What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
- A. Availability of labour in the area
- B. Availability of power
- C. Nearness of raw material
- D. Access to transport facilities
A good measure of the standard of living usually used for international comparison is_______
- A. Per capita income (PCI)
- B. Gross national product (GND)
- C. Net national income (NNI)
- D. Gross domestic product (GDP)
The PAYE ( Pay As You Earn) in Nigeria is an example of ______
- A. Flat rate Tax
- B. Community tax
- C. Regressive tax
- D. Progressive tax
Use the table below to answer the question below;
The international production set for Nigeria and Austria is;
| Products | Nigeria | Austria |
| Cocoa | 20 tonnes | 12 tonnes |
| Lace | 1o metres | 8 metres |
From the table, it can be deduced that_______
- A. Nigeria should produce cocoa and lace
- B. Nigeria can benefit from producing lace only
- C. Austria should produce lace and Nigeria should produce cocoa
- D. Austria should produce cocoa and lace
Use the table below to answer the question below;
The international production set for Nigeria and Austria is;
| Products | Nigeria | Austria |
| Cocoa | 20 tonnes | 12 tonnes |
| Lace | 1o metres | 8 metres |
The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______
- A. 1.5:2
- B. 2:2
- C. 2:1.5
- D. 0.5:1.5
Oligopoly means _________
- A. single buyer in the market.
- B. few buyers in the market.
- C. few sellers in the market
Which of the following countries is not a member of the Economic Community of West African States?
- A. Sudan
- B. Gambia
- C. Togo
- D. Nigeria
Which of the following sets fully represents factors of production?
- A. Sunlight, machinery, man, land
- B. Land, water, weather
- C. Money, market, middlemen
- D. Land, labour, capital, enterprise, technology
Palm oil industry is located in Old Bendel State because the state______
- A. Land is suitable for oil
- B. Is a palm tree growing area
- C. Soil is unsuitable for other crops
- D. Imports raw materials for palm oil industry
In a sole proprietorship, the decisions are made by the ______
- A. Government
- B. Management
- C. Owner
- D. Board of Directors
Retailers in an economy perform the function of ______
- A. Distribution.
- B. Exchange
- C. Investment
- D. Production
Petroleum ‘glut’ in international trade means______
- A. Higher prices for the Consumption of petroleum.
- B. An Oversupply of petroleum.
- C. A fall in in petroleum production.
- D. A higher petroleum price offered by the buyer.
Mono production economies are those that____
- A. Produce one main commodities
- B. Have a rich cultural heritage.
- C. Specialize in agricultural industries.
- D. Produce only raw materials.
Full employment is a situation in which _______
- A. Every adult is employed.
- B. Only the disable are not employed.
- C. All adults who can work are employed.
- D. All those who are able and eligible can find employment
Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________
- A. Monopoly
- B. Oligopoly
- C. Monopolistic competition
- D. Perfect competition
| Units of Quality Consumes | Total Utility | Marginal Utility |
|
0 1 2 3 4 5 |
– 10 15 17 18 18 |
– 10 5 2 1 0 |
This table illustrates the law of _________
- A. Increasing returns
- B. Diminishing returns
- C. Diminishing marginal utility
- D. Increasing total utility
The petro-chemical industries are located in Rivers State of Nigeria due to ________
- A. Coal deposit
- B. Palm oil products
- C. Favourable soil
- D. Oil deposits
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________
- A. 100 days
- B. 30 days
- C. 90 days
- D. 14 days
A firm is at its optimum size when ___________
- A. It has a motive to increase output
- B. It produces the greatest output at a minimum cost
- C. Marginal cost equals marginal revenue
- D. Marginal cost is less than marginal revenue