Tariff on imports are meant to?
- A. prevent a foreign goods
- B. discourage exports
- C. encourage exports
- D. increase the level of external dependency
From which of the following does Nigeria derive trade concessions?
- A. IMF
- B. World Bank
- C. ADB
- D. EEC
Devaluation is effective when?
- A. demand for imports is price inelastic
- B. demand for imports is neutral
- C. production for export is low
- D. demand for exports is price elastic
Comparative advantage implies that a country will specialize in producing the commodity?
- A. with the highest opprotunity cost
- B. for which output per worker is lower than in other countries
- C. with the lowest opportunity cost
- D. for which output per worker is the same with those of other countries
Which of the following are the advantages of Nigeria’s membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.
ii A large market industries producing under condition of decreasing cost.
iii Competition for home based monopoly firms
- A. i and ii only
- B. i and iii only
- C. ii and iii only
- D. i,ii and iii
Below equilibrium, the gap between aggregate demand and the full employment level of income is called the?
- A. inflationary gap
- B. income gap
- C. unemployment gap
- D. deflationary gap
The GDP of Nigeria will be greater than her GNP if?
- A. the value of goods and services to Nigeria is greater than the value of those from Nigeria
- B. consumption is greater than investment
- C. government expenditures are greater than the foreign aid received
- D. the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
The best index for international comparison of standards of living is the?
- A. gross national product
- B. net national income
- C. per capita income
- D. gross national income
According to the income approach to national income measurement, the national income of a country is equal to?
- A. the value of all output produced in the country over the relevant period of time at market prices
- B. the value of output at factors cost
- C. the value added to production
- D. C +I + G
Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work
ii,Difficulties in assessment and collection
iii, imperfection in tax assessment.
- A. i and ii
- B. i and iii
- C. ii and iii
- D. i, ii and iii
The joint ventures operating in the Nigerian oil industry are between?
- A. the NNPC and independent marketers
- B. the NNPC and multinational marketers
- C. the NNPC and producer marketers
- D. multinational corperations and independent marketers
Which of the following can be considered as being outside the objectives of public finance?
- A. The allocation of resources to various sectors of the economy
- B. The objective of even distribution of income and wealth
- C. The achievement of economic stability
- D. The deregulation of the economy
Economic development is distinguishable from economic growth because the former?
- A. is not concerned with growth parameters
- B. affects only the poor people
- C. also includes an efficient distribution of economic growth
- D. is an increase in the production of goods and services
The sum of N80,000 is deposited in a bank and the cash ratio of the banking system is 10%. calculate the sum of money the bank can create from the deposit?
- A. N 100 000
- B. N 800 000
- C. N 1000 000
- D. N 8000 000
Which of the following programmes in the monetary sector is aimed at enhancing the banking habit of the rural areas?
- A. The deregulation of the banking system
- B. The increase in the number of merchant banks
- C. The community banking scheme
- D. The deregulation of interest rate
The money market is a financial market that specializes in the provision of?
- A. short-term loans
- B. medium-term loans
- C. long-term loans
- D. venture capital for development projects
Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is?
- A. labour intensity
- B. capital intensity
- C. poor technology
- D. capacity under-utilization
One of the most important factors that should be considered in the location of an industry is?
- A. nearness to the financial centre
- B. assured patronage by government functionaries
- C. availabilities of inputs and market
- D. availabilities of adequate security
The most popularly adopted industrialization strategy in West Africa is?
- A. import substitution
- B. export promotion
- C. ports development
- D. infant industries protection
On the basis of the contribution to employment, the most important economic sector in West African is?
- A. industry
- B. agriculture
- C. construction
- D. commerce
Wheat grows best in?
- A. tropical climate
- B. temperate climate
- C. equatorial climate
- D. hot desert