Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.
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Question 961: The term of trade often measured by the ratio of the index of export
Options:
A) divided by the index of import prices multiplied by 100
B) multiplied by the index of import prices
C) plus the index of import prices multiplied by 100
D) minus the index of import prices
Show Answer
The correct answer is A .
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Question 962: One of the ways by which the government can speed up economic development is through the?
Options:
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
Show Answer
The correct answer is B .
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Question 963: The chief sources of Federal Government revenue in Nigeria are?
Options:
A) import duties, petroleum, import tax, profit tax, royalties and government dividends
B) personal income tax, excise tax and vehicle licenses
C) export duties, personal income tax and royalties
D) property income, sales tax and excise tax
E) import duties, sales tax and poll tax
Show Answer
The correct answer is A .
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Question 964: An inflation that co-exists with high rate of unemployment is
Options:
A) hyperinflation
B) stagflation
C) demand-pull inflation
D) cost-push inflation
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The correct answer is A .
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Question 965: Utility is the satisfaction derived from the
Options:
A) distribution of goods and services
B) use of goods and services
C) demand of goods and services
D) production of goods and services
Show Answer
The correct answer is B .
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Question 966: One of the major criticisms of the 1992-1968 National development Plan was that?
Options:
A) it failed to incorporate lessons gained from earlier plans to enhance its efficiency
B) it came too quickly after the country's indepedence
C) planned expenditure was based too heavily on expected earnings from crude oil
D) its execution was based largely on foreign sourced financial resources
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The correct answer is D .
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Question 967: If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit can be eliminated through?
Options:
A) a rise in the external value of its currency
B) a fall in the external value of its currency
C) an increase in the volume of imports
D) the consumption of more foreign goods
Show Answer
The correct answer is B .
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Question 968:
| | Sector 1
Agriculture | Sector 2
Manufacturing and Crafts | Sector 3
Petroleum and Mining | Sector 4
Services |
| Share in total National Output | 25% | 10% | 50% | 15% |
| Share in total Employment | 60% | 10% | 5% | 25% |
| Growth rate of Sectoral Output | 2% | 5% | 10% | 3% |
From the above, the Growth Rate of Total National Output or GDP is
Options:
A) 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
B) 20.0%, i.e. (2 + 5 + 10 +3)%
C) 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
D) 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
E) not obtainable
Show Answer
The correct answer is D .
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Question 969: The first petroleum exploring company to discover crude petroleum in Nigeria was?
Options:
A) Mobil
B) Texaco
C) Agip
D) Shell-BP
Show Answer
The correct answer is D .
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Question 970:
A country has a population distribution as shown below:
The dependency ratio is
Options:
A) 3:2
B) 1:3
C) 2:3
D) 1:5
Show Answer
The correct answer is D .