The theory of comparative advantage states that a commodity should be produced in that nation where the?
A. Absolute cost is least B. Absolute money cost is least C. Opportunity cost is least D. Production possibility curve increases Correct Answer: Option C – Opportunity cost is least
If Nigeria’s composite price index in 1999 was 140.03% in 2000; the rate of inflation in 2000 was?
A. 4.02% B. 2.10% C. 2.06% D. 1.03% Correct Answer: Option D – 1.03%
The commercial banks differ from non-bank financial institutions because they?
A. Accept deposits withdrawable by cheque B. Mobilize savings C. Invest surplus funds D. Contribute to economic development Correct Answer: Option A – Accept deposits withdrawable by cheque
The best method of production in an under populated country is?
A. Labour-extensive B. Land-intensive C. Capital-intensive D. Labour-intensive Correct Answer: Option C = Capital-intensive
One of the reason for an exceptional demand curve is the?
A. expectation of a future change in price B. availability of credit facilities C. change in the price of the commodity D. availability of substitutes Correct Answer: Option A – expectation of a future change in priceProducts
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