The major contribution of OPEC to the Nigerian economy is the
Provision of social infrastructures
Granting of subsidies on petroleum products
Stabilization of oil prices
Building of refineries
Correct answer is C
OPEC aims to regulate the supply of oil in order to set the price on the world market.
One major factor that determines the location of an industry is
Tax exemption grant
Its proximity to the market
The capital base
The social responsibility of the firm
Correct answer is B
Factors responsible for location of Industries
Some of them are: raw material, land, water, labour, capital, power, transport, and market. For ease of convenience, we can classify the location factors into two: geographical factors and non-geographical factors.
A major disadvantage of localization of industry is
The risk of structural unemployment
Over-utilization of installed industrial capacity
The risk of seasonal unemployment
Under-utilization of installed industrial capacity
Correct answer is D
Localisation of industries in a particular locality creates many social problems such as congestion, emergence of slums, accidents, strikes etc. These adversely affect the efficiency of labour and the productive ability of the industry.
An advantage of large-scale farming over peasant farming is in the area of
Providing research and massive employment of labour
Redistributing national income to various regions of the country
Encouraging the use of traditional implements
Encouraging urban-rural migration
Correct answer is A
The benefit of large scale farming over peasant farming is the reduced cost of food. Consolidation and vertical coordination have not only reduced costs, but also expanded diversity of food products and solved information problems.
An important role of agriculture in Nigeria's economic development is the
Processing of raw materials for industries
Regulation of price system
Provision of infrastructure
Provision of employment
Correct answer is D
The contribution of agriculture to economic growth and development lies in providing food to expanding population, increasing the demand for industrial products, providing local foreign exchange earnings for the import of capital goods, increasing social income, providing productive employment and improving welfare of farmers.