Determine the average product of the 4th unit of capital
- A. 53
- B. 86
- C. 212
- D. 213
The marginal product of the 5th unit of capital is
- A. 42
- B. 85
- C. 144
- D. 213
If the contribution of the oil sector is N3.6 million, what is the contribution of the other sectors?
- A. N10.8 million
- B. N7.2 million
- C. N3.6 million
- D. N2.4 million
The percentage contribution of the transport sector is:
- A. 600.0
- B. 166.7
- C. 60.0
- D. 16.7
When workers have a union, the supply of labour is said to be
- A. monopolistic
- B. oligopolistic
- C. monopsonistic
- D. competitive
The mobility of labour is mainly determined by
- A. the age of workers
- B. government policy
- C. trade unions
- D. wage rate differentials
Occupational distribution of population determines the
- A. size of a population available and willing to work
- B. population density of a place
- C. dependency ratio of a country
- D. size and categories of the labour force
High dependency ratio is influenced by
- A. high infant mortality rate
- B. the level of income
- C. high birth rate
- D. inadequate medical care for children
Activities in the oil and gas industry are classified into
- A. oil exploration and distribution
- B. refining and marketing of finished products
- C. upstream and downstream
- D. exploration and drilling
The current industrial development strategy in Nigeria is aimed at encouraging
- A. small-scale industries
- B. medim-scale industries
- C. small-and medium-scale industries
- D. medium-and large-scale industries
Industries for consumer goods are concentrated in urban centers as a result of
- A. large market
- B. power supply
- C. government policy
- D. weather conditions
In Nigeria, the location of a steel industry at Ajaokuta is due to
- A. the availability of transport ntwork
- B. the proximity to source of power
- C. the proximity to large deposits of iron ore
- D. political consideration
To enhance the competitiveness of domestic agricultural products, there is need to
- A. ban the importation of a agricultural products
- B. increase the exportation of agricultural products
- C. improve the quality of domestic agricultural products
- D. increase the output of domestic agricultural products
The marketing of agricultural products in Nigeria can be improved by
- A. a massive production of farm produce
- B. re-establishing the marketing boards
- C. establishing more agricultural banks
- D. processing of farm produce
A public liability company is run on a daily basis by
- A. the chief executive
- B. the shareholders
- C. the board of directors
- D. financial consultants
The major problem confronting a sole proprietor is
- A. high level of risk
- B. limited expertise
- C. limited source of capital
- D. high taxation
An important function of the World Bank is to
- A. provide short-run loans to members
- B. encourage trade between members
- C. promote capital-intensive production
- D. provide long-time loans to members
Guided deregulation as currently practised in Nigeria implies that
- A. market force determine interest and exchange rates
- B. government alone determines interests and exchange rates
- C. market forces and government determine interest and exchange rates
- D. exchange rate is regulated while interest rate is fixed
Dumping in international trade means selling a goods at a
- A. higher price at home than abroad
- B. lower price at home than abroad
- C. price that equates marginal cost with marginal revenue
- D. price above marginal cost abroad
According to the theory of comparative advantage specialization will result in
- A. labour-intensive method of production
- B. capital-intensive method of production
- C. efficient allocation of resources
- D. efficient distribution of output
The major reason why countries strive to achieve optimum growth is to
- A. be self-sufficient
- B. raise general living standards
- C. raise the level of production
- D. reduce aggregate expenditure