From this diagram, the minimum wage OW will lead to
- A. full employment of resources
- B. unemployment
- C. inflation
- D. full employment of factors of production
To move from point M to K, the consumer has to increase the
- A. consumption of X and reduce the consumption of Y
- B. expenditure on Y
- C. expenditure on X
- D. consumption of Y and reduce the consumption of X
From the above, calculate the price elasticity of demand
- A. 5.0
- B. 2.0
- C. 1.0
- D. 0.5
If the GDP is N60 billion, what is the difference between the contributions of oil and manufacturing sectors?
- A. N11.7 billion
- B. N13.3 billion
- C. N21.7 billion
- D. N26.6 billion
The percentage contribution of Agricultural sector is
- A. 67.5
- B. 40.0
- C. 32.4
- D. 25.0
The reward on machinery and equipment in the process of production is known as
- A. profit
- B. interest
- C. rent
- D. wages
One of the functions of ECOWAS is to
- A. provide funds for infrastructural development
- B. determine prices of exports
- C. redistribute income among citizens
- D. provide employment for citizens of member nations
A deficit balance of payments is measured by subtracting the debits from the credits in the
- A. current account
- B. current and capital accounts
- C. current and escrow accounts
- D. capital and escrow accounts
In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population
- A. 10
- B. 20
- C. 30
- D. 50
The Malthusian theory was concerned about the relationship between
- A. population growth rates of the rich and the poor nations
- B. population density and national income
- C. population growth rate and natural resources
- D. age distribution of population
A policy aimed at enhancing globalization of the Nigerian economy is
- A. indigenization
- B. dereglation
- C. commercialization
- D. privatization
Long-term funds for investment projects are sourced from the
- A. money market
- B. commodity market
- C. foreign exchange market
- D. capital market
A change in the pump price of petrol in Nigeria has a direct effect on the
- A. prices of consumer goods
- B. prices of essential goods
- C. cost of raw materials
- D. cost of transportation
An important contribution of small-scale industries to the Nigerian economy is in the area of
- A. technological development
- B. foregin exchange earnings
- C. raw materials processing
- D. labour employment
A sugar industry is best located near the source of
- A. labour
- B. raw materials
- C. power
- D. capital
A strategy for improving agriculture in Nigeria will involve
- A. controlling the prices of agricultural products
- B. ensuring self-sufficiency in food production
- C. reducing agricultural exports
- D. establishing commondity boards
An emerging agricultural export crop in Nigeria is
- A. cassava
- B. cotton
- C. cocoa
- D. soya beans
The primary reason for desiring economic growth is to
- A. control inflation
- B. reduce poverty
- C. redistribute income
- D. raise standard of living
Rapid economic development in Nigeria is realizable by
- A. continuous dependence on oil
- B. concentrating more on agriculture
- C. developing the tourism industry
- D. diversifying the economy
A huge national debt is an indication that the gold reserves of a nation has
- A. appreciated
- B. decreased
- C. depreciated
- D. stagnated