A major reason for having national development plans is to
- A. ensure efficient use of available resources
- B. involve people in national programmes
- C. make government spend more on production
- D. ensure that more citizens are involved in planning
The number of shareholders in a private limited liability company ranges from
- A. two to seven
- B. two to three
- C. two to fifty
- D. two to twenty
The tax levied on goods and services at each stage of production is
- A. surtax
- B. VAT
- C. ad valorem tax
- D. PAYE
The excess of aggregate expenditure over full employment level of output is referred to as
- A. GNP gap
- B. deflationary gap
- C. inflation gap
- D. recessionary gap
If budget deficits are financed by borrowing, the crowing-out effect can be offset by an increase in
- A. government expenditure
- B. savings
- C. interest rates
- D. exchange rates
When the importation of a commodity is limited to a definite quantity, the trade control means used is known as
- A. exchange control
- B. tax relief
- C. devaluation
- D. quotas
The European Union was formed to
- A. promote free trade within member nations
- B. promote economic integration in non-member countries
- C. assist countries to achieve their economic goals
- D. finance development projects in member nations
A country is said to have absolute advantage when she
- A. has a higher opportunity cost in the production of a good
- B. can sell to other countries without buying from them
- C. can produce more of any good with fewer resources
- D. has a lower opportunity cost in the production of good
Fiscal policy is the government’s plan to control aggregate demand by manipulating
- A. the demand and supply of money
- B. revenue and expenditure
- C. tastes and preferences of consumers
- D. the structure of production and employment
The difference between birth and death rates of a given population is referred to as the
- A. mortality rate
- B. fertility rate
- C. natural growth rate
- D. linear growth rate
Government’s involvement in agricultural business in Nigeria is most manifested in the
- A. establishment of farm settlements in each state of the federation
- B. establishment of credit guarantee scheme for small-scale farmers
- C. formation of farmers' cooperative societies
- D. procurement and distribution of fertilizers
The labour force in Nigeria falls between the ages of
- A. 18 and 45
- B. 18 and 55
- C. 18 and 30
- D. 18 and 60
Import duty concessions on the industrial inputs directly benefit the
- A. consumers
- B. external sector
- C. commercial sector
- D. manufacturers
The marketing of agricultural commodities in Nigeria is hampered by
- A. lack of adequate storage facilities
- B. the existence of farmers' associations
- C. the existance of commodity exchange
- D. the abolition of marketing boards
Maximum wage legislation seeks to
- A. fix wages above the equilibrium wage rate
- B. set wages below the equilibrium wage rate
- C. deter employers from exploiting their employees
- D. ensure an upper limit to the wages payable
A major cause of the slow pace of industrialization in Nigeria is inadequate
- A. raw materials
- B. landmass
- C. skilled labour
- D. communal labour
The purpose of conducting a census is to enable a country to
- A. plan her capital inflow and outflow
- B. determine the optimum level of population
- C. determine the growth rate of population
- D. plan her growth and development
The movement of goods and services from the producers to the consumers is referred to as
- A. external trade
- B. the distribution chain
- C. the circular flow
- D. consumption
The downstream activities of oil companies in Nigeria involve
- A. refining and distribution
- B. prospecting and exploration
- C. off-shore drilling
- D. management of spillage and pollution
The distinction between perfect competition and monoplistic competition is that the latter is characterized by
- A. a single market price
- B. many buyers and sellers
- C. product differentiation
- D. homogeneity of product
GDP differs from GNP because GDP
- A. is inclusive of depreciation
- B. emphasizes the final goods and service produced within the country at a particular period
- C. emphasizes the goods and services within the country
- D. emphasizes the market value of all final goods and services produced by nationals