(a) What are the objectives of the Organisation of Petroleum Exporting Countries (OPEC) ?
(b) What are the problems of the OPEC?
(c) What remedies have been adopted to curtail them?
Discuss the important role played by agriculture in the economy of your country.
The bulk of West African foreign trade is directed away from Africa to Europe and America. What are the reasons for this?
Write short notes on
(a) Liquidity Ratio.
(b) Fixed Deposits.
(c) Money Market.
Given the figures below :
Price of commodity A in January = N5.00
Price of commodity A in February = N7.00
Quantity of A bought in January = 20 kg
Quantity of A bought in February = 16 kg (a) Calculate:
(i) Percentage change in quantity bought (% )
(ii) Percentage change in price of A (% )
(iii) Coefficient of price elasticity of demand (e)
(b) From your answer:
(i) is the demand elastic or inelastic?
(ii) How do you know this?
(a) Briefly outline the views of Thomas Malthus about population.
(b) How valid are such views about the Nigerian situation today?
(a) What is demand- pull inflation?
(b) Why is price control not suitable in checking this type of inflation?
What has the government done to encourage industrialization in Nigeria?
Subsistence farming means producing food
- A. Mainly for the need of our immediate and extended family
- B. Crops for sale mainly
- C. Crops mainly for export
- D. To feed the community around
- E. In order to satisfy the government directives
The term marginal propensity to consume can best be explained as the
- A. Desire to spend more income on consumption
- B. Change in consumption as a percentage of change in income
- C. Average regularly spend on consumption
- D. Total expenditure on consumption
- E. Inclination to spend only a little on consumption
Which of these factors does not affect revenue allocation in Nigeria?
- A. Needs of an area
- B. Size of the population of an area
- C. Number of industries and land areas
- D. Revenue derivable from an area
- E. Development needs of the country
The imposition of high income tax by government to cut down demand is known as
- A. Monetary policy
- B. Budgetary policy
- C. Fiscal policy
- D. Internal policy
- E. Development policy
Which of the following crops can be referred to as Nigeria’s current export crops?
- A. Rubber, Groundnuts, Beniseed, cotton.
- B. Shear butter, Sorghum, Onions.
- C. Rubber, Cocoa, Coffee, Palm Kernel
- D. Palm Oil, Palm Kernel, Sugarcane
- E. Soya beans, Rice, Groundnut, and Cashew nut.
When the demand for a commodity is inelastic, who bears the greater burden of the indirect tax?
- A. The producer
- B. The government
- C. The retailer
- D. The consumer
- E. The wholesaler
External economies occur when
- A. Industries are scattered all around
- B. A firm decides to expand
- C. Industries are producing below capacity
- D. Firms compromising an industry are concentrated in one area
- E. A firm is located near raw materials
The coefficient of price elasticity of demand is zero when demand is
- A. Fairly elastic
- B. Perfectly inelastic
- C. Fairly inelastic
- D. Unitary elastic
- E. Perfectly elastic
Which of the following roles is being played by the Organization of Petroleum Exporting Countries (OPEC) with regards to Nigeria’s crude oil?
- A. Exploiting
- B. Exploring
- C. Refining
- D. Marketing
- E. Exporting
Which of the following is not an item of capital expenditure?
- A. Building of roads and bridges
- B. Supply of electricity
- C. Building of damns
- D. Building of habours
- E. Payment of interest on loans
The drawer of a cheque is the
- A. Person who is to be paid the sum of money as written on the cheque
- B. Person who takes the cheque to the bank
- C. Bank on which the cheque is drawn
- D. Person who writes out the cheque
- E. Bank official who certifies the payment
International trade and domestic trade are similar in all aspects except that
- A. Transportation by land, water and air is involved
- B. Goods are exchanged
- C. Services are exchanged
- D. The same currency is used as the medium of exchange
- E. Specialization and increased consumption is encouraged