Outline the role of industrialization in the economic development of Nigeria.
State any five reasons why the use of money has replaced the barter system in modern economic transaction.
(a) What is Labour Force?
(b) Explain four factors affecting the size of the labour force.
Account for the decline in the contribution of agriculture to the Gross Domestic Product (GDP) of Nigeria.
Give any five reasons why public corporations are established in Nigeria.
(a) What is meant by production?
(b) Explain with examples, the following types of production
(i) Primary;
(ii) Secondary;
(iii) Tertiary.
The table here shows the sectoral allocation of a country’s budget. Illustrate the data accurately with a pie-chart. Show your workings clearly.
| Sector | Amount ( |
| Health | 30 |
| Education | 25 |
| Housing | 15 |
| Manufacturing | 10 |
| Agriculture | 20 |
(a) Define cross elasticity of demand.
(b) The table below shows the response of quantity demanded to changes in price for three pairs of commodities.
Use the table to answer the questions that follow.
| Commodity | changes in price | commodity | Changes in Quantity Demanded | ||
| Original Price ( |
New price ( |
Original Quantity (kg) | New Quantity (kg) | ||
| Bread | 15 | 20 | Yam | 150 | 200 |
| Beef | 25 | 40 | Fish | 1,000 | 3,000 |
| Butter | 100 | 50 | Margarine | 250 | 400 |
A major setback in any mixed economy is
- A. that is combined both the capitalist and socialist systems
- B. the freedom of choice in the production and consumption of goods and services
- C. that government intervenes to secure full utilization of resources
- D. that economy decisions are determined by market forces
- E. that the absence of profit motive in the public sector may reduce incentives for hard work
The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called
- A. socialism
- B. Welfarism
- C. communism
- D. capitalism
- E. traditionalism
The instrument used in many countries to restrict imports includes
- A. high tarrifs
- B. price index
- C. excise duties
- D. bank rate
- E. subsidies
Which of the following countries is a major trading partner of Nigeria?
- A. Britain
- B. Canada
- C. Japan
- D. Germany
- E. China
The stability of Nigerian economy depends mainly on the export price of
- A. groundnut
- B. cotton
- C. cocoa
- D. mineral oil
- E. palm kernel
The level of economic development is low in Nigeria because
- A. planning has nopractical relevance
- B. of the pattern of the consumers' spending
- C. the country is too large
- D. of ineffective plan implementation
- E. there is no unique planning model
development plans in Nigeria have deviated from their targets due to
- A. lack of manpower
- B. political instability
- C. high population growth rate
- D. brain drain in the country
- E. inadequate land
progressive system of taxation implies that the
- A. poor pay relatively more
- B. tax rate falls as the tax base increases
- C. tax rate increases as the tax base increases
- D. average and marginal rate of tax will be the same
- E. rich and the poor pay the same amount as tax
An increase in marginal propensity to save will lead to
- A. an increase in marginal propensity to consume
- B. a decrease in the level of consumption
- C. an immediate decrease in the net national income
- D. an increase in the level of consumption
- E. a decrease in the level of savings
The expenditure of a firm on goods and services for the expansion of its productive capacity is known as
- A. income
- B. investment
- C. savings
- D. profits
- E. interest
which of the following is a factor affecting the size of national income?
- A. size of the active population
- B. taste of the consumers
- C. Number of registered trade unions
- D. Credit-worthiness of the neighbouring countries
- E. Regularity of payment of national debt