1.

An increase in the circulation of money without a corresponding increase in

output will lead to _______ (a) a rice in income levels (b) stagflation (c)
inflation (d) deflation
2. A change from one industry to another by a worker is an example of (a)
geographical mobility (b) occupational mobility (c) economic mobility (d)
industrial mobility
3. In developing countries government influence the location of industries in
order to (a) spread development (b) redistribute wealth (c) encourage
entrepreneurs (d) encourage industries to earn high profits
4. A strategy for improving agriculture in Nigeria will involve (a) controlling
the prices of agricultural products (b) ensuring self-sufficiency in food
production (c) reducing agricultural exports (d) establishing commodity
boards
5. An economy in which both the public and private sectors contribute to
economic growth is known as (a) feudal economy (b) capitalist economy (c)
socialist economy (d) mixed economy
6. An increase in demand without a corresponding change in supply will lead
to (a) decrease in equilibrium price and increase in equilibrium quantity (b)
an increase in equilibrium price and quantity (c) a decrease in equilibrium
price and quantity (d) an increase in equilibrium price and a decrease in
equilibrium quantity
7. An increase in the price of a commodity will result in (a) decrease in the
quantity demanded (b) an increase in demand (c) an increase in quantity
demanded (d) a decrease in demand
8. An advantage of large-scale farming over peasant farming is in the area of
(a) providing research and massive employment of labour (b) redistributing
national income to various regions of the country (c) encouraging the use of
traditional implements (d) encouraging urban-rural migration
9. Which of the following can be used to measure the Gross National Product
(a) C+I+G-F(X+M) (b) C+I+G+(X-M) (c) C+I+G+X (d) C+I+G
10. The location of industry is influenced by (a) availability of raw materials (b)
inadequate capital (c) political instability (d) poor transportation
11. Industrialization contributes to the economic development of Nigeria by (a)
bringing about higher structural unemployment (b) decreasing productivity
(c) diversifying the economy (d) increasing importation
 Equilibrium under monopolistic market structure is attained at a point where (a)
break-even point is attained (b) marginal cost is equal to marginal revenue (c)
marginal revenue is equal to price (d) price level is below equilibrium