Which of the following is NOT a positive contribution a petroleum to Nigeria economy?
- A. Development of bat infrastructures
- B. Increase in National income
- C. Major employer of labour
- D. Major foreign exchange earned
- E. Turning the nation to mono-product economy
The system of farming which involves the use of a large hectare of land planted with economic crops is known as
- A. cooperative farming
- B. mechanized farming
- C. peasant farming
- D. plantation farming
- E. tree planting
Range is NOT the best method of measuring dispersion because it considers only the
- A. first number
- B. first two numbers
- C. frequently occurred number
- D. middle number
- E. two extreme number
Which of the following will NOT bring about an increase in Labour force?
- A. Better medical services
- B. Decrease in death rate
- C. Emigration
- D. Immigration
- E. Increase in birth rate
Stock exchange market deals with
- A. exchange of commodities
- B. exchange of stock fish for stock
- C. exchange of treasury bills
- D. sales of foreign exchange
- E. sales of second hand securities
The following are the objectives of agricultural policies in Nigeria EXCEPT
- A. provision of food
- B. provision of agricultural raw materials to industrial sectors
- C. increasing prices of agricultural Inputs
- D. creation of rural employment
If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is
- A. constant
- B. decreasing
- C. fluctuating
- D. increasing
- E. proportional
An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.
- A. construction
- B. conversion
- C. manufacturing
- D. mining
- E. processing
Production is said to be complete when goods and services gets to the
- A. consumers
- B. distributors
- C. retailers
- D. warehouses
- E. wholesalers
When an increase in the price of a commodity lead to a fall In the demand for aNOTher, the demand for the two commodities are said to be
- A. abnormal
- B. competitive
- C. composite
- D. derived
- E. joint
Economic problem arises as a result of
- A. choice
- B. money cost
- C. opportunity cost
- D. scarcity
- E. scale of preference
The trade-off between two commodities along the Production Possibility Curve (PPC) shows
- A. opportunity cost principle
- B. scarcity principle
- C. transferable output
- D. unattainable combination
- E. under utilization of resources
Which of the following is NOT a function of marketing boards in Nigeria?
- A. Fixing of prices for farm produce
- B. Grading of farm produce
- C. Importation of farm produce
- D. Marketing of farm produce
- E. Price stabilization
The following can be used to improve a country’s balance of payment EXCEPT
- A. anti-dumping policies
- B. decreasing taxation on personal income
- C. granting subsidies to export producers
- D. increasing import duties
- E. removing export duties
The variance of a given set of numbers is defined as the
- A. absolute value of the standard deviation
- B. square of the standard deviation
- C. square root of the standard deviation
- D. square of the mean deviation
- E. square root of the mean deviation
When the total product starts falling, then the marginal product is
- A. constant
- B. increasing
- C. maximum
- D. negative
- E. zero
The formular (N + 1)/2 is used to determine the
- A. mean
- B. median
- C. mode
- D. standard deviation
- E. mean deviation
The recent revolution of Cassava from ordinary food crop to export crop will lead to
- A. decrease in price of cassava flour
- B. decrease In production of cassava
- C. decrease In production of local starch
- D. increase In production of other crops
- E. increase in the prices of cassava products
If the standard deviation of a set of numbers is 3.6, what is the variance?
- A. 12.49
- B. 12.69
- C. 12.9
- D. 12.96
- E. 12.98
The following determine the level of consumption EXCEPT
- A. expectation of price changes
- B. level of income
- C. savings
- D. the rate of taxes paid
- E. the political climate
The following will occur when maximum price is fixed below the free market price EXCEPT that
- A. black market will be encouraged
- B. excess demand will occur
- C. excess supply will occur
- D. rationing of commodities will occur
- E. scarcity of goods will occur