UNIVERSITY OF LAGOS, AKOKA

POSTGRADUATE PAST QUESTIONS AND ANSWERS

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M.Sc. MARKETING 2004/2005 (c) departmental stores;

GENERAL KNOWLEDGE IN (d) co-operative stores;
BUSINESS ADMINISTRATION 8. In a strategic marketing process, the
SECTION 4A sequence of events is as follows:
(a) plan, growth, objective,
1. A firm’s ability to achieve its goal in a purpose
state of conflict r potential conflict is (b) growth, purpose, objective,
defined as: plan
(a) will power (c) objective, growth, purpose,
(b) marketing power plan
(c) channel power (d) purpose, objective, growth,
2. Which of the following factors should plan
not be considered when determining the 9. Which of the following is not an
means of transport best suited for a elaboration of the product concept of
cargo? the 4 p’s of marketing?
(a) weight (a) quality
(b) sire (b) features
(c) fragility and perishability (c) size
(d) manufacturer (d) credit plans
3. Which of the following is a retail 10. Which of the following is not an
outlet? elaboration of the place concept of the 4
(a) commodity market p’s marketing?
(b) a supermarket (a) channels
(c) wholesale warehouse (b) coverage
(d) a chain store (c) transport
4. When Lever brothers merges with (d) publicity
Sheraton is known as: 11. Discounts, allowances, payment period
(a) horizontal merger and credit terms pertain to which of the
(b) vertical merger 4 p’s of marketing ?
(c) diversifying merger (a) price
(d) none of the above (b) product
5. Where weight is gained in the course of (c) place
production, a marketing firm will tent to (d) promotion
; 12. Goods which are normally purchased or
(a) produce near its markets; consumed in one or a few stretches are
(b) produce near its source of raw known as
materials (a) durable goods
(c) be indifferent where it (b) non-durable goods
produces; (c) consumable goods
(d) go to a development area and (d) service goods
obtain grants 13. Activities, benefits or satisfaction which
6. The distinctive feature of cash and carry are offered for sale are known as:
wholesalers is that they: (a) specialty goods
(a) stabilizes the price of goods (b) durable goods
and commodities they buy (c) services, service products
(b) pack, blend, or brand the goods (d) product services
they buy
(c) offer neither credit facilities 14. In a buying process, the person who
nor delivery services ultimately determines any part or whole
(d) undertake some advertising of the buying decision is known as:
and promotion (a) the decider
7. Centralised buying and administration (b) the buyer
with decentralized selling best describes (c) the influencer
the management of: (d) the initiator
(a) multiple stores; 15. Which of the following is a factor in
(b) mall-order business; personal attitude to buying?

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(a) culture 5. The agents of socialization include the

(b) family following except
(c) jjj (a) Peers
(d) hjj (b) Religious Leaders
16. Which of the following is not a basis for (c) Foreigners
segmenting a market? (d) The family
(a) geographic 6. Communication can take the following
(b) demographic forms except one
(c) psychographic (a) Giving and receiving information
(d) emotion (b) Announcing plans and strategy
17. Which of the following is not a (c)
justification for the existence of the 7. The following physical conditions
middleman? except one can result in stress
(a) he buys in bulk (a) Poor communication
(b) he bears risks (b) Toxic materials
(c) he breaks bulk (c) Poor lighting
(d) he hoards goods (d) Crowding
18. Which of the following is not one of the 8. One of the following is a process theory
major assumptions of the marketing of motivation
concept; (a) Two-factor theory
(a) customer oriented (b) Theory X and Theory Y
(b) profit by sales volume (c) Hierarchy of needs theory
(c) consumer satisfaction (d) Performance – Expectancy theory
(d) Expansion on the product 9. Characteristics of motivation include
the following
SECTION 4B I. Direction of effort towards goals
ORGANISATIONAL II. Improving the work environment
BEHAVIOUR III. Manipulating individual skills
1. Which of the following is the strongest (a) I only
predictor of behaviour? (b) I and II
(a) Habit (c) II and III
(b) Norm (d) I,II and III
(c) Expectation 10. Some of the consequences of job
(d) Attitude satisfaction include the following
2. Attempt to understand oneself is called except one
(a) self-understanding (a) Career Satisfaction
(b) self-concept (b) Absenteeism
(c) Individual search (c) Job Security
(d) Person-environment search (d) Productivity
3. One of the following least describes a 11. One of the following is not an attitude
group (a) Job Satisfaction
(a) Interact with one another (b) Job Involvement
(b) Perceives themselves to be a group (c) Organisational Commitment
(c) Exert minimal influence on each other (d) Decision Making
(d) Are psychological aware of one another 12. When followers make attributions of
4. Coalition occurs under the following heroic or extraordinary leadership
conditions abilities, it is known as
I. when there is a division in a group. (a) Transformational leadership
II. when only three people are (b) Transactional leadership
involved in a group. (c) Charismatic leadership
III. Two or three act as a unit against at (d) Autocratic leadership
least one other 13. Stress would be more preponderant
(a) I only among
(b) I and III (a) Type A personality
(c) I and II (b) Type B personality
(d) III only (c) Type AB personality

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(d) None of the above (d) Need compatibility

14. Some functional outcomes of conflict 18. Techniques that individuals can employ
include all but one of the following to effectively manage stress in clued all
15. One of the following is not an intrinsic but one of the following.
feature of work (a) Planning and carefully designing career
(a) Variety path
(b) Autonomy (b) Behavioural self-control
(c) Job Security (c) Relaxation
(d) Complexity (d) Physical exercise
16. One of the following pairs is improper 19. For learning to take place one of the
(a) Pavlov and classical conditioning following is not appropriate.
(b) Skinner and Instrumental learning (a) There must be a behavioural change
(c) Bandura and Initiative learning (b) The behavioural change must result in
(d) B.F. Skinner and observational learning an habit.
17. The following factors except one and (c) The change occurring must be
group information permanent
(a) Personality Similarity (d) The change must result from practice or
(b) Intellectual Difference experience.
(c) Religious similarity

M.Sc. MARKETING 1996/1997

ENGLISH
SECTION I

Read the following passage and answer the questions after it to find your speed and comprehension levels

Kim II Sung, the North Korean dictator- redeemer to his people, and madman with a bomb to almost
everyone else-sits in isolation in his capital, Pyongyang, letting the world guess what he is thinking. He is
eighty-one years old and affects the trappings of semi-retirement. He wears panama hats and colour –
coordinated cutfits. He hunts wild boar from a safe distance, with rifles fitted with telescopic sights. He is
said to have relinquished the everyday affairs of state to his son and heir, Kim Jong II, who is fifty-one. All
that is missing is a photograph with grandchildren. He is believed to have at least two.
The affection is deceptive. Forty-eight years after Stalin set Kim II Sung on his throne, he remains
an object of fear, and perhaps never more so than now. This is a consideration achievement for a ruler
whose economy is believed to be in such ruin that his people are encouraged to eat just two meals a day.
Kim II Sung inspires fear not only because he may possess one or two nuclear weapons but also because he
has made the world believe he would not hesitate to use them. Through the fall and winter, United States
has been trying to get North-Korea to allow inspections of seven sites where bombs may be being made,
Negotiating have trod warily, first hunting at confrontation and then backing off the better not to provoke
him.
A deal may be near-one in which the North Koreans will allow International Atomic Energy
Agency inspectors to visit those seven sites but not two additional sites where inspectors suspect they might
find evidence of bomb production. Satellite surveillance has its limits; the I.A.E.A. is demanding on-site
inspections. The North Koreans, in return for complying with terms that they had in fact agreed to in 1985,
will win the suspension of the United States – South Korea war games known as Team Spirit, which
usually begin in late winter. And, more important, the North Koreans will force the Americans, whom they
blame and despise for splitting Korea at the end of the Second World War, to negotiate the future of
diplomatic relations between North Korea and the United States directly, and not in tandem with the South
Koreans whom the North Koreans dismiss as American puppets.
But those who have watched Kim II Sung over years don’t expect the crisis to end here. This
confrontation with the West, they feel, is just the beginning. There is a growing suspicion that after the
North Koreans agree to inspections they will contrive to make the visits difficult, if not impossible. The
North Koreans are considered capable of reversing themselves once the inspectors arrive, perhaps barring
entry to some of the sites, or maintaining that they never agreed to inspections at the very places specified
in the agreement. Kim II Sung has been waiting a long time for the moment this will happen.
For decades, Kim II Sung endured as a journalistic chestnut: the lunatic who presided over the
world’s most bizarre and longest-lasting cult of personality. North Korea was an Orwellian nightmare – a

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source of stories of a robotic people wearing Kim II Sung pins, chanting his name, holding up coloured
placards to generate his likeness along the length of Kin II Sung Stadium, and extolling the manifold
accomplishments of the Great Leader and his son, the captured American spy ship for eleven months, as
they did after cabinet, as they did in 1987. For a while, at least the eye-rolling would stop, and people in
Washington, Seoul, Tokyo and every other capital who felt themselves threatened by the angry whims of
Kim II Sung would once again try to determine just who it was they were dealing with.
The task was not easy. Although North Korea has diplomatic relations with more than a hundred
countries, it has effectively cut itself off from most of the world. Visitors find their tours and their access
tightly limited and closely monitored. Diplomats who have spent years in Pyongyang tell of never visiting a
North Korean home, or even having a candid conversion with a North Korean. The world that recurs when
they speak of that posting is “irrational”. I have never met Kim II Sung. Though I have been to South
Korea many times, I have never been granted permission to visit the North. American journalists visit Kin
II Sung’s birthday. He almost never grants these visitors an interview. He spoke with the New York times
and the Washington Post for the first, and last time in 1972.
It has been tempting then, to see Kim II Sung in terms of threatening bombast, the vulgarity of his
cult, the monuments he has ordered built to preserve his likeness for eternity. But to do that is to
underestimate his cunning. Kim II Sung has always known what he wanted for himself and for the nation
he created in his own image. He wanted the powerful countries to come to him, and to treaty him and his
small nation as an equal. And, because he has been willing to take his nation time and again to the brink of
disaster, to risk war with the United States, he has made his enemies dread him.Now, to the world’s
discomfort and chagrin, he is on the verge of realizing his vainglorious dream.

1. The picture of Kim II Sung as 5. Kim II Sung’s attitude toward

an uninvolved, relaxed man is , war can best be described as
according to the passage (a) cavalier
(a) exaggerated (b) brinksmanship
(b) accurate (c) reluctance
(c) difficult to believe (d) recalcitrance
(d) a complete lie (e) silent
(e) an enticing image 6. The author would most likely
2. the annual military exercise DISAGREE with which of the
between South Korea and the following statements:
United States was known as (a) Kim II Sung remains a leader
(a) the I.A.E.A. worth fearing.
(b) the Pyongyang (b) Kim Jong II is not as powerful
(c) the Wargames as Kim II Sung
(d) the Winter Games (c) The on-site nuclear inspections
(e) the Team Spirit will most likely, under the
3. According to the passage, all I.A.E.A, go smoothly
of the following are attributed (d) Kim II Sung is unlikely to
to the North Koreans EXCEPT grant another western
(a) seizing of the U.S.S. Pueblo interview.
(b) raiding the South Korean (e) Kim II Sung is a smart, albeit
border for supplies difficult, man.
(c) blowing up half the South 7. The North Koreans despite the
Korean cabinet Americans because of
(d) holding American soldiers (a) the war like posture the United
captive for eleven months States has held toward
4. According to the passage, the dictatorships
economic state of affairs in the (b) the economic stability of the
North Korea is considered United States
(a) dire (c) resentment over the splitting of
(b) recovering Korea in the 1950s.
(c) booming (d) the growing suspicion over
(d) pre-industrial nuclear rearmament
(e) industrial

8. The term “journalistic chestnut”, as described in the passage, means

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(a) reporter’s enigma

(b) investigative riddle
(c) reporter’s comestibles
(d) investigative prize
(e) investigative power
9. The tone of the passage can best be described as
(a) threatening (c) Foreign journalists are hardly
(b) jocular invited to North Korea
(c) objective (d) Koreans are not hospitable
(d) warning (e) Diplomats have postings to
(e) occluding North Korea
10. According to the passage, tours
to North Korea can be best For each questions below, choose
described as the word or phrase that best
(a) difficult and unimpressive completes the meaning of the
(b) awkward and unenlightened sentence
(c) ignorant and ill-considered 16. The four were
(d) enlightening and frightening …………………….when the
11. Trapping in the passage means football team lost its tenth
(a) façade game in a now.
(b) orncement (a) irascible (b) rapacious (c)
(c) prevarication despondent
(d) face (d) stigmalised (e)
(e) motions precipitous
12. Affectation in the passage 17. The applicants credentials were
means ………….., but I didn’t like the
(a) trappings smile on his face so I didn’t hire
(b) pretence him
(c) affective (a) terrible (b) domestic (c)
(d) reality laughable (d) distinctive
(e) relevance 18. The police spent seven months
13. Contrive in the passage means or the crime case but were never
(a) manipulate able to determine the identity of the
(b) suggest (a) demagogue (b) debitant
(c) manage (c) egotist (d) male factor (e)
(d) attempt patriarch
(e) desire 19. Bisi………… her daughter for
14. What has been the hope of putting the bucket with water inside
Kim II Sung about his states in it under the bed
the world (a) disfrauclised
(a) that his enemies will perish (b) remonstrated (c) condoled with
forever (d) expropriated
(b) that he will be accepted as a (e) co cried
great leader 20. None of us had money to
(c) that he will have enough undertake the project alone, so we
nuclear bombs had to depend on the …............ of
(d) that his son will have the same our parents.
power as he does (a) postulate (b) vilification (c)
15. Which of the following is not largess(d) hedonism
true of North Korea , (e) veracity
according to the author? 21. “Kicking the bucket” is a
(a) there isn’t enough food to feed humorous…… for drying
the people (a)dictum (b) stipulation
(b) North Korea was an Orwellian (c) incantation (d) conjecture
nightmare (e) ampheomism

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22. The actor, pretending to be (c) ad hoc (d) caustic

drunk, made a (a) ……….attempt (e) determinant
to open his umbrella in a telephone
booth Each question below consists of a
(a) viable (b) enigmatic related pair of words followed by
(c) farcical (d) cognitive five lettered pairs of words: Select
(e) aphoristic the lettered pair that BEST
23. There was nothing ……….. expresses a relationship similar to
about Herbert’s scientific theories, that expressed in the original:
in fact they were quite shallow. 31. PEA: POD
(a) Sentient (b) vociferous (a) orange: section
(c) peremptory (d) profound (b) bean: crock
(e) nebulous (c) pumpkin: stem
24. After several years of good (d) nut : shell
cops, the farmers were suddenly (e) potato : stew
faced with a (a) …… of subsequent 32. CANDLE : TALLOW
harvests. (a) banana : peel
(a) alacrity (b) blight (c) glut (d) (b) temple : altar
chaos (e) proliferation (c) statue : bronze
25.The ………….. salesperson (d) fireplace : hearth
bowed deeply and said “Yes, Sir, of (e) furniture : polish
course” wherever I requested 33. GEIGER COUNTER:
anything (a) tall RADIATION
(b) incumbent (a) filament : light
(c) malingering (b) chronometer : colour
(d) obsequious (c) odometer : waves
(e) obscurantist (d) thermometer : heat
26. Seeing the picture of one’s old (e) barometers : electricity
school made as one feel ……….. 34. AIRPLANE : HANGER
and nostalgia (a) ship : channel
(a) daft (b) fastidious (b) jet : runway
(c) wistful (d) famous (c) helicopter : pad
(e) impartial (d) motorcade : sidecars
27. Jide looked harmless, but there (e) car : garage
was nothing …… about his plan to 35. MARSUPITAL : KANGAROO
blow up the building (a) rodent : squirrel
(a) terse (b) innocuous (b) fish : whale
(c) mendacious (d) nominal (c) opossum : hare
(e) terrible (d) unicorn : lion
28. We felt repeatedly……… by (e) carnivore : herbivore
the impersonal and inflexible 36. COBBLER : SHOES
bureaucracy in our attempt to win (a) mechanic : car
an exemption to the rule. (b) carpenter : saw
(a) vindicated (b) deluged (c) painter : easel
(c) stymid (d) reiterated (d) spy : plans
(e) devailed (e) interrogations : questions
29.Irene’s ………..cure for her 37. PROPITIATE : APPEASE
husband’s snoring was a paper bag (a) disturb : agitate
tied snuggly around his head. (b) inaugurate : terminate
(a) agnostic (b) congenital (c) profess : vindicate
(c) extimistic (d) ingenious (d) mollify : incite
(e) ingenious (e) renovate : raze
30. I made a (n) ……… effort to 38. ASSURANCE : PEAR
repair the leak, but my improvised (a) opiate : pain
patch did not hold it. (b) insurance : premium
(a) vindictive (b) tentative (c) cigarette : cough

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(d) confidence : man

(e) narcotic : drug
39. PRIDE : LION
(a) berry : quail
(b) lair : bear
(c) fish : mirrow
(d) flag : banner
(e) angel : symbol
Each question below consists of a
word in capital letters followed by
five lettered words. Choose the
word or phrase that is most nearly
opposite in meaning to in capital
letters.
40. CAUCHE :
(a) righteous (b) measured
(c) merry (d) tactful
(e) indignant
41. HEINOUS:
(a) loquacious
(b) multifarious
(c) limited (d) noble
(e) arterial
42. SCANTY:
(a) clean (b) outer (c) profuse (d)
serious (e) remodeled
43. INNUENDO:
(a) novel thought (b) direct
accusation (c) primary cause (d)
unwarranted attach
44. INCENSE:
(a) deflate (b) calm
(c) perfume (d) frighten
(e) disable
45. HARMONIOUS:
(a) incompetent (b) basic
(c) quaelsome (d) remote
(e) unceremonious.

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UNIVERSITY OF LAGOS
M.Sc. FINANCE QUALIFYING EXAMINATION

ECONOMICS
1.The debt rescheduling between Nigeria and the Paris Club of Creditors has been
criticized by the Nigeria Accounts (ICAN) on the basis that the interest by the creditors
on the rescheduled loan is too high.
(a) 5.5% (b) 8.7% (c) 10.5% (d) 12.2%

2.The cumulative debt service payment of Nigeria as at October 2003 has put by the Debt
Management Office at some
(a) S20.08bn (b) S33.29bn (c) S21.91bn (d) S10.84bn

3.The most important argument against the deregulation of Nigerian downstream oil
sector is that
(a) It will lead to higher prices of petroleum products.
(b) It will lead to higher prices of all products in the Nigerian economy
(c) It will lead to the emergence of Petroleum prices that are not competitive with prices
in other countries
(d) Given the average wage rate in Nigeria the rise in prices of all products in Nigeria as a
result of deregulation of the oil sector will lead to lower standard of living

4.Which of the following is not an advantage globalization from the standpoint of a

developing economy
(a) Lower cost of capital as a result of increased competition
(b) Better corporate governance culture
(c) Drain of skilled manpower from poorly paid environment to better paid environment
(d) Better fiscal discipline

5.The monopolist is a producer

(a) That fixes the price and quantity of his product the way he likes
(b) that can fix the price of his product but then cannot cannot fix his quantity
(c) That can fix the quantity of his product and manipulate the market to settle at a high price
(d) Better fiscal discipline

6.The supposed advantage of a floating exchange rate system the kind that Nigeria is using is
that
(a) It allows exchange rate to be determined by the forces of demand and supply, given that
exchange rate is a price.
(b) It allows an economy to be insulated from shocks and other macroeconomic phenomena in
other countries
(c) It allows a given country to enjoy autonomy in its design and pursuit of monetary and fiscal
policies
(d) All of the above
7.For any economic there is a macroeconomic policy trilemma that must be resolved. Which of
the following statements does not express the trilemma.

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(a) Once the country allows free capital mobility across its borders, and allows free or floating
exchange rate system then it automatically loses autonomy over its monetary and fiscal policies
(b) Once a country decides to retain autonomy over its monetary and fiscal policies and also
allows free capital mobility across its borders must be controlled
(c) Once a country opts for a freely floating exchange rate system and free capital mobility, it
then has to sit firmly in control of its monetary and fiscal policies

8.The African Economic Community Treaty was signed in Abuja in 1991. The streams given for
this move does not include
(a) To engender increased competition for promotion of efficiency
(b) To take advantage of economies of scale in production
(c) To take advantage of economies of scale in consumption
(d) To evolve a single currency for the region

9.The newly created Bank of Industry is a merger of

(a) The Peoples Bank of Nigeria , the Nigerian Industrial Development Bank and the Nigerian
Bank for Commerce and Industry
(b) The Nigerian Industrial Developmental Bank The Nigerian Agricultural and Cooperative
Bank and The Nigerian Bank for Commerce and Industry
(c) The Peoples Bank, The Nigerian Agricultural and Cooperative Bank and the Nigerian Bank
for Commerce and Industry
(d) The Nigerian Industrial Development Bank, The Nigerian Bank for Commerce and Industry
And the National Economic Reconstruction Fund

10.Two major fears of developing countries concerning globalization are

(a) that the cost of policy errors could be quite high and that government could lose autonomy
over macroeconomic policy
(b) that there could be dumping of goods from developed countries and loss of tariff revenue and
domination of domestic firms by foreigners
(c) that there could be loss of tariff revenue and domination of domestic firms by foreigners
(d) that infant industries would die and constant social unrest as a result of the demise of infant
Industries will ensue

11.Economics have found that for the Nigerian economy there is no correlation between
government’s fiscal deficit and the GDP, The implication of this is that
(a) Government’s expenditure is largely for financing the bureaucracy
(b) Government’s expenditure is largely for imports
(c) Government’s expenditure is largely unproductive
(d) Government’s expenditure is largely for National Assembly

12.Perfect competition is a market situation typified by

(a) Free exit and free entry of firms as well as keen struggle for market share
(b) Keen struggle for entry, keen struggle for market share and free exit
(c) Price-taking behaviour, free entry and free exit from the country
(d) Price-taking behaviour of firms, keen struggle for entry, free exit

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13.The classical model of the macro-economy hinges rigidly on full-employment. Full

employment is possible in the classical system because
(a) Prices, wages and interest rates are all fully flexible
(b) Prices , wages and interest rates are all fully flexible
(c) Prices, output, and employment are flexible upwards
(d) Prices, wages and interest rates are rigid downwards

14.Which of the following is not a major grouse of the Keynesians against the classical’s
framework
(a) That decisions to save and to invest are taking by different classes of people and hence saving
need not be equal to investment
(b) That saving is a function of income and not just of interest rates
(c) That given trade union activities, wages tend to be rigid downwards
(d) That demand for money is a function of income

15.The paradox of thrift maintains that in a closed economy

(a) the more households save the greater the level of income
(b) the more households save the less the level of income
(c) the more households save the higher the level of capacity utilization in industry
(d) the more households save the greater the level of investment

16.The quantity theory of money maintains that the price level moves rigidly with money supply
or the quantity of money because
(a) the level of output is fixed (given full employment ( and the velocity of circulation is also
fixed, by habit
(b) the level of output is flexible while the velocity of circulation of money is fixed by habit.
(c) the velocity of circulation of money is moved rigidly with changes in money supply while the
level of output is fixed
(d) None of the above

17.Economic theory says that when a country adopts an interest rate regime that is higher than
that of its leading partners there will be increased flow of funds into such country and its
exchange rate will appreciate. Nigeria has followed this prescription yet its exchange rate has not
appreciated. This is because
(a) Nigerian securities are not perfect substitutes for foreign ones as theory assumes
(b) Beyond return securities other factors influence an investor’s decision to take his funds to a
particular country
(c) Some other factors obtainable in the countries where the theory evolved from are not present
in Nigeria
(d)All of the above

18.The concept of money illusion maintains that

(a) if you increase peoples’ wages and also increase prices they feel poorer
(b) if you increase peoples’ wages though prices are increasing they still feel richer
(c) if you increase peoples’ wages and leave prices as they were, the people feel the same as
before the rise in wages

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(d) None of the above

19.The IS curve is the locus of all equilibrium points between saving and investment at
(a) different levels of income and interest rates
(b) different levels of money supply and income
(c) different levels of employment and interest rates
(d) different levels of employment and output

20.The marginal propensity to consume is

(a) the rate of increase of consumption
(b) the desire to purchase consumer goods
(c) the proportion of increased income desired for the purpose of increasing consumption
(d) the propensity to consume a little at a time

21.Equilibrum gross national product (GNP) is described by all but one of the following
(a) the intersection of the C + 1 line with the 45-degree line
(b) the intersection of the Savings Schedule with the Investment Schedule
(c) when intended investment equals actual investment
(d) when actual investment equals actual savings
(e) when the total of consumers’ outlay equals the total of producers’ cost outlay to the factor of
production

22.Devaluation can be defined as

(a) the reduction in the value of a currency in terms of gold or foreign currencies
(b) an increase in the price of imports and import-substitutes
(c) a situation when the actual rate of exchange is above the equilibrium rate that would exist in a
free market economy
(d) the introduction of Structural Adjustment Programme

23.The most important characteristic of money which is not shared by other quasi-money is that
it is
(a) durable
(b) scarce
(c) generally acceptable
(d) stable in value

24.The legal definition of money is unsatisfactory for economic analysis because

(a) individuals do differ in what they view as legal tender money
(b) legal tender money does not perform the functions of money
(c) economists disagree with the legal tender definition of money
(d) law has no business in the economic analysis of money

25Which of these would have the greatest degree of moneyness and still not be considered as
legal money?

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(a) currency notes and coins

(b) time deposits
(c) demand deposits
(d) treasury bills

26.The Fisherian equation of exchange can be interpreted as an

(a) equation relating the value of domestic and foreign currencies
(b) equation stating that expenditures on output must be equal to the value of output
(c) identity equation that is only valid if the economy is producing at full-employment level
output
(d) explanation of what determines the level of consumer purchases

27.The transaction demand for money

(a) usually falls as income is falling
(b) is a function of the level of interest rate
(c) deals with the issue of contingencies which an individual faces in conducting his/her business
transactions
(d) was first identified by Keynes

28.The Naira and kobo currency used in Nigeria for economic transactions is the liability of
(a) the Federal Ministry of Finance
(b) the Nigerian Security Printing and Minting
(c) the Central Bank of Nigeria
(d) all of the above

29.A major asset item of commercial banks’ balance sheets in Nigeria is

(a) deposit account deposits
(b) government securities
(c) furniture, fixture and fittings
(d) loans and advances

30.Central banks in developing countries perform a unique function of

(a) facilitating economic growth and development
(b) promoting development and economic stability
(c) controlling and regulating the activities of other financial institutions
(d) leading at “last resort” to banks in difficulty

31.Commercial banks differ from all other financial institutions because

(a) they are the safest institutions in which the community’s savings can be kept
(b) they are specialists in short-term loans
(c) they are the only institutions that provides an acceptable medium of exchange other than
currency in any economy
(d) they have the largest network of branches

32.One of these is NOT a specific function of the money market to the economy
(a) providing a forum for organized dealing in short-term assets between lenders and borrowers

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(b) providing an outlet for the localization of domestic investments and the attraction of foreign
one
(c) providing a potential avenue for increasing employment and earning opportunities as well as
for acquiring sophisticated skills in financial dealings
(d) providing an opportunity for government to borrow to meet its long-term financing needs

33.All but ONE of these groupings contain some of the marketable instruments traded on the
Nigerian money market in their order of decreasing liquidity
(a) treasury bills; call money; certificates of deposit; treasury certificate and eligible development
stocks
(b) call money; treasury bills; treasury certificates; certificates of deposits; and eligible
development stocks
(c) call money; treasury bills; treasury certificates of deposits; and eligible development stocks
(d) treasury bills; certificate of deposits; call money; treasury certificates and eligible
development stocks

34.Another term for the financial assts issued by financial intermediaries to the surplus economic
units is
(a) secondary units
(b) derivative securities
(c) primary securities
(d) marketable securities

35.The maximum quantity of deposits which a bank can create depends on

(a) the total amount of reserve assets in the economy
(b) the amount of reserve assets in the banking sector only
(c) the legal reserve requirement for banks
(d) the amount of reserve assets in the banking sector and the economy as whole

36.The money multiplier is generally believed to respond to the portfolio decisions of

(a) commercial banks only
(b) commercial banks and government
(c) government, public and commercial banks
(d) non-banking sector and government

37.A country which has a surplus in her balance of payments can restore its equilibrium using
all but one of the following ways
(a) grant loans to other countries
(b) invest abroad
(c) use it to pay her foreign loans, if any
(d) accumulate more foreign exchange by exporting more

38.Balance of payments disequilibrium is regarded as a monetary phenomenon by Johnson

because
(a)it arises due to foreign payments exceeding foreign receipts

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(b) it is a consequence of credit expansion

(c) it arises mainly through the power of the monetary authorities to create money which is not
backed by international currencies
(d) of government’s pursuit of contradictory economic goals

39.Temporary balance of payments disequilibrium can be finance by all but one of the following
methods
(a) drawing down a country’s gold reserves
(b) borrowing from the International Monetary Fund
(c) borrowing from friendly Overseas countries
(d) depreciation of the domestic currency

40.In the Keynesian version of the demand for money, the effect of an increase in the rate of
interest is to cause a fall in the market price of an old issue of bonds because
(a) the rational expectation of investors is that the rate of interest will fall in the future
(b) the future is so unpredictable that it pays them more to sell off the old issue of bonds
(c) rational investors would prefer to buy the new issue of bonds which are likely to cost the
same as the old but yield a higher return
(d) most investors will prefer to adopt a “wait and see” attitude.

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MATHEMATICS

1. Calculate the mode for the following data set: 0.011, 0.01, 0.011, 0.01, 0.01,
0.011, 0.01, and 0.01

A. 0.011 B. 0.01 C. 0.0105 D. 0.011&0.1 E. No mode

2. The weights of 5 women are 60 kg, 62 kg, 65 kg. 68 kg and 79 kg. From which
of the following weights is the sum of the squared deviation minimum?.

A. 59kg B. 60kg C. 61kg D. 68kg E. 72kg

3. In how many ways can 3 Americans, 4 Frenchmen, 4 Danes and 2 Italians be

seated in a row so that those of the same nationality sit together?

A. 82944 B. 124000 C. 285888 D. 165888 E. 345000

4. A student is to answer 8 out of 10 questions in an examination. How many

choices have the students?

A. 1814400 B. 45 C. 135 D. 120 E. 90

5. A class contains 9 boys and 3 girls. In how many ways can a committee of 4
students be formed if the committee must contain at least one girl?

A. 369 B. 495 C. 252 D. 120 E. 240

6. A machine is used to paint a white line on a road. The operator estimates that he
has painted an area of 300m2. If the width of the line is 12cm, what length in
meters has he painted?

A. 25m B. 2500m C. 250m D. 2.5m E. None of the

above

7. A square and a rectangle have the same area. The length of the rectangle is 4/5
the side of the square, and its breadth 5cm shorter than the sides of the square.
What is the area of the square?

A. 400m2 B. 20m2 C. 200m2 D. 2m2 E. None of the above

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8. Simplify 2x-x2 - 3x2 - x4

X x2
A. X(x-1) B. x(x-1)-1 C. x(x+1) D. x(x+1)-1 E. None of the above

9. In a room, the ratio of the length to breadth to height is 11:8:6. If the breadth is
12m, find the height.

A. 9m B. 16.5m C. 16.5m D. 90m E. None of the

above

10. A contract for laying 400m of drain pipe requires 24 men working for 20days.
What length of the pipe would be laid by 30men in 18 days?

A. 333.33m B. 33.33m C. 450m D. 45m E. None of

the above

ENGLISH
Fill in the missing gaps with the appropriate meaning in each of the following cloze
passage:

The Central Bank of Nigeria (CBN) governor was correct in expressing the need for the
nation to critically look at what to do with the huge level of idle funds in the banking and
other ___48____ system to ensure they are utilized in the power sector. This will
improve our global _____49___, by bringing the cost of production down and
encouraging higher capacity utilization and new ______50_____ deployment. This will,
in turn, increase the level of employment as a whole. However, the first issue is, where
are the _____51____ funds and what is limiting their utilization? The first thing we need
to deal with is the legal ______52____ for investment activities as it bears on the flow of
money from the local investment market to the sector, given its peculiarities. We need to
look at the law setting up the pension funds _____53______, the security and exchange
investment laws and the new sovereign wealth law. It is an emerging sector with
substantial ______54______ associated with new opportunities and investments. The
sector also has a _____55____ business outlook with the associated huge capital
expenditure and operating expenditure in its structure. The CBN itself possibly needs to

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look at its single obligor and other limits on the lending activities to encourage banks to
get more daring with their involvement with the sector. A special issue of
_____56_____ dedicated to providing funding for the sector single buyer or the
______57_____ developers.

A B C D

48. Financial Building Educational Religious

49. System Finance Purpose Competitiveness

50. Capability Capacity Employment Schematic

51. Usable Monetary Idle Financial

52. Framework Presentation Show Demonstration

53. Tussle Posting Plan Schemes

54. Ilk Scheme Risk Evidence

55. Seat-driven Volume-driven Sector-driven Air-driven

56. Banks Holdings Stakes Bonds

57. Licensed Building Engineering Law

GENERAL PAPER
1. How many registered political parties are currently in Nigeria?

A. 50

B. 63

C. 45

D. 53

2. When was the wife of the acclaimed winner of the June 12, 1993 Presidential Election in
Nigeria killed?

A. 1996

B. 1997

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C. 1995

D. 1998

3. One of the following options is in charge of state electoral affairs in each state of the Nigerian
Federation

A. Resident electoral officers

B. Electoral Commissioners

C. Returning officers

D. State chairmen

4. The winner of the investor’s Best Financial Reporting Company for 2011 was

A. United Bank for Africa

B. Zenith Bank Plc

C. First Bank of Nigeria Plc

D. Union Bank Plc

5. Oil was first discovered in Oloibiri in ……………………………..

A. River state

B. Delta state

C. Bayelsa state

D. Cross-River state

6. The firsts Nigerian constitutional conference was held in …………………………..

A. 1956

B. 1957

C. 1958

D. 1954

7. The current governor of Kebbi State is …………………………………..

A. Saidu Dakingari

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B. Aliyu Wamakko

C. Yari Abubakar

D. Ibrahim Shema

8. The slogan for Zamfara state is…………………………………..

A. Home of peace and tourism

B. Home of peace

C. Home for all

D. Home of Agricultural products

9. The second republic governor for second term in Kwara state was……………………………….

A. Alhaji Adamu Atta

B. Alhaji Abubakar Saraki

C. Alhaji Shaaba Lafiagi

D. Chief Cornelius Adebayo

10. The member representative for Ekiti Central Federal Constituency 1

A. Ojo Oyetunde

B. Bamidele Faparusi

C. Opeyemi Bamidele

D. Bimbo Daramola

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