Economic problem arise in all society because?
Resources are mismanaged by leaders
There is no proper planning
Resources are not in adequate supply
The services of economist are not employed
Correct answer is C
Goods and services that satisfy human wants are produced with the help of resources such as land, labour, capital and enterprise. These resources are scarce while wants are unlimited. Due to scarcity of these resources, an economy cannot produce all that goods and services as required by its citizens.
Commercial bank
Central bank
Mortgage bank
Merchant bank
Correct answer is B
Central bank is the highest financial institution in a country which carries out the monetary policy of the government. The central bank controls, regulate and supervise the components of the banking system. It lays down rules and regulation to be followed by all banks to ensure smooth operation.
The two major types of international trade are Bilateral trade and?
Internal trade
Multilateral trade
Dilateral trade
Trilateral trade
Correct answer is B
Multilateral trade is a type of international trade in which a country trades with many other countries. This ensures international division of labour. It is the type of trade in which many countries exchange their goods and services.
The bowed shape of the Production possibilities curve illustrates _________
That production is inefficient
That demand is relatively inelastic
That production is unattainable
The law of increasing marginal cost
Correct answer is A
Production possibility curve (PPC) shows the possible combination of different commodities that can be produced in a given economy given the prevailing level of technology, if all the available productive resources are efficiently utilised.
The reason for the shape of the PPC is something called the law of increasing opportunity costs. Basically, what this means is that as an economy devotes more of its resources to one kind of product, it becomes less efficient because, not all resources are equally suitable for all the industries. If resources are transferred from good A to B, initially the resources to be transferred will be those which could be the least efficient for A. Later, as more of good B needs to be produced, the resources that may be very efficient for good B and not so efficient for good B may also be transferred. In this situation, the economy loses on both sides. That means, the economy is usually inefficient on both ends of the PPC curve while it is the most efficient when resources are appropriately allocated for both goods according to their suitability which make the PPC to be curved. This is why the PPC is flatter at its end point and more curved in the middle.
Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
Favourable soil
Coal deposit
Crude oil deposit
Favourable climate
Correct answer is C
Many Nigerians perceive the Niger Delta as synonymous with the oil producing areas of Nigeria.
In other words, the Niger Delta includes the states of Abia, Akwa Ibom, Bayelsa, Cross River,
Delta, Edo, Imo, Ondo and Rivers.
The region is blessed with abundance of human and physical resources, including the majority of Nigeria's oil and gas deposits, good agricultural lands, extensive forests, excellent fisheries, as well as with a well-developed industrial base.
The Niger Delta region of Nigeria is richly endowed with natural resources with oil and gas accounting for over 85% of the Nation's gross domestic product (GDP); over 95% of the National budget; and over 80% of the national wealth.