Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
The main objective of the Economic Community of West African State is to?
Aestabilish a West African Development Bank
Bcreate a West African army
Cintroduce a common currency for the sub-region
Dpromote the free movement of persons, goods and services within the sub-region
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Question 852
jamb1994
One of the techniques for rectifying a deficit balance of payment is?
Aimport promotion
Bdevaluation
Cphysical intervention
Dborrowing from abroad
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Question 853
jamb1994
If national income rises by 6% and population rises by 3%, per capita income will?
Arise by 6 percent
Bfall by 3 percent
Cfall by 6 percent
Drise by 3 percent
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Question 854
jamb1994
A sustained increase in the production of goods and service in a country is called economic?
Adevelopment
Bgrowth
Cdiversification
Dplanning
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Question 855
jamb1994
One of the ways by which the government can speed up economic development is through the?
Aincrease in consumption pattern of the people
Bencouragement of savings, investment and equitable distribution of goods and services
Cincrease in the rate of population growth so as to ensure that the country has a large labour force
Dencouragement of importation of raw materials to produce consumer goods
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Question 856
jamb1994
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?
Adebt repayment
Binvestments abroad
Cnet income from abroad
Dcapital consumption
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Question 857
jamb1994
Taxes and government expenditures are instrument of?
Amonetary policy
Btax policy
Ceconomic policy
Dfiscal policy
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Question 858
jamb1994
Progressive tax structure is designed to?
Atake more from the income of the poor
Btake more from income of the rich
Ctake equal proportion of income from both the rich and the poor
Dreduce the problems emanating from tax imposition
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Question 859
jamb1994
Monetary policy aimed at reducing demand-pull inflation in the country maybe carried out through?
Aincrease in taxation of private companies, public corporations and private individuals
Bincrease in cash reserve ratio of commercial banks and the sale of government securities
Cdecrease in goverment expenditure on education
Ddirect price control in the market place
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Question 860
jamb1994
Gresham's law in Economics shows that?
Agood drives out bad money
Bbad money drives out good money
Cthe value of money varies inversely with the price level
Dgold must be available to maintain the price of paper money
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Question 861
jamb1994
Inflation n the Nigeria economy may be fueled by increase in?
Athe dollar price of crude oil
Bthe sale of company shares
Cgovernment expenditure
Dsale of government bonds
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Question 862
jamb1994
An increase in both the legal reserve ratio and discount rate has the effect of?
Aincreasing the quantity of money in circulation
Bdecreasing the quantity of money in circulation
Cincreasing the value of money
Ddecreasing the value of money
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Question 863
jamb1994
An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is?
Athe Nigerian National Oil Company
BPeak Petroleum Industries Nigeria Limited
CNigeria Exploration and Production Company
Dthe Nigeria National Petroleum Corporation
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Question 864
jamb1994
Petroleum is the mainstay of the Nigerian economy because it is the?
Amain foreign exchange earner
Bgreatest employer of labour
Cgreatests contributor to the growth of agriculture
Dsource of high income for its workers
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Question 865
jamb1994
Labour-intensive strategy of industrialization emphasizes the use of?
Asteam energy in the process of production
Bmanual method of production
Csynthetic raw materials
Dhydro-electric power
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Question 866
jamb1994
What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?
ADeregulation
Bimport substitution
CTariff reduction
DBackward integration
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Question 867
jamb1994
The system of agriculture practice which involves hunting, gathering and growing of food crops for family consumption only is described as?
Apeasant agriculture
Bplantation agriculture
Cco-operative farming
Dsubsistence farming
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Question 868
jamb1994
The major factor that causes fluctuations in the supply of agricultural produce is?
Ahigh price
Bpests
Cweather variations
Drural-urban migration
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Question 869
jamb1994
In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total?
Aincome from all sources
Bfamily assets
Ccollateral offered for bank loans
Dinvestment inthe company
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Question 870
jamb1994
A major shortcoming of the sole proprietorship form of business is lack of?
