Economic growth is different from economic development because economic growth
- A. describes expansion and changes
- B. is measurable but not objective
- C. describes expansion and not change
- D. is not measurable but objective
Utility is the satisfaction derived from?
- A. production
- B. distribution
- C. consumption
- D. demand
One of the major criticism of the 1962 -1968 National Development Plan was that?
- A. it failed to incorporate lessons gained from earlier plans to enhance its efficiency
- B. it came too quickly after the country's independence
- C. planned expenditure was based too heavily on expected earnings from crude oil
- D. its execution was based largely on foregn-sourced financial resources
A major effect of a long distribution chain is
- A. scarcity of commodities
- B. high retail
- C. low retails prices
- D. low producer earnings
Crude petroleum is a good example of a
- A. lasting asset
- B. wasting asset
- C. synthetic product
- D. costless resources
One of the techniques of monetary control used by the central bank of Nigeria is
- A. selective credit control
- B. budget deficit
- C. foreign exchange control
- D. monitoring the general price level
The Economic Commission for Africa was set up by the?
- A. UNO
- B. ECOWAS
- C. OAU
- D. IMF
The use of legally permissible means to reduce tax liabilities is known as tax?
- A. evasion
- B. avoidance
- C. relief
- D. exemption
The most important attribute of money is?
- A. homogeneity
- B. relative scarcity
- C. divisibility
- D. general acceptance
When a country’s population is experiencing increasing returns, that country is said to be?
- A. overpopulated
- B. economically poor
- C. over-producing goods and services
- D. under-populated
Plywood industries are often located near the source of?
- A. finance
- B. labour
- C. power supply
- D. raw materials
The most important goal of OPEC is to?
- A. present a united front for the purpose of raise prices of crude oil
- B. bring unity among the petroleum exporting countries
- C. ensure political stability among member states
- D. ensure that rules on quota production are strictly followed
In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?
- A. lack of an effective agricultural policy
- B. employment opportunities in the agricultural sector
- C. rural-urban drift
- D. low prices of agricultural products
The factor of production that has the highest degree of mobility is?
- A. land
- B. labour
- C. capital
- D. entrepreneur
The problem of conducting census include
- A. high rate of rural-urban migration
- B. poor geographical distribution of population
- C. high birth rate in the country
- D. poor town planning in urban areas
A situation in which a commodity is sold abroad below its cost of production in the home country is known as?
- A. dumping
- B. counter trade
- C. bilateral trade
- D. trade liberalization
Firms are often set up close to each other in order to take advantage of?
- A. supply of skilled labour
- B. agglomeration economies
- C. internal economies of scale
- D. external economies of scale
A company’s expenditure on raw materials is regarded as?
- A. explicit cost
- B. implicit cost
- C. prime cost
- D. average cost
The type of business finances that entitles the holder to a fixed rate of dividend is?
- A. preference stock
- B. common stock
- C. debentures
- D. bank loan
Fiduciary issue is that part of?
- A. the issue of notes backed entirely by gold
- B. a country's currency that is not negotiable
- C. the issue of notes not backed by gold
- D. a country's currency officially issued
The relationship between tax rate and income which is relevant to a proportional tax is depicted by?
- A. curve Z and Y
- B. curve X
- C. curve Z
- D. curve Y