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All questions of Economic Growth and Development for JAMB Exam
Which of the following is an example of a supply-side measure for promoting development in Nigeria?- a)Increasing government spending on education
- b)Implementing import restrictions
- c)Enhancing access to credit for small businesses
- d)Reducing tax rates for corporations
Correct answer is option 'C'. Can you explain this answer?
Which of the following is an example of a supply-side measure for promoting development in Nigeria?
a)
Increasing government spending on education
b)
Implementing import restrictions
c)
Enhancing access to credit for small businesses
d)
Reducing tax rates for corporations
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Deepak Iyer answered |
Supply-side measures focus on improving the production capacity of an economy. Enhancing access to credit for small businesses is a supply-side measure as it helps to promote entrepreneurship and investment, thereby boosting economic development.
Which of the following is an indicator of economic growth?- a)Literacy rate.
- b)Life expectancy.
- c)Gross domestic product (GDP).
- d)Gini coefficient.
Correct answer is option 'C'. Can you explain this answer?
Which of the following is an indicator of economic growth?
a)
Literacy rate.
b)
Life expectancy.
c)
Gross domestic product (GDP).
d)
Gini coefficient.
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Deepak Iyer answered |
Gross domestic product (GDP) is an indicator of economic growth. It measures the total value of goods and services produced within a country's borders during a specific period. GDP is often used to assess the overall economic performance and size of an economy.
Economic growth refers to:- a)Increase in real GDP per capita over time.
- b)Increase in the population of a country.
- c)Increase in the government expenditure.
- d)Increase in inflation rate.
Correct answer is option 'A'. Can you explain this answer?
Economic growth refers to:
a)
Increase in real GDP per capita over time.
b)
Increase in the population of a country.
c)
Increase in the government expenditure.
d)
Increase in inflation rate.
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|
Deepak Iyer answered |
Economic growth refers to an increase in real GDP (Gross Domestic Product) per capita over time. It signifies the expansion of an economy's production capacity and is usually measured in terms of the value of goods and services produced within a country.
Which government agency in Nigeria is responsible for formulating and implementing development plans?- a)Central Bank of Nigeria (CBN)
- b)National Planning Commission (NPC)
- c)Nigerian Stock Exchange (NSE)
- d)Federal Inland Revenue Service (FIRS)
Correct answer is option 'B'. Can you explain this answer?
Which government agency in Nigeria is responsible for formulating and implementing development plans?
a)
Central Bank of Nigeria (CBN)
b)
National Planning Commission (NPC)
c)
Nigerian Stock Exchange (NSE)
d)
Federal Inland Revenue Service (FIRS)
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|
Deepak Iyer answered |
The NPC is the government agency responsible for formulating and implementing development plans in Nigeria. It plays a crucial role in coordinating economic policies and strategies for sustainable development.
What is the main purpose of diversification in Nigeria's economy?- a)Reducing government expenditure
- b)Increasing import dependency
- c)Minimizing income inequality
- d)Reducing overdependence on a single sector
Correct answer is option 'D'. Can you explain this answer?
What is the main purpose of diversification in Nigeria's economy?
a)
Reducing government expenditure
b)
Increasing import dependency
c)
Minimizing income inequality
d)
Reducing overdependence on a single sector
|
|
Deepak Iyer answered |
Diversification in Nigeria's economy aims to reduce overdependence on sectors such as oil and gas. By diversifying into other sectors, the economy becomes more resilient, less vulnerable to external shocks, and can foster balanced and sustainable development.
Which of the following is not a factor affecting economic growth and development?- a)Technological progress.
- b)Availability of natural resources.
- c)Infrastructure development.
- d)Exchange rate fluctuations.
Correct answer is option 'D'. Can you explain this answer?
Which of the following is not a factor affecting economic growth and development?
a)
Technological progress.
b)
Availability of natural resources.
c)
Infrastructure development.
d)
Exchange rate fluctuations.
|
|
Deepak Iyer answered |
Exchange rate fluctuations are not considered a factor affecting economic growth and development. Exchange rate fluctuations impact trade competitiveness and the purchasing power of a currency but do not directly drive long-term economic growth and development.
Which of the following is an indicator of economic development?- a)Literacy rate.
- b)Inflation rate.
- c)Foreign exchange rate.
- d)Consumer price index.
Correct answer is option 'A'. Can you explain this answer?
Which of the following is an indicator of economic development?
a)
Literacy rate.
b)
Inflation rate.
c)
Foreign exchange rate.
d)
Consumer price index.
|
|
Deepak Iyer answered |
Literacy rate is an indicator of economic development. It represents the percentage of people who can read and write in a given population. Higher literacy rates are generally associated with improved human capital, which contributes to economic development.
What is the primary goal of development planning in Nigeria?- a)Achieving self-sufficiency in food production
- b)Increasing government revenue
- c)Reducing income inequality
- d)Promoting sustainable economic growth
Correct answer is option 'D'. Can you explain this answer?
What is the primary goal of development planning in Nigeria?
a)
Achieving self-sufficiency in food production
b)
Increasing government revenue
c)
Reducing income inequality
d)
Promoting sustainable economic growth
|
|
Deepak Iyer answered |
Development planning in Nigeria aims to achieve sustainable economic growth by implementing policies and strategies that foster long-term economic development while considering social and environmental factors.
What is the purpose of a poverty alleviation program in Nigeria?- a)Encouraging foreign direct investment
- b)Reducing income inequality
- c)Increasing government revenue
- d)Promoting import substitution
Correct answer is option 'B'. Can you explain this answer?
What is the purpose of a poverty alleviation program in Nigeria?
a)
Encouraging foreign direct investment
b)
Reducing income inequality
c)
Increasing government revenue
d)
Promoting import substitution
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Deepak Iyer answered |
Poverty alleviation programs in Nigeria aim to reduce income inequality by providing support and assistance to individuals and communities facing extreme poverty. These programs help improve living standards and promote inclusive development.
Which of the following is a key factor contributing to the problem of corruption in Nigeria?- a)Lack of skilled labor
- b)Inefficient bureaucracy
- c)Low population density
- d)Excessive foreign aid
Correct answer is option 'B'. Can you explain this answer?
Which of the following is a key factor contributing to the problem of corruption in Nigeria?
a)
Lack of skilled labor
b)
Inefficient bureaucracy
c)
Low population density
d)
Excessive foreign aid
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Deepak Iyer answered |
In Nigeria, an inefficient bureaucracy contributes to the problem of corruption by creating opportunities for bribery, embezzlement, and other forms of dishonest practices. It is important to address the issue of corruption to promote development.
What role does human capital development play in the development of Nigeria?- a)It helps attract foreign direct investment.
- b)It reduces the need for infrastructure investment.
- c)It enhances labor productivity and innovation.
- d)It increases government revenue through taxation.
Correct answer is option 'C'. Can you explain this answer?
What role does human capital development play in the development of Nigeria?
a)
It helps attract foreign direct investment.
b)
It reduces the need for infrastructure investment.
c)
It enhances labor productivity and innovation.
d)
It increases government revenue through taxation.
|
|
Deepak Iyer answered |
Human capital development, which includes education, training, and skill development, plays a crucial role in enhancing labor productivity and promoting innovation, leading to overall economic development.
How does development planning contribute to sustainable development in Nigeria?- a)By increasing foreign aid dependency
- b)By promoting short-term economic gains
- c)By considering environmental and social factors
- d)By prioritizing profit-driven enterprises
Correct answer is option 'C'. Can you explain this answer?
How does development planning contribute to sustainable development in Nigeria?
a)
By increasing foreign aid dependency
b)
By promoting short-term economic gains
c)
By considering environmental and social factors
d)
By prioritizing profit-driven enterprises
|
|
Deepak Iyer answered |
Development planning in Nigeria takes into account environmental sustainability and social considerations to ensure that economic development is achieved in a balanced and inclusive manner, fostering long-term sustainable development.
Economic development refers to changes in:- a)The quality of life.
- b)The level of employment.
- c)The level of taxation.
- d)The size of the economy.
Correct answer is option 'A'. Can you explain this answer?
Economic development refers to changes in:
a)
The quality of life.
b)
The level of employment.
c)
The level of taxation.
d)
The size of the economy.
|
|
Deepak Iyer answered |
Economic development refers to changes in the quality of life, including improvements in education, healthcare, infrastructure, income distribution, and other factors that contribute to the well-being of individuals and society as a whole.
Which of the following is a primary objective of economic growth?- a)Reduction of poverty.
- b)Environmental sustainability.
- c)Equitable income distribution.
- d)Increase in production.
Correct answer is option 'D'. Can you explain this answer?
Which of the following is a primary objective of economic growth?
a)
Reduction of poverty.
b)
Environmental sustainability.
c)
Equitable income distribution.
d)
Increase in production.
|
|
Deepak Iyer answered |
A primary objective of economic growth is to increase production. Economic growth aims to expand the output of goods and services, leading to higher income levels, employment opportunities, and overall economic prosperity.
Which of the following is NOT a problem of development in Nigeria?- a)High unemployment rate
- b)Widespread poverty
- c)Insufficient natural resources
- d)Inadequate infrastructure
Correct answer is option 'C'. Can you explain this answer?
Which of the following is NOT a problem of development in Nigeria?
a)
High unemployment rate
b)
Widespread poverty
c)
Insufficient natural resources
d)
Inadequate infrastructure
|
|
Deepak Iyer answered |
Nigeria is known for its abundant natural resources such as oil, gas, and minerals. The main problems of development in Nigeria include high unemployment rate, widespread poverty, and inadequate infrastructure.
Which of the following factors affects economic growth and development?- a)Political stability.
- b)Income inequality.
- c)Consumer spending habits.
- d)Natural disasters.
Correct answer is option 'A'. Can you explain this answer?
Which of the following factors affects economic growth and development?
a)
Political stability.
b)
Income inequality.
c)
Consumer spending habits.
d)
Natural disasters.
|
|
Deepak Iyer answered |
Political stability affects economic growth and development. When a country has a stable political environment, it provides a conducive atmosphere for investment, business growth, and policy implementation, leading to sustainable economic development.
Economic development refers to:- a)Increase in real GDP per capita over time.
- b)Increase in the population of a country.
- c)Increase in the government expenditure.
- d)Increase in inflation rate.
Correct answer is option 'A'. Can you explain this answer?
Economic development refers to:
a)
Increase in real GDP per capita over time.
b)
Increase in the population of a country.
c)
Increase in the government expenditure.
d)
Increase in inflation rate.
|
|
Deepak Iyer answered |
Economic development refers to the improvement in the standard of living, well-being, and quality of life of the population. It involves sustainable economic growth, social progress, and institutions that support the needs and aspirations of individuals in a society.
Which of the following is a primary objective of economic development?- a)Reduction of poverty.
- b)Inflation control.
- c)Technological advancement.
- d)Increase in government expenditure.
Correct answer is option 'A'. Can you explain this answer?
Which of the following is a primary objective of economic development?
a)
Reduction of poverty.
b)
Inflation control.
c)
Technological advancement.
d)
Increase in government expenditure.
|
|
Deepak Iyer answered |
A primary objective of economic development is the reduction of poverty. Economic development seeks to improve the living conditions of the population, alleviate poverty, and promote social and economic inclusiveness through sustainable and equitable growth.
Which of the following is an example of a social infrastructure project in Nigeria?- a)Construction of power plants
- b)Expansion of road networks
- c)Development of industrial parks
- d)Building of schools and hospitals
Correct answer is option 'D'. Can you explain this answer?
Which of the following is an example of a social infrastructure project in Nigeria?
a)
Construction of power plants
b)
Expansion of road networks
c)
Development of industrial parks
d)
Building of schools and hospitals
|
|
Deepak Iyer answered |
Schools and hospitals are examples of social infrastructure projects as they cater to the social needs of the population and contribute to human capital development, which is vital for overall development.
Economic growth refers to changes in:- a)The quality of life.
- b)The standard of living.
- c)The level of happiness.
- d)The size of the economy.
Correct answer is option 'D'. Can you explain this answer?
Economic growth refers to changes in:
a)
The quality of life.
b)
The standard of living.
c)
The level of happiness.
d)
The size of the economy.
|
|
Deepak Iyer answered |
Economic growth refers to changes in the size of the economy, typically measured by the increase in real GDP. It represents the expansion of productive capacity and the overall value of goods and services produced within a country.
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Economics for JAMB
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