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Computer Based Test 1 of 0

Economics Sample CBT

321Exam November 23, 2020

Dashboard Economics Sample CBT

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Question and Solution 1 of 10

1. Question
1. One of the reasons why Nigeria is a mono-economy is because of her
- A. Huge volume of petroleum activities in the country
- B. Diversified system of economic activities
- C. High demand for foreign commodities
- D. High rate of unemployment
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Question and Solution 2 of 10

2. Question
2. If the price of bicycle changes from ₦120 to ₦80 and the quantity bought changes from 300 to 500 units the elasticity of demand for bicycle is
- A. 66.7
- B. 0.5
- C. 1.5
- D. 2.0
Correct

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Question and Solution 3 of 10

3. Question
3. A discount house is a market where
- A. Various bills are exchanged
- B. Short-term and medium-term loans are obtained
- C. Share are bought and sold
- D. Short-run loans are obtained
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Question and Solution 4 of 10

4. Question
4. In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in a year. Determined the total population
- A. 10
- B. 20
- C. 30
- D. 50
Correct

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Question and Solution 5 of 10

5. Question
5. Economic growth is different from economic development because economic growth
- A. Economic growth describes expansion and change
- B. Is measurable but not objective
- C. Describes expansion and not change
- D. Is not measurable but objective
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Question and Solution 6 of 10

6. Question
6. A country’s import index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade
- A. 20%
- B. 71%
- C. 120%
- D. 140%
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Question and Solution 7 of 10

7. Question
7. The most acceptable economic measure for trade protection is to
- A. Improved standard of living
- B. Protect infant industries
- C. Safeguard strategic industries
- D. Promote foreign trade
Correct

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Question and Solution 8 of 10

8. Question
8. GNP is not a good measure of social welfare because there are unrecorded
- A. Indirect taxes
- B. Social cost
- C. Government subsidies
- D. Transfer payment
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Question and Solution 9 of 10

9. Question
9. If the required reserves of a bank is 20% and ₦10,000 is paid into its demand and deposit account, what is the excess reserves?
- A. ₦2,000
- B. ₦8,000
- C. ₦12,000
- D. ₦18,000
Correct

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Question and Solution 10 of 10

10. Question
10. A discriminatory monopoly is characterized
- A. A common elasticity in different markets
- B. Different elasticity in different markets
- C. A finite elasticity in all market
- D. Zero elasticity in all market
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Economics Sample CBT

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