6. Inferior goods are defined in Economics as goods
A. whose quality is low B. consumed by very poor people C. whose consumption falls when consumers income rises D. which satisfy only the basic needs E. none of the above
7. Malthus became known through his popular theory which maybe stated simply
A. the death rate may become so high that people may not be able to produce B. population may outgrow the means of subsistence C. people will eventually decide not to have children D. migration of people from one place to another may leave some parts of the world barren E. all of the above
8. A commercial Bank is unique in that it is the only institution that
A. makes loans available to private people and businessmen B. accepts deposits C. can store people’s valuables D. can transfer money from one place to another for its customers E. saves money through the granting of credits
9. Which is an example of an invisible item in the Trade Account of Ghana?
A. Export of cocoa from Ghana B. Import of oil from Nigeria C. A gift of a Peugeot 504 by a firm in Nigeria to another firm in Ghana D. Payment for shipping and insurance by a Ghanaian company to companies outside Ghana E. None of the above
10. Which is NOT a direct effort to increase agricultural production in Nigeria?
A. Operation Feed the Nation B. Nigerian Youth Service Corps C. Increased loans to farmers and cooperatives D. Research in agriculture and extension services E. Mechanization of agriculture
1. C 4 B 7.B 10.B 13. B 16. A 19. A 22.E 25. B 28. D 31. B 34. B 37. C 40.A 43.C 46.B 49.E
2. C 5.B 8.C 11.E 14. B 17. B 20. B 23.C 26. D 29. B 32. D 35. A 38. D 41.C 44.C 47.E 50.A
3. B 6.C 9.D 12.C 15. D 18. B 21. E 24.A 27. B 30. D 33. B 36. D 39. D 42.C 45.A 48.C