Industry and Industrialization
Economics · 50 practice questions
Concepts and effects of location and localization of industry in Nigeria; industrialization strategies; industrialization and economic development; funding and management of business organizations; factors determining the size of firms.
- Differentiate between location and localization of industry and identify the factors influencing them.
- Examine the problems of industrialization and appraise industrialization strategies.
- Examine the role of industry in economic development.
Try a few questions
- Practice question 1
A factory's monthly output rises from 1,000 to 1,300 units after relocating nearer to its raw materials. The percentage increase in output is
- A.13%
- B.3%
- C.30%
- D.130%
Show the answer
C. 30%
Increase = (1300−1000)/1000 × 100 = 30%.
- Practice question 2
Import substitution industrialization strategy aims to
- A.increase a country's dependence on imports
- B.export only raw, unprocessed materials
- C.discourage all local manufacturing
- D.produce locally goods that were previously imported
Show the answer
D. produce locally goods that were previously imported
Import substitution replaces imports with local production.
- Practice question 3
Horizontal integration occurs when a firm
- A.takes over its raw material supplier
- B.takes over the retailer that sells its product
- C.merges with or acquires another firm at the same stage of production
- D.ceases all production activities
Show the answer
C. merges with or acquires another firm at the same stage of production
Horizontal integration combines firms at the same production stage.
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