ECO146 EXAM PRACTICE QUESTIONS AND ANSWERS

One of the following is considered the highest stage of socialism.

a.Socialism

b.Communism

c.Capitalism

d.Imperialism

_____Refers to any specified collection of interrelated sets of marketed and non-marketed productive activities.

a.Economy

b.Population

c.Production

d.Market surveying

_____Refers to any specified collection of interrelated sets of marketed and non-marketed productive activities.

a.Economy

b.Population

c.Production

d.Market surveying

Which of the following periods is characterized by an oil revenue boom and high levels of public expenditures?

a.Structural adjustment period

b.Industrial revolution period

c.Pre-Structural adjustment period

d.Post-Structural adjustment period

Structural dualism can be defined as the stratification of the economy into_____Main components.

a.Four

b.Three

c.Two

d.Seven

Which of the following is an intellectual aspect of an economy?

a.The technical sector

b.The quaternary sector

c.The private sector of an economy

d.None of the above

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_____Defined economic structure as the organizational, institutional, and social framework of an Economic system.

a.Lipsey (1983)

b.Todaro (1982)

c.CBN (2000)

d.Anyanwu (1997)

____Is an economic ideology that postulates that freedom is the center of the realization of human personality.

a.Liberalism

b.Capitalism

c.Socialism

d.Laissez-faire

Non-Competitiveness of the Nigerian agricultural sector can be attributed to the following factors except______

a.Unfavorable exchange rate

b.Processing and transportation to trade points

c.Stable banking structure

d.High cost of marketing

One of the following is not part of the challenges facing the manufacturing sector in Nigeria.

a.Consistent domestic policies

b.Devaluation of local currency

c.Shortage of input

d.Infrastructural deficit

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The balanced development strategy adopted by Nigeria in its industrial sector was to_____

a.To discourage investment

b.To guarantee the production of goods and services

c.To promote greater linkages within the sector

d.To reduce the importation of raw materials

All the following are institutional support to industries except____

a.IDCC

b.NDPCM

c.ITF

d.IDB

Industrialization is the transformation away from____

a.Service-based economy

b.Mining

c.Agriculture

d.Manufacturing

Green Revolution Programme of 1980 was initiated in Nigeria by______

a.classical regime

b.Socialist regime

c.Military regime

d.Civilian regime

Which of the following years was marked as the dwindling government revenues in the past?

a.1970s

b.1980s

c.1963s

d.1960s

______Is the Nigerian Agricultural Program established to commercialize root and tuber production.

a.Community and tuber extension program

b.Tuber production and experience programme

c.Root and tuber expansion program

d.Root banking and promotion

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The first phase of the FADAMA TWO program in Nigeria was funded by______

a.Fadama Bank plc

b.Sky Bank plc

c.World bank

d.African united bank

There are_____Main types of industry in Nigeria.

a.4

b.6

c.3

d.7

____Is the sub-set of the industrial sector.

a.Oil and gas sector

b.Manufacturing sector

c.Mining sector

d.Extraction sector

The government grants import duty relief to new industries for the importation of_____

a.Capital equipment

b.Manufactured goods

c.All of the above

d.Exporter goods

NEEDs seeks to address the following problems except______

a.Poor economic management

b.Poverty and inequality reduction

c.Decongestion of the national part

d.Harsh environment for private sector growth

The Nigerian Structural Adjustment Program was designed to fit the standard of______

a.IMF- World Bank Structural Adjustment package

b.Nigerian Structural Adjustment Package

c.The World Structural Adjustment Package

d.African Structural Adjustment Package

______Is a process whereby Nigerians are enabled to acquire, own, control, and manage their country\’s economy.

a.Industrialisation

b.Institutionalisation

c.Democratisation

d.Indigenisation

One of the following is among the objectives of the indigenization policy in Nigeria.

a.To create a conducive environment for for money flight

b.To create more funds in circulation

c.To create opportunities for Nigerians Indigenous businessmen

d.To create opportunities for Nigerians to partake in politics

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The following are the objectives of the Nigerian Second National Development Plan except_____

a.To make Nigeria a dynamic and democratic society

b.Attainment of a united and strong nation

c.To build just and an egalitarian society

d.To make Nigeria among the oil-producing country

All the following are general objectives of the Nigerian Third National Development Plan except___

a.Boost the standards of living of the populace

b.Expand facilities in the areas of social services

c.To build an egalitarian society

d.Provide employment for all the citizens

The National Poverty Eradication Programme (NAPEP) was established in the year____

a.2020

b.2006

c.2015

d.2001

______Led to a decrease in oil production in the Niger Delta region.

a.Technological development of the region

b.Increased global oil prices

c.Pipeline vandalism and bunkering

d.Government subsidies for oil

The second National Development Plan was launched after the____

a.The Nigerian civil war

b.The Second World war

c.The Third World war

d.The Nigerian political war