In international trade, shipping and other freight charges are treated as?
- A. invisible items
- B. unilateral transfers
- C. capital transactions
- D. autonomous capital transactions
The main objective of the Economic Community of West African State is to?
- A. estabilish a West African Development Bank
- B. create a West African army
- C. introduce a common currency for the sub-region
- D. promote the free movement of persons, goods and services within the sub-region
One of the techniques for rectifying a deficit balance of payment is?
- A. import promotion
- B. devaluation
- C. physical intervention
- D. borrowing from abroad
If national income rises by 6% and population rises by 3%, per capita income will?
- A. rise by 6 percent
- B. fall by 3 percent
- C. fall by 6 percent
- D. rise by 3 percent
A sustained increase in the production of goods and service in a country is called economic?
- A. development
- B. growth
- C. diversification
- D. planning
One of the ways by which the government can speed up economic development is through the?
- A. increase in consumption pattern of the people
- B. encouragement of savings, investment and equitable distribution of goods and services
- C. increase in the rate of population growth so as to ensure that the country has a large labour force
- D. encouragement of importation of raw materials to produce consumer goods
The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents?
- A. debt repayment
- B. investments abroad
- C. net income from abroad
- D. capital consumption
Taxes and government expenditures are instrument of?
- A. monetary policy
- B. tax policy
- C. economic policy
- D. fiscal policy
Progressive tax structure is designed to?
- A. take more from the income of the poor
- B. take more from income of the rich
- C. take equal proportion of income from both the rich and the poor
- D. reduce the problems emanating from tax imposition
Monetary policy aimed at reducing demand-pull inflation in the country maybe carried out through?
- A. increase in taxation of private companies, public corporations and private individuals
- B. increase in cash reserve ratio of commercial banks and the sale of government securities
- C. decrease in goverment expenditure on education
- D. direct price control in the market place
Gresham’s law in Economics shows that?
- A. good drives out bad money
- B. bad money drives out good money
- C. the value of money varies inversely with the price level
- D. gold must be available to maintain the price of paper money
Inflation n the Nigeria economy may be fueled by increase in?
- A. the dollar price of crude oil
- B. the sale of company shares
- C. government expenditure
- D. sale of government bonds
An increase in both the legal reserve ratio and discount rate has the effect of?
- A. increasing the quantity of money in circulation
- B. decreasing the quantity of money in circulation
- C. increasing the value of money
- D. decreasing the value of money
An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is?
- A. the Nigerian National Oil Company
- B. Peak Petroleum Industries Nigeria Limited
- C. Nigeria Exploration and Production Company
- D. the Nigeria National Petroleum Corporation
Petroleum is the mainstay of the Nigerian economy because it is the?
- A. main foreign exchange earner
- B. greatest employer of labour
- C. greatests contributor to the growth of agriculture
- D. source of high income for its workers
Labour-intensive strategy of industrialization emphasizes the use of?
- A. steam energy in the process of production
- B. manual method of production
- C. synthetic raw materials
- D. hydro-electric power
What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?
- A. Deregulation
- B. import substitution
- C. Tariff reduction
- D. Backward integration
The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as?
- A. peasant agriculture
- B. plantation agriculture
- C. co-operative farming
- D. subsistence farming
The major factor that causes fluctuations in the supply of agricultural produce is?
- A. high price
- B. pests
- C. weather variations
- D. rural-urban migration
In the event of liquidation of a private limited liability company, the shareholders’ liability is limited in their total?
- A. income from all sources
- B. family assets
- C. collateral offered for bank loans
- D. investment inthe company
A major shortcoming of the sole proprietorship form of business is lack of?
- A. working capital
- B. patronage
- C. continuity
- D. market