The velocity of money is represented as
- A. \(\frac{\text{Money supply}}{\text{Real GDP}}\)
- B. \(\frac{\text{Real GDP}}{\text{Money supply}}\)
- C. \(\frac{\text{Nominal GDP}}{\text{Money supply}}\)
- D. \(\frac{\text{Real GDP}}{\text{Nominal GDP}}\)
if \(\bar{x}\) = 6 and N = 6, determine the value of ∑fx
- A. 36
- B. 12
- C. 1
- D. 72
The percentage of working population in 2002 is?
- A. 50%
- B. 25%
- C. 8%
- D. 80%
What is the population growth rate in 2003?
- A. 33.3%
- B. 20.0%
- C. 11.0%
- D. 50%
The amount of labour hired depends on the
- A. number of skilled labour available
- B. skill of labour
- C. marginal productivity of labour
- D. price of the inputs
The choice of the method of production in an economy is determined by the
- A. level of technical know-how
- B. rate of propulation growth
- C. availability of natural resources
- D. level of income
One of the objectives of ADB is to
- A. provide subsidies on imported goods to member countries
- B. mobilize short-term loans for member countries
- C. promote economic and social development of member countries
- D. provide technical assistance to only poor member countries
If Nigeria imports vehicles from Japan the transaction will appear as a
- A. debit on Japan's balance of payments
- B. credit on Japan's balance of payments
- C. credit on Nigeria's balance of trade
- D. credit on Nigeria's balance of payment
The primary motive for an individual engaging in production is to
- A. make profit
- B. satisfy basic human wants
- C. redistribute wealth
- D. put inputs into use
One of the characteristics of free trade zone is
- A. common tariff against non-member countries
- B. different trade policies of non-member countries
- C. free factor mobility within the zone
- D. harmonized trade among member countries
The maximum number of shareholders for a limited liability company is
- A. twenty
- B. five
- C. seven
- D. infinite
A disadvantage of Nigeria’s dependence on imported petroleum products is the
- A. instability in the demand for the products
- B. dominance of multinational firms
- C. instability in the supply of the product
- D. poor maintenance of the refineries
In developing countries, governments influence the location of industries in order to
- A. spread development
- B. redistribute wealth
- C. encourage enterpreneurs
- D. encourage industries to earn high profits
Localization of industries refers to the
- A. spread of firms producing different products
- B. siting of industries near the market
- C. concentration of firms of an industry
- D. siting of firms producing different products
The ultimate aim of agricultural policies in Nigeria is to achieve
- A. food sufficiency
- B. industrialization
- C. full employment
- D. industrial capacity utilization
Government can boost agricultural output in Nigeria primarily by
- A. embarking on buffer stock programmes
- B. placing embargo on food importation
- C. granting subsidies on farm inputs
- D. placing farmers on monthly income
The ultimate aim of agricultural policies in Nigeria is to achieve?
- A. food sufficiency
- B. industrialization
- C. full employment
- D. industrial capacity utilization
National development plans in Nigeria fail mainly because of
- A. overdependence on foreign aids
- B. inadequate funding of projects
- C. poor implementation strategies
- D. shortage of skilled manpower
A strategy for curbing unemployment is to
- A. implement government stabilization policy
- B. increase taxes and decrease government expenditure
- C. increase government expenditure and decrease taxes
- D. ensure even distribution of job opportunities
In Nigeria, the huge public debt is as a result of
- A. balanced budgeting
- B. deficit budgeting
- C. surplus budgeting
- D. zero budgeting
One of the functions of commercial banks is
- A. maintaining stable price in the economy
- B. regulating monetary policies
- C. granting loans to customers
- D. issuing bank notes and coins