Industries for consumer goods are concentrated in urban centers as a result of

• A. large market
• B. power supply
• C. government policy
• D. weather conditions

Which of the following would not be a reason for a government to impose a quota on imports?

• A. To support strategic industry
• B. To prevent dumping
• C. To decrease tax revenue
• D. Employment oppourtunity

A village consists of twenty (20) households with the following annual incomes-

(Incomes$00) 30 20 50 40 60 40 40 50 20 60 80 40 20 20 70 40 70 30 40 80

(a) Determine the (i) mean income: [4 marks] (ii) modal income; [ 2 marks] (iii) median income. [2 marks]

(b) What is the range of income distribution? [2 marks]

(c) Calculate the total tax that could be generated from the village if (i) a flat rate tax of 7% is imposed on all households; [5 marks] (ii) a flat rate tax of 15% is imposed on all households earning $4,000 per annum and above. [5 marks]

In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?

• A. lack of an effective agricultural policy
• B. employment opportunities in the agricultural sector
• C. rural-urban drift
• D. low prices of agricultural products

which of the following will increase the demand for labour

• A. Increase wage rate
• B. labour's demand for output
• C. low wage rate
• D. low marginal productivity

The demand curve for factors of production

• A. is perfect elastic
• B. slopes upwards
• C. slopes of downwards
• D. is perfectly inelastic

Which of the following is a reward to a factor of production?

• A. interest
• B. donation
• C. gifts
• D. subsidy

People who dispose of their assets are expected to pay ______________

• A. value added tax
• B. capital gains tax
• C. expenditure tax
• D. sales tax

Some of the key indicators of underdevelopment in a country are?

• A. poverty, high level of literacy and low income
• B. poverty, low level of literacy and low income
• C. low level of illiteracy, low income and poverty
• D. poverty, low incoe and low unemployment level

The public sector in a mixed economy is not always because of

• A. bureaucratic practice
• B. the desire to make huge change
• C. annual planning of activities
• D. the activities of shareholders