Question 1 of 20 4,545 total questions
An adverse environmental impact of the petroleum industry on the economy is
A communal riots
B the vandalization of oil equipment
C oil spillage
D community development
Occupational mobility as applied to factors of production means the ease by which
A factors can be transferred from one form of use to another
B resources can be transferred from one place to another
C resources can be transformed from one form to another
D factors can be transferred from one place to another
The demand for labour is an example of
A composite demand
B joint demand
C derived demand
D competitive demand
When a union is composed of workers with the same skill,it is termed
A a technical union
B a craft union
C an industrial union
D a workers' union
Two basic features common to an industry are
A production processes and source of capital
B source of capital and labour supply
C similarity of products and source of raw materials
D similarity of products and production processes
The major role of multi-national companies in the petroleum industry in Nigeria is
A the establishment of refineries
B oil marketing and prospecting
C oil marketing only
D oil prospecting only
To compare the standard of living among nations, the most widely used economic indicator is the
A real gross national income
B real domestic output
C real per capita income
D per capita nominal income
IBRD as an international monetary institution is concerned with the
A improvement of trade among member nations
B development of infrastructure in member nations
C balance of payments problems of member nations
D financing of private businesses in member nations
The effect of an increase in the personal income tax is to
A reduce unemployment
B raise the absolute price level
C reduce the disposable income
D distort the economy
Statutory organisations usually established by Acts of Parliament are called
A public corporations
B cooperative societies
C joint-stock companies
D public enterprises
The effectiveness of devaluation as a solution to a balance of payments problem depends on the
A value of visible and invisible goods
B value of invisible items of both domestic and foreign trades
C relative elasticities of demand and supply of imports and exports
D foreign investments of businessmen
Privatization and commercialization of public enterprise in Nigeria is necessitated by
A the IBRD conditions
B the government's loss of interest in them
C their operational inefficiency
D the IMF conditions
A greater burden of the taxes on essential goods is borne by the
A lower income group
B higher income group
C contract workers
D newly recruited workers
The major objective of a revenue allocation formula in a country is to
A share revenue between the different tiers of government
B divert revenue from areas of surplus to areas of need
C ensures the financial viability of the country
D share revenue between the public and private factors
Under a floating exchange rate regime, the determinant of the exchange rate is
A an Act of the National Assembly
B the highest denomination of the currency
C demand for and supply of foreign goods
D the system of government
The distinction between capital and recurrect expenditure lies in the
A nature of the goods and services to be provided
B time frame of the expenditure
C source of the revenue generated
D amount of expenditure involved
An advantage of the sole proprietorship over the partnership from of business organisation is that
A its existence is limited by an individual's life span
B it relies on the decision of friends to succeed
C the possibility of conflict in management is virtually non-existent
D it enjoys limited liability for debt in the event of failure
Securities are described as listed when they are
A mobilished as long-term debt instruments
B traded on a recognised stock market
C bought and sold purely for development purposes
D mobilized as short-term debt instruments
The monetary control instrument most effectively used by the Central Bank of Nigeria is the
A open market operations
B margin requirment
C reserve ratio
D discount rate
Inflation that is usually associated with periods of trade boom is
A creeping inflation
B cost-push inflation
C stagflation
D demand-pull inflation
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