The process by which a country attempts to reduce the import of manufactured goods at home is described as?
- A. export-promotion
- B. import-substitution
- C. industrialization
- D. export-diversification
- E. import-creation
If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to
- A. technical progress
- B. size of the population
- C. amount of natural resources
- D. the environment
- E. the quality of human resources
How many National Development Plans did Nigeria have between 1960 and 1984?
- A. One
- B. Two
- C. Four
- D. Five
- E. Six
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?
- A. 14 days
- B. 30 days
- C. 60 days
- D. 90 days
- E. 100 days
Foreign exchange control in Nigeria is administered by the?
- A. United Bank for Africa
- B. Union Bank of Nigeria
- C. First Bank Of Nigeria
- D. Central Bank of Nigeria
- E. Natonal Bank of Nigeria
Devaluation of the naira as a condition for the international Monetary Fund ‘loan’ is considered inadvisable because?
- A. it would allowed for more money to be spent on luxuries
- B. the interest rate on the loan will increase
- C. it would decrease the demand for Nigeria's exports
- D. it would worsen Nigeria foreign exchange situation
- E. Nigerias oil would sell less in the world market
The argument of tariff protection in less developed economies is that such a measure would
- A. raise the price of goods affected abroad
- B. make consumers pay a higher price for the domestically produced output
- C. protect young industries from ruinous competition from abroad
- D. help reduced excess capacity in domestic industries
- E. stifle private investment intiatives
By terms of trade, we mean the?
- A. ratio of exports and imports
- B. differences between exports and imports
- C. differences between current account and capital account
- D. index of export prices to import prices expressed as a percentage
- E. ratio of short-term capital movements to long-term capital movements
Tax which is levied on goods manufactured, sold or used within a country is?
- A. sales tax
- B. excise tax
- C. direct tax
- D. income tax
- E. poll tax
An example of a regressive tax is?
- A. the personal income tax
- B. the graduated corporation income tax
- C. a general sales tax
- D. the inheritance tax
- E. the excise tax
Which of the following is NOT among the canons of taxation as set out by Adam Smith?
- A. Equality
- B. Security
- C. Certainty
- D. Convenience
- E. Economy
A state budget is an outline of planned
- A. expenditures and revenues expected within a financial year
- B. expenditures of ministries and parastatals within a given period
- C. recurrent and capital expenditures within a year
- D. sources of revenues derivationn for a financial year
- E. use of different kinds of taxation in a given year
Which of the following is a necessary prerequisite for trade by barter?
- A. Needs for double coincidence of wants
- B. Multiple exchange rate
- C. Impossibility of future trade
- D. Impossibility of large scale production
- E. Indivisibility of commodities
Because money serves as a standard for deferred payments
- A. it serves as a store of value
- B. goods can be bought on credit with pre-determined value
- C. future trade becomes possible
- D. it serves as a unit of account
- E. it becomes valuable
One of the functions of the commercial banks is that it is?
- A. responsible for monetary policy
- B. responsible for issuing currency notes
- C. the lender of last resort
- D. the banker of the government
- E. a banker of demand and time deposits of customers
The petro- chemical industries are located in the River State of Nigeria due to?
- A. favourable climate
- B. favourable soil
- C. oil deposits
- D. palm oil products
- E. coal deposit
Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?
- A. Establishement of industries
- B. presence of mineral deposits
- C. Transportation facilities
- D. Favourable soils
- E. Favourable climate conditions
When a business has unlimited liability
- A. all its profits can be taxed away by the government
- B. all its assets are owned by the members of its board of directors
- C. the business ceases to exist at the death of one of its owners
- D. the owners are responsible for all its financial debts
- E. the owners are not responsible for all its financial debts
The purchasing power of the naira will fall when?
- A. the naira is devalued
- B. government cuts all salaries and wages
- C. there is inflation
- D. the colour of the naira is changed
- E. workers are retrenched
Limited liability means?
- A. the debts of a company can only be paid from its own assets
- B. the debts of a company are paid from business as well as private funds of the owners
- C. government cannot tax the company
- D. the debts of a company must be paid from private funds only
- E. the company does not have to pay its debts
A firm is said to be a public Joint Stock Company when it?
- A. is owned by the government
- B. is operated as a public corporation
- C. is operated in a non-democratic fashion
- D. sells shares to members of the public and publishes its account
- E. is a limited liability company