The primary reason for desiring economic growth is to

• A. control inflation
• B. reduce poverty
• C. redistribute income
• D. raise standard of living

An emerging agricultural export crop in Nigeria is

• A. cassava
• B. cotton
• C. cocoa
• D. soya beans

A policy aimed at enhancing globalization of the Nigerian economy is

• A. indigenization
• B. dereglation
• C. commercialization
• D. privatization

If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be

• A. perfectly elastic
• B. inelastic
• C. elastic
• D. perfectly inelastic

A sugar industry is best located near the source of

• A. labour
• B. raw materials
• C. power
• D. capital

The privatization of public enterprises will lead to efficient management of resources in the economy. This statement can best be described as

• A. normative reasoning
• B. inductive reasoning
• C. deductive reasoning
• D. positive reasoning

A change in the pump price of petrol in Nigeria has a direct effect on the

• A. prices of consumer goods
• B. prices of essential goods
• C. cost of raw materials
• D. cost of transportation

The money that commands a higher market value than its face value is called

• A. paper money
• B. standard money
• C. commodity money
• D. fiat money

An important function of the price system is to

• A. ensure that producers' profits remain high
• B. guarantee full employment of resources
• C. allocate resources to most productive uses
• D. protect the economic interests of government

An important contribution of small-scale industries to the Nigerian economy is in the area of

• A. technological development
• B. foregin exchange earnings
• C. raw materials processing
• D. labour employment