1) Development plans fail in Nigeria mainly because of
- A. Corruption and political instability
- B. Over-dependence on foreign aid
- C. High cost of plan implementation
- D. Shortage of personnel
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Correct Answer: Option A
2) One of the major uses of national income statistics in Nigeria is to
- A. Equally distribute national income among citizens
- B. Determine the total population
- C. Compare population growth among nations
- D. Estimate per capita income
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Correct Answer: Option D
3) The major characteristics of an undeveloped nation is
- A. Over-dependence on foreign products
- B. Dominance of the industrial sector
- C. High per capita income
- D. Efficient and sensitive financial sector
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Correct Answer: Option A
Explanation
Characteristics
- Low per Capita Income
- Inequitable Distribution of Wealth and Income
- Predominance of Agriculture
- Deficiency of Capital
- High Rate of Population Growth
- Unemployment and Underemployment
- A Dualistic Economy
- Technical Backwardness
- dependence on foreign products
4) Which of the following is NOT among the financial institutions in Nigeria?
- A. Federal Mortgage Bank
- B. Microfinance Banks
- C. Insurance Banks
- D. Federal Ministry of Finance
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Correct Answer: Option D
Explanation
The major categories of financial institutions include central banks, retail and commercial banks, internet banks, credit unions, savings, and loans associations, investment banks, investment companies, brokerage firms, insurance companies, and mortgage companies.
5) Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.
Determine the range?
- A. 0.25
- B. 10.00
- C. 1.55
- D. 9.95
View Correct Answer
Correct Answer: Option D
Explanation
The range of a set of data is the difference between the highest and lowest values in the set. To find the range, first order the data from least to greatest. Then subtract the smallest value from the largest value in the set. Thus we have;
0.25, 1.25, 1.55, 1.80, 1.110, 10.15 and 10.20
range = 10.20 - 0.25 = 9.95
