The main function of NNPC is to
Oversee the development of the oil sector
Develop the oil producing area
Fix the price of products
Ensure regular supply of products
Correct answer is A
NNPC has sole responsibility for upstream and downstream developments, and is also charged with regulating and supervising the oil industry on behalf of the Nigerian Government.
Agricultural production in Nigeria is constrained by
Ineffective use of stabilization measures
Inadequate demand
Poor implementation of policies
Balance of payments deficits
Correct answer is C
No explanation has been provided for this answer.
The import substitution strategy of industrialization is to encourage
Domestic production
Large-scale production
Importation
Exportation
Correct answer is A
Import substitution, also referred to as import substitution industrialization (ISI), is a set of policies that addresses the developmental concerns of structurally deficient economic countries. As the name suggests, the ultimate goal of ISI is to promote a country’s economic industrialization by encouraging domestic production and discouraging imports of consumer goods.
A country embarks on deficit financing in order to
Increase revenue
Reduce aggregate demand
Curb inflation
Stimulate investment
Correct answer is C
No explanation has been provided for this answer.
An indicator of growth in an economy over a period of time is the
GDP gap
GDP at factor cost
GDP at market price
GDP deflator
Correct answer is C
To see economic growth there needs to be an increase in Gross Domestic Product (GDP). This can occur through an increase in consumer spending or an increase in products produced. This is known as GDP at market price.