Other products gotten from Petroleum include the following EXCEPT:

• A. Rubber
• B. fuel
• C. paints
• D. insecticides

It is impossible to satisfy all human wants because?

• A. areas of fertile land are very limited
• B. oceans and seas limit land space for farming
• C. resources are not equitably distributed
• D. available resources are limited

A firm is said to have benefited from external economies in production if it has realized?

• A. a more efficient management of resources
• B. a better combination of factors of production
• C. reduced resources costs due to operation of other firms
• D. a higher profit level due to increased sales

One of the characteristics of private enterprises is ______?

• A. Provision of welfare to the citizens
• B. That tax payers bear all the risks
• C. Public ownership of shares
• D. Individual funding of business activities

To facilitate the exportation of crude oil from Nigeria, special?

• A. airstrips were constructed for jets to evacute the oil
• B. roads were built to connect the major oil wells to the ports
• C. pipelines were laid to connect the major oil wellsto the ports
• D. railway lines were constructed to connect the major oil wells to the ports

The central banks control credit in the economy through the use of

• A. legal tender
• B. travellers cheque
• C. foreign exchange instruments
• D. open market operation

The law of supply states that, other things being constant, as price increases

• A. Supply increases
• B. Supply decreases
• C. Quantity supplied increases
• D. Quantity supplied decreases

Which of the following statement are TRUE of agriculture in Nigeria? (i) it provides food for the growing population?

(ii) A large proportion of the population is engaged in agriculture.

(iii) Agriculture products are used as raw materials by the local industries.

(iv) It serves as sources of heavy equipment to local industries.

• A. i and ii only
• B. i,ii and iii only
• C. i, ii and iv only
• D. ii and iii only

According to the income approach to national income measurement, the national income of a country is equal to?

• A. the value of all output produced in the country over the relevant period of time at market prices
• B. the value of output at factors cost
• C. the value added to production
• D. C +I + G

Discuss the measures that can be taken by a country seeking to correct its balance of payment deficit.