National Economy II

What does the term "national economy" refer to?

• Country's production, distribution, and consumption of goods and services
• International trade
• Individual wealth
• Local businesses

What is the role of the services sector in Nigeria's economy?

• Contributes to oil production
• Drives manufacturing activities
• Provides diverse services like telecommunications and banking
• Focuses on agricultural development

What challenges hinder the growth and development of the Nigerian economy due to fluctuations in global oil prices?

• Corruption
• Dependence on oil
• Inflation
• Limited access to finance

What term describes the activities involved in the production, distribution, and consumption of goods and services in a country?

• Business operations
• Economic activities
• Trade relations
• Financial transactions

What is the majority of a country's labor force composed of?

• Financial analysts
• Capital resources
• Skilled workers
• Human resources

In the context of the national economy, what does the term "inflation" affect?

• Human resources
• Government revenue
• Purchasing power and cost of living
• Natural resources

Which of the following is a challenge faced by the Nigerian economy related to inadequate power supply, transportation, and telecommunications?

• High unemployment
• Corruption
• Security concerns
• Infrastructure deficiencies

What is a significant role of the oil sector in Nigeria's economy?

• Employment generation
• Foreign exchange earnings
• Food production
• Infrastructure development

Which resource refers to the skill and qualities of people available and ready to work within the economy?

• Financial resources
• Natural resources
• Human resources
• Capital resources

What economic activity involves the cultivation of crops and the raising of livestock?

• Fishing
• Manufacturing
• Farming
• Trading