External economies occur when

A. Industries are scattered all around

B. A firm decides to expand

C. Industries are producing below capacity

D. Firms compromising an industry are concentrated in one area

E. A firm is located near raw materials

When the demand for a commodity is inelastic, who bears the greater burden of the indirect tax?

A. The producer

B. The government

C. The retailer

D. The consumer

E. The wholesaler

Which of the following crops can be referred to as Nigeria’s current export crops?

A. Rubber, Groundnuts, Beniseed, cotton.

B. Shear butter, Sorghum, Onions.

C. Rubber, Cocoa, Coffee, Palm Kernel

D. Palm Oil, Palm Kernel, Sugarcane

E. Soya beans, Rice, Groundnut, and Cashew nut.

The imposition of high income tax by government to cut down demand is known as

A. Monetary policy

B. Budgetary policy

C. Fiscal policy

D. Internal policy

E. Development policy

Which of these factors does not affect revenue allocation in Nigeria?

A. Needs of an area

B. Size of the population of an area

C. Number of industries and land areas

D. Revenue derivable from an area

E. Development needs of the country

The term marginal propensity to consume can best be explained as the

A. Desire to spend more income on consumption

B. Change in consumption as a percentage of change in income

C. Average regularly spend on consumption

D. Total expenditure on consumption

E. Inclination to spend only a little on consumption

Subsistence farming means producing food

A. Mainly for the need of our immediate and extended family

B. Crops for sale mainly

C. Crops mainly for export

D. To feed the community around

E. In order to satisfy the government directives