Natural Resources and the Nigerian Economy - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 1994

Petroleum is the mainstay of the Nigerian economy because it is the?

A. Main foreign exchange earner
B. Greatest employer of labour
C. Greatests contributor to the growth of agriculture
D. Source of high income for its workers

Question 12:

• JAMB 1994

An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is?

A. The Nigerian National Oil Company
B. Peak Petroleum Industries Nigeria Limited
C. Nigeria Exploration and Production Company
D. The Nigeria National Petroleum Corporation

Question 13:

• JAMB 1995

The most important goal of OPEC is to?

A. Present a united front for the purpose of raising the price of crude oil
B. Bring unity among the petroleum exporting states
C. Ensuring political stability among member states
D. Ensure that rules on quota producion are strictly followed

Question 14:

• JAMB 1997

A glut in the world market for crude oil means?

A. A fall in crude oil production
B. An excess supply of crude petroleum
C. A higher crude oil price offered by the buyer
D. A higher crude oil price demanded by the seller

Question 15:

• JAMB 1997

The main problem of the Organization of Petroleum Exporting Countries is how to?

A. Prevent members from violating their quota
B. Enhance the quality of petroleum product
C. Compete with the North Sea producers
D. Ensure viable crude reserves