ECO122 NOUN TMA Past Questions & Answers

La2ush

Moderator
1. Question: is an institution that accepts deposits makes business loans and offers related
Answer: Commercial bank

2. Question: At the end of the banking system consisted of the Central Bank of Nigeria forty two commercial banks and twenty four merchant banks
Answer:1988

3. Question: In several Nigerian members of the Federal House of Assembly called for the establishment of a central bank to facilitate economic development
Answer:1952

4. Question: British colonial officials established the West African Currency Board in 1912 to help finance the export trade of foreign firms in West Africa and to issue a West African currency convertible to
Answer: British pounds sterling

5. Question: No banking legislation existed until 1952
Answer: Nigeria

6.Question: In 1892 Nigeria's first bank was established
Answer: African Banking Corporation

7.Question: A financial institution is a financial intermediary that accepts deposits and channels those deposits into lending activities either directly by loaning or indirectly through
Answer: capital markets

8.Question: Transactional motive is the motive of holding
Answer: money

9.Question: The following are not functions of money except
Answer: store of value

10.Question: The following are the characteristics of money except
Answer: Spending ability
 

La2ush

Moderator
11.Question: Increase results in an increase in economic welfare
Answer: per capita income


12.Question: The economic welfare cannot be said to have increased if the increase in national income is due to exploitation of
Answer: labor


13.Question: If the change were due to a change in prices it would be difficult to measure the real change in economic welfare
Answer: national income


14.Question: According to AC Pigou an economist asserts that there is a close relationship between economic and national income because both of them are measured in terms of money
Answer: welfare


15. Question: attaches great importance to economic welfare because welfare is a very wide term
Answer: AC Pigou


16. Question: The average propensity to save is an economic term that refers to the proportion of income that is saved rather than on goods and services
Answer: spent


17.Question: The income not spent on goods and services for current is called savings
Answer:consumption


18.Question: is defined as the ratio of the change in consumption to the change in income that necessitated it
Answer: Marginal propensity to consume


19.Question: In a geometric function the is actually the slope of the consumption function
Answer: MPC


20.Question: consumption represents consumption when income is zero
Answer: Autonomous
 

La2ush

Moderator
21. Question: Per capita income is defined as the ratio of a country income to its population while is defined as the ratio of a country's GDP to the population of the country
Answer: GDP per capita

22.Question: income does not include the income earned abroad
Answer: Domestic

23.Question: The income of citizens of a country living abroad is termed factor from the rest of the world
Answer: income

24.Question: Mr. Tunde Bakare a shoe marker charges N200000 for each shoe that he makes He pays his shop apprentice N20000 per shoe made in return for sweeping the floor and other chores For each shoe made what is the total contribution of Mr Tunde bakers and her apprentice to GDP
Answer: N2000

25.Question: National income accounting is a term used in economics to refer to the system that a national government uses to measure the level of the country's economic activity in a given time period
Answer: bookkeeping

26.Question: In an open economy that imports raw materials and other intermediate products at high prices the cost of production of will always rise
Answer: domestic goods

27.Question: Rising and falling prices are both bad because they bring unnecessary to some and undue advantage to others
Answer: loss

28.Question: One of the goals of the policy is to stabilize the price level
Answer: macroeconomics

29.Question: In the physiocrats adopted it in their table Economique to show the circulation of wealth
Answer:18th century

30. Question: Macroeconomics studies the behavior of the whole or economic systems rather than individual economic markets which is the domain of Microeconomics
Answer: aggregate economy
 

La2ush

Moderator
31. Question: is the motive of holding money
Answer: Transactional motive

32. Question: Commercial bank is an institution which accepts makes business loans and offers related
Answer: deposits

33. Question: British colonial officials established the West African Currency Board to help finance the export trade of foreign firms in West Africa and to issue a West African currency convertible to British pounds sterling
Answer:1912

34. Question: At the end of 1988 the banking system consisted of forty-two commercial banks and twenty-four merchant banks
Answer: Central Bank of Nigeria

35. Question: A is a financial intermediary that accepts deposits and channels those deposits into lending activities either directly by loaning or indirectly through capital markets
Answer: financial institution

36. Question: No banking legislation existed in Nigeria until
Answer:1952

37.Question: In 1952 several Nigerian members of the Federal House of Assembly called for the establishment of a to facilitate economic development
Answer: central bank

38. Question: In Nigeria first bank the African Banking Corporation was established
Answer:1892

39. Question: Import demand changes as changes
Answer: income

40.Question: depend on the spending decisions of domestic consumers
Answer: Imports
 

La2ush

Moderator
41.Question: They are guided by the level of income price level taste and fashion of the foreign consumers
Answer: spending decisions

42.Question: In technical terms is the increase of consumer surplus plus producer surplus from lower tariffs or otherwise liberalizing trade
Answer: Gain from trade

43.Question: The two components of import demand is fixed and at the same time it varies with
Answer: income

44.Question: When income rises the aspect of rises as well and when income falls it falls
Answer: import demand

45.Question: Because export is exogenous while a part of import is an increasing function of income net exports are related to national income national output
Answer: negatively

46.Question: Exports depend on spending decisions made by foreign or overseas firms that purchase domestic goods and services
Answer: consumers

47.Question: Gains from trade are the net benefits to agents from allowing an increase in voluntary with each other
Answer: trading

48. Question: Exports are determined by factors outside the control of the economy
Answer: home
 
Top