Discuss the measures that can be taken by a country seeking to correct its balance of payment deficit.
Outline the economic activities that are likely to improve the effective distribution and marketing of commodities in Nigeria.
What are the possible solutions to the problems of rural-urban migration in West African countries?
Middlemen do encounter problems in the process of carrying out their business. Explain.
Outline the ways in which the federal government has encouraged industrialization in Nigeria in recent years.
Discuss the different types of agricultural systems that exist in West Africa.
(a) Highlight the factors which encourage entrepreneurs to adopt division of labour in production.
(b) What factors are capable of limiting the practice of division of labour?
A demand curve slopes downwards from left to right, but this may not always be so. Explain the statement.
(a) Define price elasticity.
(b) If at N 8.00 per tuber, twenty tubers were demanded and when the price fell to N 6. 00 per tuber, thirty tubers were demanded, what is the elasticity of the demand?
The values of different types of accounts held in Nigerian banks for the period 1984 to 1988
| Year | 1984 | 1985 | 1986 | 1987 | 1988 |
| Savings | 100 | 120 | 120 | 180 | 200 |
| Current | 65 | 75 | 70 | 100 | 130 |
| Fixed deposit | 40 | 45 | 60 | 145 | 50 |
Present the data above in the form of a component bar chart.
Land is often different from other factors of production because it
- A. is a free gift of nature
- B. constitutes one-third of the entire world
- C. has different grades
- D. is owned bt individuals
- E. is owned by government
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
- A. budget deficit
- B. balanced budget
- C. budget surplus
- D. budget statement
- E. unfavourable budget
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
- A. budget deficit
- B. balanced budget
- C. budget surplus
- D. budget statement
- E. unfavourable budget
indirect tax are taxes which
- A. are levied on the income and profit of the individuals and firms
- B. always affects the producer only
- C. are bassed on the progressive principles
- D. are based on the regressive principles
- E. are levied on goods and services purchased by individuals and firms
inflation caused by increase in demand is known as
- A. cost-push inflation
- B. hyper-inflation
- C. demand-pull inflation
- D. creeping inflation
- E. runaway inflation
which of the following is not the function of a commercial bank
- A. accepting deposits from the publicv
- B. serving as banker to the government
- C. lending to the public
- D. safekeeping of valuables
- E. undertaking foreign exchange transaction of customers
Money supply is the
- A. currency available in the banks
- B. currency in circulation and time deposits
- C. currency in circulation and saving deposits
- D. currency in circulation and demand deposits
- E. money scarcity
when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as
- A. price discrimination
- B. price control
- C. perfect market
- D. equilibrium price
- E. market structure
A market condition where profit is maximized when MR = AR = MC = P is known as
- A. monopoly
- B. oligopoly
- C. monopsony
- D. perfect competition
- E. duopoly
Which of the following will increase the GNP of an economy?
- A. increase government expenditure on the salary of the civil serants
- B. An increase in the proportion of the productively employed population
- C. a decrease in the rate of unemployment
- D. A decrease in the output per worker
- E. An increase in the population dependency ratio
A change in supply implies a
- A. shift in the supply curve to the right and not to the left
- B. shift in supply curve to the left and not to the right
- C. shift in supply curve to the left or to the right
- D. movement along the supply curve
- E. decrease in price and quantity supplied