The number of people who are qualified to work and who offered themselves for employment are called
Mobility of labour
Working population
Migrant labour
Labour turnover
Correct answer is B
Working population also known as labour force refers to the total number of persons available to supply the labour for the production of economic goods and service. In other words, it is the total number of people of working age in a country who are able and willing by law to work.
Which of the following will cause an increase in cost of production?
Hyper-inflation
Cost push inflation
Structural inflation
Demand pull inflation
Correct answer is B
Cost push inflation occurs when overall prices increase(inflation) due to increases in the cost of wages and raw materials. It can also occur when higher costs of production decrease the aggregate supply in the economy.
Institutions serving as links between surplus and deficit units can be identified as
Tax officers
Pension offices
Financial intermediates
Acceptance houses
Correct answer is C
A financial intermediary is typically an institution that facilitates the channeling of funds between lenders and borrowers indirectly.
------------- is NOT the cause of balance of payments (BOP) deficits in Nigeria
Poor performance of non-oil sector
Export promotion
No import substitution strategies
High servicing of debt
Correct answer is A
The causes of balance of payment deficit are: low level of agriculture, low level of technological development, inadequacies in export promotion strategy, political instability, poor social and economic infrastructure, servicing of huge external debts, existence of import dependent industries etc.