All practice questions

In a four-sector open economy, national income equilibrium is maintained when total leakages (withdrawals) equal total injections. If savings ($S$) is \$150 million, taxation ($ T $) is \$100 million, imports ($ M $) are \$80 million, investment ($ I $) is \$180 million, and government expenditure ($ G $) is \$110 million, what is the required value of exports ($ X$) to maintain equilibrium?

In national income accounting, excluding government transfer payments—such as unemployment benefits and old-age pensions—causes an underestimation of gross domestic product.

An agricultural enterprise generates revenue at the end of the harvest season. After paying contractual rewards to land, labour, and capital, the remaining income retained by the business owner fluctuates based on market performance and can be positive, zero, or negative. Which factor of production earns this residual reward?

In a federal system of government, constitutional authority is divided between a central government and component regional units such that each tier is coordinate and autonomous within its constitutionally assigned sphere.

A prominent industrialist in a state uses control over key banking networks and news organizations to pressure lawmakers into passing favorable trade policies, despite holding no constitutionally recognized public office. Which form and source of power is primarily demonstrated in this scenario?

In a parliamentary system of government, executive authority is structured around a dual executive leadership. Which of the following officials functions as the Head of Government responsible for leading the cabinet and managing daily administration?

Match each plant or animal hormone listed in Column I with its corresponding primary physiological action in Column II.

In a classic federal system of government, residual powers are constitutionally reserved exclusively for the central government, while concurrent powers are assigned solely to the component units.

A West African nation records the following international transactions during a financial year:

Based on the table, calculate the country's Current Account Balance in millions of US dollars ($ million).

In a free market economy, the basic economic problem of determining 'for whom to produce' is primarily solved by:

Match each nitrogen compound or microorganism in the left column with its corresponding characteristic property or role in the nitrogen cycle in the right column.

A commercial cassava processing firm located in Ibadan expands its scale of operation by increasing all of its production inputs (labor, machinery, and land) simultaneously by $60\%$. Following this expansion, the firm's total output of cassava flour increases from $500$ metric tonnes to $900$ metric tonnes per month. Based on this outcome, which of the following best describes the economic law demonstrated by the firm and its effect on long-run unit cost?

An economy undergoing structural reorganization replaces its rigid five-year medium-term plan with a framework where macroeconomic targets are continuously revised and extended by one year at each annual review. Simultaneously, state production targets set for private enterprises serve as advisory guidelines rather than legally binding mandates. Which combination of economic planning types correctly categorizes this dual operational strategy?

A West African member nation is simultaneously experiencing a severe liquidity deficit in its foreign exchange reserves, causing a temporary balance of payments disequilibrium, and seeking concessionary long-term capital to construct a cross-border energy transmission grid. Which pair of international economic institutions is appropriately mandated to resolve these two distinct financial challenges?

A community leader commands widespread obedience and respect from citizens not through any constitutional mandate or physical coercion, but purely due to his extraordinary personal magnetism, exemplary character, and heroic achievements. Which form of power is demonstrated in this scenario?

A government's fiscal spending report indicates a substantial rise in annual allocations dedicated to servicing public debt interest and paying pensions to retired civil servants. Based on the classification of public expenditure, which of the following correctly categorizes these two outlays and describes their effect on capital formation?

A manufacturing firm seeking to raise long-term debt capital to expand its production plant would issue which of the following financial instruments on the capital market?

In an economic statistics report of a country, the total currency in circulation outside commercial banks is $\text{N}300\text{ billion}$ and demand deposits held in commercial banks total $\text{N}500\text{ billion}$. In addition, savings deposits stand at $\text{N}250\text{ billion}$. What is the value of the narrow money supply ($M_1$) in billions of Naira?

Biological pest control is utilized in environmental management as a sustainable alternative to synthetic pesticides because it achieves the total eradication of target pest species from an ecosystem.

Under Section 28 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), a naturalized Nigerian citizen who voluntarily acquires the citizenship of another country forfeits their Nigerian citizenship, whereas a citizen of Nigeria by birth is permitted to hold dual citizenship.