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The financial institution that specializes in risk spreading is called

A. an investment bank.
B. a development bank
C. an insurance company.
D. the stock exchange.

A decrease in the demand for a product X resulted in a decrease in the demand for another product Y. The demand for X and Y is

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

In order to develop the banking habit of rural dwellers, the traditional money lenders should be

A. proscribed.    B. legalized.    C. subsidized.    D. heavily taxed.

The type of monopoly that develops as a result of granting patent right is known as

A. natural monopoly.    B. state monopoly    C. legal monopoly.    D. discriminating monopoly.

A price index as a statistic, measures

A. how the value of money changes overtime.
B. the volume of currency in the economy.
C. the exchange rate of a country’s currency.
D. the composition of goods and services.

Which of the following is not a function of the West African Development Bank?

A. Promotion of both private and public investments in member states
B. Financing and executing projects in member states
C. Promotion of social development of member states
D. harmonization of oil prices to the advantage of member states

General rise in the price level induced by increased price of inputs is referred to as

A. run-away inflation.
B. cost-push inflation.
C. demand-pull inflation.
D. imported inflation.

Which of the following best describes the mode? The

A. observation with the highest frequency
B average of two middle numbers
C. item that occupies the middle position
D. difference of two extreme values

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 government that wants to get more revenue will increase the tax on commodities with a

A. high price elasticity of demand.
B. low price elasticity of demand.
C. high income elasticity of demand.
D. low income elasticity of demand.

The difference between the number of immigrants and emigrants is

A. natural growth rate.    B. natural increase.    C. net migration.    D. census.

All economic systems must decide what to produce because

A. resources are not available.
B. consumers want maximum satisfaction.
C. resources are limited in supply.
D. producers want maximum profit.

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

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

Price fluctuation is a feature of

A. common market.    B. imperfect market.    C. supermarkets.    D. market failure.

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

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

Which of the following is not a function of an insurance company?

A. Pooling resources together against risks.
B. Mobilization of funds through premiums collected.
C. Encouragement of investment by security of capital.
D. Collection of deposits from the public for investment.

Balance of payments problem can be corrected through

A. increasing foreign reserves.
B. increasing domestic borrowing.
C. import promotion strategies.
D. export promotion strategies.

The value of money is affected by the

A. speculative motive.
B. price level.
C. precautionary motive.
D. intervention of development banks

Post harvest losses in West African countries can be reduced if

A. the land tenure system could he reformed.
B. more irrigation schemes could be provided.
C. better storage facilities could be provided.
D. erosion is controlled.

If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as

A. elastic.    B. unitary elastic.     C. perfectly inelastic.    D. perfectly elastic.

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