[ { "topic": "Foundations", "question": "What is the primary definition of Economics as a social science?", "a": "The study of how to make money quickly.", "b": "The study of human behavior in allocating scarce resources to satisfy unlimited wants.", "c": "The study of government tax policies.", "d": "The study of how to eliminate all scarcity.", "correct": "B" }, { "topic": "Foundations", "question": "What is 'Opportunity Cost'?", "a": "The money cost of producing a good.", "b": "The next best alternative forgone when a choice is made.", "c": "The total cost of all resources used.", "d": "The price paid for a service.", "correct": "B" }, { "topic": "Foundations", "question": "Which of these is NOT a basic economic problem?", "a": "What to produce?", "b": "How to produce?", "c": "For whom to produce?", "d": "How to maximize government debt?", "correct": "D" }, { "topic": "Foundations", "question": "In a planned (command) economy, who makes the major economic decisions?", "a": "Market forces of demand and supply.", "b": "The central government or authority.", "c": "Private individuals and firms.", "d": "International organizations.", "correct": "B" }, { "topic": "Foundations", "question": "Which term describes 'Economics as a science'?", "a": "It is purely based on opinions.", "b": "It uses the scientific method to observe and analyze human behavior.", "c": "It deals only with laboratory experiments.", "d": "It has no need for data.", "correct": "B" }, { "topic": "Foundations", "question": "A mixed economy combines elements of:", "a": "Socialism and Communism.", "b": "Capitalism and the Public Sector (Government).", "c": "Traditional and Primitive systems.", "d": "Sole Proprietorship and Partnership.", "correct": "B" }, { "topic": "Foundations", "question": "What does the 'Scale of Preference' represent?", "a": "A list of consumer wants arranged in order of priority.", "b": "A chart showing the price of goods.", "c": "The total national budget.", "d": "A list of government taxes.", "correct": "A" }, { "topic": "Foundations", "question": "Scarcity in economics means:", "a": "Goods are too expensive.", "b": "Resources are limited in relation to human wants.", "c": "There is no supply of goods.", "d": "The government has banned the production of certain goods.", "correct": "B" }, { "topic": "Foundations", "question": "Which of the following is a 'Normative' economic statement?", "a": "Unemployment rose by 5%.", "b": "Government should increase the minimum wage.", "c": "The price of bread increased yesterday.", "d": "GDP grew by 2% last year.", "correct": "B" }, { "topic": "Foundations", "question": "What is the main goal of a Capitalist economy?", "a": "Equal distribution of wealth.", "b": "Profit maximization.", "c": "State ownership of resources.", "d": "Elimination of competition.", "correct": "B" }, { "topic": "Foundations", "question": "Which of these is a factor of production?", "a": "Money.", "b": "Land.", "c": "Stocks.", "d": "Bonds.", "correct": "B" }, { "topic": "Foundations", "question": "What is the difference between 'Positive' and 'Normative' economics?", "a": "Positive is about what is, normative is about what should be.", "b": "Positive is theoretical, normative is practical.", "c": "Positive deals with money, normative deals with land.", "d": "There is no difference.", "correct": "A" }, { "topic": "Foundations", "question": "Economic laws are considered 'less precise' than physical laws because:", "a": "Economists are not smart.", "b": "They are based on human behavior, which is unpredictable.", "c": "They are based on laboratory experiments.", "d": "They change every day.", "correct": "B" }, { "topic": "Foundations", "question": "The study of Economics is justified by the existence of:", "a": "Unlimited resources.", "b": "Limited wants.", "c": "Scarcity.", "d": "Abundance.", "correct": "C" }, { "topic": "Foundations", "question": "In an economic system, 'Choice' arises because:", "a": "Wants are limited.", "b": "Resources are unlimited.", "c": "Of the problem of scarcity.", "d": "Prices are fixed.", "correct": "C" }, { "topic": "Analysis Tools", "question": "Which measure of central tendency is calculated by summing all values and dividing by the total count?", "a": "Median", "b": "Mode", "c": "Mean", "d": "Range", "correct": "C" }, { "topic": "Analysis Tools", "question": "In a dataset sorted from lowest to highest, the middle value is known as the:", "a": "Mean", "b": "Mode", "c": "Median", "d": "Standard Deviation", "correct": "C" }, { "topic": "Analysis Tools", "question": "Which tool is best suited for showing how a total quantity is divided into percentage components?", "a": "Bar chart", "b": "Pie chart", "c": "Scatter diagram", "d": "Line graph", "correct": "B" }, { "topic": "Analysis Tools", "question": "If a dataset is: 3, 5, 5, 7, 9, what is the mode?", "a": "3", "b": "5", "c": "7", "d": "9", "correct": "B" }, { "topic": "Analysis Tools", "question": "The 'range' of a dataset is calculated by finding the difference between:", "a": "The mean and the median.", "b": "The highest and lowest values.", "c": "The first and last frequencies.", "d": "The mode and the mean.", "correct": "B" }, { "topic": "Analysis Tools", "question": "Which graph is most effective for displaying changes in an economic variable over time?", "a": "Line graph", "b": "Pie chart", "c": "Histogram", "d": "Tally sheet", "correct": "A" }, { "topic": "Analysis Tools", "question": "What is the primary difference between a histogram and a bar chart?", "a": "Bar charts represent continuous data only.", "b": "Histograms have gaps between the bars.", "c": "Histograms represent continuous data and have no gaps between bars.", "d": "Bar charts are only for numerical data.", "correct": "C" }, { "topic": "Analysis Tools", "question": "Quantitative data is best defined as:", "a": "Data based on personal opinions.", "b": "Data that can be measured or counted numerically.", "c": "Data describing categories like colors.", "d": "Data that cannot be processed statistically.", "correct": "B" }, { "topic": "Analysis Tools", "question": "A scatter diagram is used to show:", "a": "The frequency of a single variable.", "b": "The relationship or correlation between two variables.", "c": "The average value of a dataset.", "d": "The total sum of all observations.", "correct": "B" }, { "topic": "Analysis Tools", "question": "Which measure is most 'sensitive' to extreme outliers in a dataset?", "a": "Median", "b": "Mode", "c": "Mean", "d": "Range", "correct": "C" }, { "topic": "Analysis Tools", "question": "Data collected by someone else for a different purpose is called:", "a": "Primary data.", "b": "Secondary data.", "c": "Raw data.", "d": "Direct data.", "correct": "B" }, { "topic": "Analysis Tools", "question": "Dispersion in statistics measures:", "a": "The center point of the data.", "b": "The total number of samples.", "c": "The spread or variability of the data.", "d": "The most common value.", "correct": "C" }, { "topic": "Analysis Tools", "question": "When data points for a variable are plotted against time, the result is known as:", "a": "A time series.", "b": "A cross-sectional study.", "c": "A frequency distribution.", "d": "A cumulative chart.", "correct": "A" }, { "topic": "Analysis Tools", "question": "If a frequency distribution has two values that appear most frequently, it is called:", "a": "Unimodal.", "b": "Bimodal.", "c": "Multimodal.", "d": "Skewed.", "correct": "B" }, { "topic": "Analysis Tools", "question": "Which of these is a disadvantage of using tables for data presentation?", "a": "They are difficult to organize.", "b": "They don't allow for numerical storage.", "c": "Trends and patterns are harder to identify compared to graphs.", "d": "They can only hold a small amount of data.", "correct": "C" }, { "question": "Demand refers to", "a": "Human wants", "b": "Desire backed by ability and willingness to pay", "c": "Quantity supplied", "d": "Goods in the market", "correct": "B" }, { "question": "The law of demand states that", "a": "Quantity demanded falls as price rises", "b": "Demand rises with increase in price", "c": "Supply rises as price rises", "d": "Demand remains constant", "correct": "A" }, { "question": "A normal demand curve slopes", "a": "Upward from left to right", "b": "Downward from left to right", "c": "Vertically", "d": "Horizontally", "correct": "B" }, { "question": "Price elasticity of demand measures", "a": "Change in supply", "b": "Responsiveness of demand to price changes", "c": "Government expenditure", "d": "Consumer income", "correct": "B" }, { "question": "Utility means", "a": "Cost of production", "b": "Satisfaction derived from consumption", "c": "Government revenue", "d": "Market demand", "correct": "B" }, { "question": "The law of diminishing marginal utility states that", "a": "Utility increases continuously", "b": "Additional satisfaction decreases as more units are consumed", "c": "Demand always increases", "d": "Supply equals demand", "correct": "B" }, { "question": "Supply refers to", "a": "Goods available for sale", "b": "Quantity producers are willing to offer for sale", "c": "Consumer wants", "d": "Government goods", "correct": "B" }, { "question": "The law of supply states that", "a": "Supply rises as price rises", "b": "Supply falls as price rises", "c": "Demand rises with price", "d": "Price remains constant", "correct": "A" }, { "question": "Equilibrium price is determined by", "a": "Government policy only", "b": "Interaction of demand and supply", "c": "Consumers only", "d": "Producers only", "correct": "B" }, { "question": "When quantity supplied exceeds quantity demanded, there is", "a": "Shortage", "b": "Surplus", "c": "Inflation", "d": "Equilibrium", "correct": "B" }, { "question": "Production refers to", "a": "Consumption of goods", "b": "Creation of utility", "c": "Importation of goods", "d": "Payment of wages", "correct": "B" }, { "question": "The factors of production include land, labour, capital and", "a": "Money", "b": "Entrepreneur", "c": "Taxation", "d": "Banking", "correct": "B" }, { "question": "Fixed cost is cost that", "a": "Changes with output", "b": "Remains constant in the short run", "c": "Depends on demand", "d": "Depends on taxes", "correct": "B" }, { "question": "Marginal cost refers to", "a": "Total cost of production", "b": "Additional cost of producing one more unit", "c": "Average cost", "d": "Revenue from sales", "correct": "B" }, { "question": "Profit is obtained when", "a": "Revenue exceeds cost", "b": "Cost exceeds revenue", "c": "Demand equals supply", "d": "Price falls", "correct": "A" }, { "question": "Perfect competition is a market structure characterized by", "a": "One seller", "b": "Few sellers", "c": "Many buyers and sellers", "d": "Product differentiation only", "correct": "C" }, { "question": "In a perfectly competitive market, firms are", "a": "Price makers", "b": "Price takers", "c": "Monopolists", "d": "Government controlled", "correct": "B" }, { "question": "A monopoly exists when there is", "a": "One seller", "b": "Many sellers", "c": "Two sellers", "d": "Free entry into the market", "correct": "A" }, { "question": "Which of the following is a feature of monopoly?", "a": "Homogeneous products", "b": "Free entry and exit", "c": "Single seller controls supply", "d": "Perfect knowledge", "correct": "C" }, { "question": "Monopolistic competition is characterized by", "a": "One seller only", "b": "Product differentiation", "c": "Government ownership", "d": "Perfectly identical products", "correct": "B" }, { "question": "Examples of firms under monopolistic competition include", "a": "Electricity companies only", "b": "Retail shops and restaurants", "c": "Central banks", "d": "Oil refineries only", "correct": "B" }, { "question": "An oligopoly market is dominated by", "a": "One buyer", "b": "Many small firms", "c": "Few large firms", "d": "Government agencies only", "correct": "C" }, { "question": "Which of the following is an example of oligopoly?", "a": "Local vegetable market", "b": "Telecommunication industry", "c": "Pure water business", "d": "Roadside kiosks", "correct": "B" }, { "question": "The main objective of most firms is to maximize", "a": "Production", "b": "Sales only", "c": "Profit", "d": "Tax payment", "correct": "C" }, { "question": "Product differentiation means", "a": "Producing identical goods", "b": "Making products appear different from competitors’ products", "c": "Reducing production", "d": "Government control of goods", "correct": "B" }, { "question": "Barriers to entry are strongest in", "a": "Perfect competition", "b": "Monopoly", "c": "Retail trade", "d": "Agriculture", "correct": "B" }, { "question": "In perfect competition, price is determined by", "a": "A single seller", "b": "Government", "c": "Industry demand and supply", "d": "Trade unions", "correct": "C" }, { "question": "Collusion is commonly associated with", "a": "Perfect competition", "b": "Oligopoly", "c": "Monopoly only", "d": "Agricultural markets", "correct": "B" }, { "question": "Which market structure has the highest degree of competition?", "a": "Monopoly", "b": "Oligopoly", "c": "Perfect competition", "d": "Duopoly", "correct": "C" }, { "question": "Advertising is most common in", "a": "Perfect competition", "b": "Monopolistic competition", "c": "Pure monopoly only", "d": "Subsistence farming", "correct": "B" }, { "question": "Macroeconomics deals with", "a": "Individual consumers only", "b": "The economy as a whole", "c": "A single firm", "d": "Household spending only", "correct": "B" }, { "question": "National income refers to", "a": "Government revenue only", "b": "Total value of goods and services produced in a country within a year", "c": "Income from exports only", "d": "Wages paid to workers", "correct": "B" }, { "question": "GDP means", "a": "Gross Domestic Product", "b": "General Domestic Price", "c": "Gross Development Plan", "d": "Government Debt Policy", "correct": "A" }, { "question": "Per capita income is calculated by dividing", "a": "National income by population", "b": "Population by national income", "c": "Exports by imports", "d": "Revenue by expenditure", "correct": "A" }, { "question": "Money is primarily used as", "a": "A measure of weight", "b": "A medium of exchange", "c": "A factor of production", "d": "A consumer good", "correct": "B" }, { "question": "One major function of money is to serve as", "a": "A store of value", "b": "A raw material", "c": "An import duty", "d": "A tax instrument", "correct": "A" }, { "question": "Inflation refers to", "a": "General fall in prices", "b": "Persistent rise in general price level", "c": "Increase in unemployment", "d": "Reduction in national income", "correct": "B" }, { "question": "One major effect of inflation is", "a": "Increase in purchasing power", "b": "Reduction in purchasing power", "c": "Stable prices", "d": "Lower cost of living", "correct": "B" }, { "question": "The institution responsible for issuing currency in Nigeria is the", "a": "Commercial Bank", "b": "Central Bank", "c": "Ministry of Finance", "d": "Nigerian Stock Exchange", "correct": "B" }, { "question": "The apex bank in Nigeria is the", "a": "First Bank", "b": "Union Bank", "c": "Central Bank of Nigeria", "d": "World Bank", "correct": "C" }, { "question": "A major function of the Central Bank is to", "a": "Grant petty loans only", "b": "Control money supply", "c": "Sell consumer goods", "d": "Produce exports", "correct": "B" }, { "question": "Commercial banks mainly accept", "a": "Farm products", "b": "Deposits from the public", "c": "Import licenses", "d": "Tax payments only", "correct": "B" }, { "question": "Loans granted by commercial banks attract", "a": "Subsidy", "b": "Interest", "c": "Tax relief", "d": "Commission only", "correct": "B" }, { "question": "Cheque is regarded as", "a": "Commodity money", "b": "Near money", "c": "Legal tender", "d": "Token money", "correct": "B" }, { "question": "Deflation is a situation where there is", "a": "General increase in prices", "b": "General fall in prices", "c": "Increase in money supply", "d": "Rapid inflation", "correct": "B" }, { "question": "Public finance deals with", "a": "Personal income only", "b": "Government revenue and expenditure", "c": "Private business profits", "d": "International trade only", "correct": "B" }, { "question": "Government revenue is mainly generated through", "a": "Taxation", "b": "Barter trade", "c": "Donations only", "d": "Household consumption", "correct": "A" }, { "question": "Direct tax is imposed directly on", "a": "Goods only", "b": "Income and property", "c": "Imports only", "d": "Exports only", "correct": "B" }, { "question": "An example of indirect tax is", "a": "Personal income tax", "b": "Company tax", "c": "Value Added Tax", "d": "Property tax", "correct": "C" }, { "question": "Tax imposed on imported goods is called", "a": "Excise duty", "b": "Custom duty", "c": "Income tax", "d": "Poll tax", "correct": "B" }, { "question": "Government expenditure on roads and hospitals is known as", "a": "Capital expenditure", "b": "Indirect tax", "c": "Deficit financing", "d": "Public debt", "correct": "A" }, { "question": "Recurrent expenditure includes payment of", "a": "Salaries and wages", "b": "Road construction", "c": "Airport projects", "d": "Dam construction", "correct": "A" }, { "question": "Fiscal policy refers to the use of", "a": "Interest rate and money supply", "b": "Government revenue and expenditure to control the economy", "c": "Imports and exports", "d": "Population control measures", "correct": "B" }, { "question": "Expansionary fiscal policy is used to", "a": "Reduce economic activities", "b": "Encourage economic growth", "c": "Increase unemployment", "d": "Reduce government spending completely", "correct": "B" }, { "question": "Budget deficit occurs when", "a": "Revenue exceeds expenditure", "b": "Expenditure exceeds revenue", "c": "Imports exceed exports", "d": "Taxes are reduced", "correct": "B" }, { "question": "Public debt refers to", "a": "Loans owed by individuals", "b": "Money borrowed by government", "c": "Company profits", "d": "Private savings", "correct": "B" }, { "question": "Internal debt is debt borrowed from", "a": "Foreign countries", "b": "International organizations", "c": "Citizens within the country", "d": "Export companies", "correct": "C" }, { "question": "One disadvantage of excessive public debt is", "a": "Economic stability", "b": "High debt servicing burden", "c": "Increase in savings", "d": "Reduction in inflation", "correct": "B" }, { "question": "A progressive tax system is one in which", "a": "Everyone pays the same amount", "b": "Higher income earners pay higher tax rates", "c": "Poor people pay more taxes", "d": "Taxes decrease with income", "correct": "B" }, { "question": "The annual statement of government expected revenue and expenditure is called", "a": "Balance sheet", "b": "Budget", "c": "Fiscal deficit", "d": "National income", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "What is the primary difference between economic growth and economic development?", "a": "Growth refers to an increase in real GDP; development includes improvements in the standard of living.", "b": "Development refers to an increase in real GDP; growth includes improvements in the standard of living.", "c": "Growth is qualitative; development is quantitative.", "d": "They are identical terms in economics.", "correct": "A" }, { "topic": "Development & Sectoral Topics", "question": "Which of these is a major problem facing the agricultural sector in Nigeria?", "a": "Excessive mechanization.", "b": "Inadequate storage facilities and poor infrastructure.", "c": "Too many trained agricultural extension workers.", "d": "Lack of arable land.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "What is 'Import Substitution' in the context of industrialization?", "a": "Exporting more than you import.", "b": "Producing goods locally to replace those previously imported.", "c": "Importing goods to support local industries.", "d": "Buying only foreign-made machinery.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "The 'Dependency Ratio' is defined as the ratio of:", "a": "Total population to total land area.", "b": "Dependents (young and elderly) to the working-age population.", "c": "Employed persons to unemployed persons.", "d": "Total exports to total imports.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "Natural resources are considered 'exhaustible' if they:", "a": "Can be replenished by nature quickly.", "b": "Are finite and cannot be replaced once consumed.", "c": "Are used to produce other goods.", "d": "Have no economic value.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "Which of these is a characteristic of a developing economy like Nigeria?", "a": "High industrial output and low dependency on agriculture.", "b": "Low per capita income and high dependency on primary production.", "c": "High technological advancement in all sectors.", "d": "Zero unemployment rate.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "What is 'Brain Drain' in the context of a labour market?", "a": "The movement of unskilled labour to urban areas.", "b": "The emigration of highly skilled and educated professionals to other countries.", "c": "The loss of jobs due to automation.", "d": "The increase in the number of students.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "Which factor contributes most to low agricultural productivity in Nigeria?", "a": "Use of modern fertilizers.", "b": "Reliance on archaic tools and methods.", "c": "High rate of urbanization.", "d": "Over-investment in irrigation.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "Human Capital Development refers to:", "a": "Building more factories.", "b": "Improving the skills, education, and health of the population.", "c": "Discovering new oil wells.", "d": "Reducing the population size.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "What is 'Disguised Unemployment'?", "a": "People who are actively looking for work but cannot find any.", "b": "A situation where more people are working than necessary, resulting in zero marginal productivity.", "c": "People who have given up looking for work.", "d": "People working in part-time jobs while wanting full-time ones.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "What is the role of industrialization in economic development?", "a": "To decrease the reliance on imported manufactured goods.", "b": "To increase the cost of consumer goods.", "c": "To reduce the labour force requirement.", "d": "To promote subsistence farming.", "correct": "A" }, { "topic": "Development & Sectoral Topics", "question": "An example of a renewable natural resource is:", "a": "Crude oil.", "b": "Forest/Timber.", "c": "Coal.", "d": "Natural gas.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "Rapid population growth in a developing economy can lead to:", "a": "Increased pressure on social amenities and infrastructure.", "b": "An automatic decrease in the unemployment rate.", "c": "Increased per capita income.", "d": "Excessive surplus of food.", "correct": "A" }, { "topic": "Development & Sectoral Topics", "question": "The 'Labour Force' consists of:", "a": "All people in the country.", "b": "All persons aged 15-64 who are willing and able to work.", "c": "Only those currently employed.", "d": "Only those working in the government sector.", "correct": "B" }, { "topic": "Development & Sectoral Topics", "question": "One major goal of economic development is to:", "a": "Maximize corporate profits.", "b": "Reduce poverty and inequality.", "c": "Eliminate the agricultural sector.", "d": "Ensure all goods are imported.", "correct": "B" }, { "topic": "External Sector", "question": "What is the 'Balance of Trade'?", "a": "The difference between total national income and total expenditure.", "b": "The difference between the value of a country's exports and imports of goods.", "c": "The flow of money into and out of a country.", "d": "The total amount of debt owed by a country.", "correct": "B" }, { "topic": "External Sector", "question": "Which of these is a component of the 'Capital Account'?", "a": "Export of petroleum.", "b": "Foreign direct investment and loans.", "c": "Import of vehicles.", "d": "Spending on foreign tourism.", "correct": "B" }, { "topic": "External Sector", "question": "What is 'Devaluation'?", "a": "The official reduction of the value of a country's currency relative to other currencies.", "b": "The automatic increase in the value of a currency.", "c": "The process of printing more money.", "d": "The increase in the price of imported goods.", "correct": "A" }, { "topic": "External Sector", "question": "The primary objective of the World Trade Organization (WTO) is to:", "a": "Provide loans to developing countries.", "b": "Regulate and promote international trade among member nations.", "c": "Fix the exchange rates of all countries.", "d": "Manage the population growth of member countries.", "correct": "B" }, { "topic": "External Sector", "question": "What is a 'Tariff'?", "a": "A tax imposed on imported goods.", "b": "A subsidy given to exporters.", "c": "A limit on the quantity of goods imported.", "d": "A legal ban on trade.", "correct": "A" }, { "topic": "External Sector", "question": "A 'Balance of Payments deficit' occurs when:", "a": "Total payments to other countries exceed total receipts from them.", "b": "Total receipts from other countries exceed total payments to them.", "c": "Exports are exactly equal to imports.", "d": "A country has no foreign debt.", "correct": "A" }, { "topic": "External Sector", "question": "What does ECOWAS stand for?", "a": "Economic Commission of West African States.", "b": "Economic Community of West African States.", "c": "Economic Council of West African Societies.", "d": "European Community of West African States.", "correct": "B" }, { "topic": "External Sector", "question": "An 'Import Quota' is:", "a": "A tax on imported goods.", "b": "A restriction on the quantity of a good that can be imported.", "c": "A payment to domestic producers.", "d": "An agreement to stop all trade.", "correct": "B" }, { "topic": "External Sector", "question": "Which of these is a major function of the IMF (International Monetary Fund)?", "a": "Funding primary schools in member countries.", "b": "Providing short-term financial assistance to countries with balance of payments problems.", "c": "Buying all the exports of a country.", "d": "Setting the price of crude oil.", "correct": "B" }, { "topic": "External Sector", "question": "What is 'Comparative Advantage'?", "a": "The ability to produce a good at a lower opportunity cost than another country.", "b": "The ability to produce more goods than another country.", "c": "The ability to buy goods more cheaply.", "d": "The ability to impose high tariffs.", "correct": "A" }, { "topic": "External Sector", "question": "Which is an 'Invisible' item in the Balance of Payments?", "a": "Crude oil exports.", "b": "Importation of machinery.", "c": "Shipping and insurance services.", "d": "Agricultural raw materials.", "correct": "C" }, { "topic": "External Sector", "question": "What is 'Protectionism' in international trade?", "a": "Allowing free trade without any restrictions.", "b": "The use of policies to shield domestic industries from foreign competition.", "c": "Promoting the interests of foreign firms.", "d": "Eliminating all taxes on imports.", "correct": "B" }, { "topic": "External Sector", "question": "What is the 'Terms of Trade'?", "a": "The ratio of export prices to import prices.", "b": "The total volume of trade.", "c": "The value of a country's currency.", "d": "The number of countries a nation trades with.", "correct": "A" }, { "topic": "External Sector", "question": "Which international organization is primarily focused on long-term development loans?", "a": "World Bank.", "b": "OPEC.", "c": "WTO.", "d": "United Nations.", "correct": "A" }, { "topic": "External Sector", "question": "What is the result of an 'Appreciation' of a domestic currency?", "a": "Imports become cheaper, and exports become more expensive.", "b": "Imports become more expensive, and exports become cheaper.", "c": "Both imports and exports become cheaper.", "d": "There is no effect on trade.", "correct": "A" } ]