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In open market operations, what the Central Bank sells or buys are

A. shares.    B. debentures.    C. securities.    D. equities.

A situation in which the estimated government revenue is less than the proposed expenditure for a given year can be described as

A. surplus budgeting.
B. supplementary budgeting:
C. balanced budgeting.
D. deficit budgeting.

The demand for money is described as a

A. competitive demand.    B. joint demand.    C. derived demand.    D. composite demand.

Which of the following is a function of merchant banks?

A. Acting as bankers’ bank.
B. Lending to the commercial banks as a last resort.
C. Controlling inflation in the economy.
D. Underwriting and issuing of shares.

When the marginal product is negative, the total product will be

A. constant.    B. at a maximum.    C. increasing.    D. decreasing.

All the following are features of optimum population except

A. full employment of available resources.
B unlimited amount of unexploited resources.
C. maximum per capita production and income.
D. high standard of living.

Which of the following features best describes peasant agriculture in West Africa? It

A. specializes in the production of one crop.
B involves the use of small farm holdings.
C. is a capital-intensive system of farming.
D. is mostly associated with tree crops.

Which of the following will not .retard economic development in West Africa?

A. Dependence on imports
B. Population control
C. High level of illiteracy
D. Low level of savings

The International Bank for Reconstruction and Development (IBRD) is important to developing nations because it

A. gives aid for defence.
B. offers loans for public projects.
C. offers aid to finance private projects.
D. gives loans for legal proceedings.

A shift in the demand curve indicates

A. exceptional demand.
B. change in demand.
C. change in quantity demanded.
D. elasticity of demand.

Which of the following statements is not a feature of a monopoly?

A. Seller is allowed to fix his own price.
B. Buyers and sellers are price takers.
C. New entrances are restricted.
D. There is only one seller of the commodity.

Physical productivity is affected by all the under-listed factors except the

A. state of technology.    B. quantity of inputs.    C. quality of inputs.    D. price of output.

Which of the following will shift the demand curve for cocoa to the right?

A. An increase in consumers’ income.
B. A rise in the price of cocoa.
C. A tax on cocoa producers.
D. A fall in the quantity demanded of cocoa.

Given the demand function Qd = 20 -P What is Qd when P is $12?

A. 6 units    B. 10 units    C. 12 units    D. 14 units

The following are advantages of sole proprietorship except

A. quick and easy decision-making.
B. keeping its business affairs private.
C. assurance of raising huge capital for expansion.
D. high level of commitment.

Which of the following is a function of money?

A. Medium of communication
B. Measure of securities.
C. Store of wealth.
D. Discounting bills of exchange.

The difference between birth rate and death rate is known as

A. demographic transition.    B. natural growth rate.    C. migration rate.    D. fertility rate.

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

A. Profits of companies
B. Rents on property
C. Students’ grants and scholarships
D. Wages and salaries of public servants

If V = Income, C = Consumption I = Investment, X = Export and M = Import, then national income is

A. Y= C – I + (x + m)   
B. Y= C + I + (x + m)   
C. Y= C + I + (x - m)   
D. Y= C + I + (m - x).

Which of the following is an asset of a commercial bank?

A. Reserve funds
B. Shareholders’ capital
C. Customers’ deposits
D. Treasury bills.

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