C. economic welfare facilities to all

D. waelth to all

E. income within the society

International trade is necessary mainly because

A. no country can live in economic isolation

B. different countries are endowed with the same natural; and man-made resources

C. some countries have comparative cost advantage in the production of certain commodities

D. the world demand for and supply od various categories of commodities is expanding very fast

E. countries wants to build up their foreign exchange reserve

Which of the following is the approximate working agent in Nigeria?

A. 1 - 15

B. 15 - 65

C. 30 - 40

D. 40 - 65

E. 65 and above

Dumping in Economics means the selling of goods in a foreign market

A. ata a price below that received in the home market

B. at a price above that received in the home market

C. at a price equal to the cost price in the home market

D. in order to encourage indigenious producers

E. at a price equal to the selling price in the home market

A shift of the demand curve to the right when the supply curve remains constant , implies that

A. both price and quantity demanded will increase

B. only price increases

C. both price and quantity demanded will decrease

D. the price remains constant

E. the price falls