An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.
- A. mining
- B. manufacturing
- C. processing
- D. conversion
The satisfaction derived from the consumption of a commodity is referred to as
- A. consumption
- B. production
- C. utility
- D. demand
Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?
- A. Stabilizing oil prices putting a production ceiling
- B. Refining of petroleum products in member countries
- C. Raising the revenue of member countries from oil through price increase
- D. Ensuring efficient and regular supply of oil to the two market
Stock exchange market deals with
- A. sales of second hand securities
- B. sales of foreign exchange
- C. exchange of stock fish for stock
- D. exchange of treasury bills
Which of the following is a disadvantage of localization of industries?
- A. Creating structural unemployment
- B. Reducing cost of production
- C. Encouraging the growth of skilled labour
- D. Encouraging subsidiary industries
At the equilibrium price,
- A. demand equates supply
- B. price is equal to demand only
- C. demand is less than supply
- D. demand is greater than supply
The system of farming which involves the use of a large hectare of land planted with economic crops is known as
- A. peasant farming
- B. tree planting
- C. plantation farming
- D. mechanized farming
The following are problems of development planning in Nigeria EXCEPT
- A. inadequate capital
- B. under-population
- C. inadequate statistical data
- D. poor implementation of economic planning
The following determine the level of consumption EXCEPT
- A. level of income
- B. the rate of taxes paid
- C. savings
- D. the political climate
Which of the following is NOT an objective of Economic planning?
- A. Equitable allocation of resources
- B. Widening the income gap
- C. Achieving economic growth
- D. Creating employment
In the equation Q = a – bp + e; Q and P are … Variables respectively.
- A. independent and dependent
- B. dependent and independent
- C. independent and constant
- D. error term and independent
The following can be used to improve a country’s balance of payment EXCEPT
- A. anti-dumping policies
- B. granting subsidies to export producers
- C. decreasing taxation on personal income
- D. increasing import duties
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
- A. provision of agricultural raw materials to industrial sectors
- B. creation of rural employment
- C. provision of food
- D. increasing prices of agricultural Inputs
When the total product starts falling, then the marginal product is
- A. increasing
- B. maximum
- C. zero
- D. negative
The revolution of Cassava from ordinary food crop to export crop will lead to
- A. increase in production of other crops
- B. increase in the prices of cassava products
- C. decrease in production of local starch
- D. decrease In production of cassava
If the population of a school is 600 and 60% are In JSS, how many students are in SSS?
- A. 244
- B. 240
- C. 224
- D. 204
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
If the standard deviation of a set of numbers is 3.6, what is the variance?
- A. 12.96
- B. 12.69
- C. 12.9
- D. 12.98
The formular (N + 1)/2 is used to determine the
- A. median
- B. mean
- C. standard deviation
- D. mode
The comparison of the standard of living between Nigeria and Ghana is best down through the use of
- A. gross National incomes
- B. per capita income
- C. Net National income
- D. Net disposable income
When combination of two goods which a consumer derive equal satisfaction is plotted on a graph, the graph is known as
- A. opportunity curve
- B. utility curve
- C. demand curve
- D. indifference curve