Category: ECO122 0 ECO122 1 / 50 A fall in exchange when domestic currency falls relative to foreign currency is called ___________ Check 2 / 50 Consumption, Savings and Investment is the theory of __________ Economics National Income accounting Neo-Classical Economist Keynesian Economist 3 / 50 If import is greater than exports it is called _________ Check 4 / 50 Macroeconomics studies the behavior of the whole (aggregate) economy or economic systems rather than individual _____________ Check 5 / 50 The factor that affect trade flows is the changes in ________ Check 6 / 50 ______ is a situation when you hold money for investment purposes Expenses motive Speculative motive All of the above Precautionary motive 7 / 50 ______ tax is a situation where tax rate reduces as the size of income increases Neutral Regressive Proportional Progressive 8 / 50 Given that the amount of naira needed when we want to buy $100 worth of United State of America product given that exchange rate is N500.00, the amount of naira needed is __________ Check 9 / 50 _____ tax is levied proportional to the tax base or income of the individual Regressive Proportional None of the above Progressive 10 / 50 The Central Bank of Nigeria, which was statutorily independent of the federal government until 1968, began operations on ___________ July 1st 1959 June 1st 1959 July Ist 1955 July 1st 1949 11 / 50 Gross Private domestic investment measures is used to calculate ___________ Check 12 / 50 In ____ Nigeria's first bank, the African Banking Corporation, was established 1999 1892 1992 1899 13 / 50 A rise in domestic inflation can plunge the economy into ____________ Check 14 / 50 The two types of taxes are _____ and _____ tax Company and Indirect Direct and indirect Direct and Income All of the above 15 / 50 The gross domestic product is the summation of all the values of goods and services produced in a country by the ___________ and non-nationals Check 16 / 50 Developing countries stand to gain from international trade because __________ All of the above are true Trade subjects their local producers to greater competition Trade enables them to specialize in producing where they have a comparative advantage Trade gives them access to the greater variety of goods produced abroad 17 / 50 British colonial officials established the West African Currency Board in __________ 1990 1922 1912 1993 18 / 50 In 1952 several Nigerian members of the Federal House of Assembly called for the establishment of a central bank to facilitate _________ Economic growth Economic Development Economic activities None of the above 19 / 50 Net exports equals ____________ Check 20 / 50 Mr Olusanya Samuel an American consumer intends to buy Nigeria product worth of N1000.00, given that exchange rate is 50, so the amount of dollars he need for the transaction is ________ Check 21 / 50 Finance and insurance services represented more than ______ of Nigeria's GDP in 1988 2 percent 3 percent All of the above 4 percent 22 / 50 The Personal Consumption is the largest part of _________ Check 23 / 50 When exchange rate fall, import demand becomes _________ Check 24 / 50 The calculation of goods produced by Nigerian nationals in South Africa and the one produced in Nigeria is called _______ Gross Domestic Product Gross National Product All of the above are true Gross Nation's Product 25 / 50 ______ an institution which accepts deposits, makes business loans, and offers related services Merchant Bank Central Bank Commercial Bank Insurance Company 26 / 50 Positive net export that is current account surplus can be used to recover the economy from __________ Check 27 / 50 Macroeconomics as the field of economics that studies the behavior of the ___________ economy micro-economy multi-sector economy aggregate economy 28 / 50 Gross Private Domestic investment is a relatively specific measure of __________ Check 29 / 50 If exports is greater than imports it is called __________ Check 30 / 50 The second generation banks were bank licensed between ________ years Check 31 / 50 According to Keynes, full employment means the absence of ___________ Check 32 / 50 Net exports can be seen as __________ Check 33 / 50 Nigeria first bank the African banking corporation was established in ___________ Check 34 / 50 British Colonial Officials established the __________ in 1912 Check 35 / 50 The graph that shows the relationship between consumption and income is __________ Consumption graph Investment graph Savings graph Nation income graph 36 / 50 _______________ make(s) it more likely that small countries will trade internationally because their costs of getting products over their borders are worth the effort Technological cost All of the above are true Labor costs Transport costs 37 / 50 Mr Afees Oyebo purchase a machine tool at N3,000,000 and an ad valorem tax of 21 percent is imposed, calculate the tax Mr Afees Oyebo finally paid on the machine tools. N430,000 None of the above N630,000 N70.00 38 / 50 A rise in exchange rate when domestic currency rises relative to foreign currency is called __________ Check 39 / 50 Economists take the study of money seriously because evidence suggests that ___________ The money supply and the price level move closely together All of the above are true Business cycle downturns are preceded by downturns in money growth Money and interest rate movements are related 40 / 50 The first generation bank in Nigeria were licensed before ___________ Check 41 / 50 If a sum of N800.00 is fixed on a shirt, then the fixed tax of N800.00 is the _____ tax Specific Duty Free Import Custom 42 / 50 Central bank of Nigeria began Operations in ___________ Check 43 / 50 National income accounting provides economists and statisticians with detailed information that can be used to track the health of an ___________ Check 44 / 50 Economic growth is defined as the process whereby the ________ of a country increases over a long period of time Check 45 / 50 International prices affects ___________ Check 46 / 50 Gross Private domestic investment equals consumer spending plus investment plus government spending plus _________ Check 47 / 50 Nigeria's first bank, the African Banking Corporation, was established in _____ 1892 1877 1894 1890 48 / 50 The first generation bank were banks that were licensed before _______ 1966 1960 1977 1970 49 / 50 When exchange rate rises, import demand is __________ Check 50 / 50 Given that the amount of naira needed when we want to buy $100 worth of US and the exchange rate falls to $50 and product given that exchange rate is N500.00, the amount of naira needed is __________ Check Restart quiz Rate this quiz Send feedback
