Economic Structure Overview Unit 1

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Questions and Answers

What does the concept of economic structure primarily focus on?

Nature and organization of economic activities (correct)

Historical economic trends

Distribution of wealth among individuals

Role of government in the economy

What best defines the concept of economic structure?

The total number of financial institutions operating within a geographic area.

The institutional and social framework determining production and consumption of goods. (correct)

The collection of governmental policies that regulate economic activities.

The analysis of trade balances and currency exchange rates.

Which unit discusses the various economic systems that impact the economic structure?

Unit 2 (correct)

Unit 1

Unit 3

Unit 4

Which is considered a key determinant of economic structure?

Economic systems Signup and view all the answers

Which statement accurately reflects the importance of studying economic structure?

It provides insight into the interrelations of marketed and non-marketed activities. Signup and view all the answers

What is a key determinant of economic structure as identified in prominent definitions?

The nature of resource ownership and institutional arrangements. Signup and view all the answers

What aspect is emphasized as a basic unit of economic structural analysis?

Sector Signup and view all the answers

Which example best illustrates a type of sector within the Nigerian economy?

Agricultural production in rural communities. Signup and view all the answers

Which aspect is NOT included in the introduction of Unit 1?

Economic policies of Nigeria Signup and view all the answers

Which objective is a focus of the entire module?

Conceptualize the profile and structure of the Nigerian economy Signup and view all the answers

In defining an economy, what is meant by 'national economy'?

Economic activities of residents conducted abroad as well. Signup and view all the answers

What common feature is found across various definitions of economic structure?

Consideration of production and consumption decision frameworks. Signup and view all the answers

What is noted as a major theme in all the units of this module?

Linkages between successive units Signup and view all the answers

What is the main significance of studying economic structure?

To gain insights into how economies are organized and function Signup and view all the answers

What does the study of the economic structure assist in understanding specifically?

The dynamics of different economic systems. Signup and view all the answers

Which characteristic is often examined when analyzing the economic structure of Nigeria?

The historical influence of colonialism on economic policies. Signup and view all the answers

What is one primary focus of the study of economic structure?

To formulate policies for structural balance Signup and view all the answers

What can be a consequence of changes in economic structure?

Structural unemployment in certain sectors Signup and view all the answers

What do variations in economic structure among countries often stem from?

Diverse sociological features and political settings Signup and view all the answers

Why is it important to prevent the dominance of one sector over others?

To maintain structural balance and growth potential Signup and view all the answers

What aspect of economic structure can guide future predictions about an economy?

Understanding the conduct and performance of the economy Signup and view all the answers

How can the study of economic structure contribute to policy formulation?

By analyzing potential deviations from developmental norms Signup and view all the answers

Which of the following is NOT a characteristic of structural diversity in economies?

Uniform production methodologies Signup and view all the answers

What is a potential risk associated with changes in the economic structure?

Structural unemployment due to sectorial shifts Signup and view all the answers

Which of the following activities is classified under the Primary Sector?

Farming of crops Signup and view all the answers

What is the main focus of the Secondary Sector within an economy?

Production of goods from raw materials Signup and view all the answers

Which of the following is a characteristic of the Tertiary Sector?

Offers banking and finance services Signup and view all the answers

Which of these is NOT included in the 'General Commerce' classification?

Public utility services Signup and view all the answers

What component is part of the Production classification in the Nigerian economy structure?

Mining and Quarrying Signup and view all the answers

The output of the Primary Sector serves primarily as what for the Secondary Sector?

Basic input Signup and view all the answers

Which of the following accurately describes the role of the Services sector?

Providing public and private services Signup and view all the answers

Which of the following is least related to the Secondary Sector's primary activities?

Extraction of natural gas Signup and view all the answers

What concept does Adam Smith refer to that is expected to enhance society's wealth through profit maximization?

Invisible hand Signup and view all the answers

Which of the following systems incorporates some government participation in economic activities while recognizing private sector ownership?

Developed Market Economic System Signup and view all the answers

In a Centrally Planned Economic System, who primarily controls the ownership of resources?

The government Signup and view all the answers

What is a key feature of the Developed Market Economic System compared to Pure Market Capitalism?

Government planning and policy framework Signup and view all the answers

Which of the following countries is an example of a Developed Market Economic System?

United Kingdom Signup and view all the answers

What term is used to describe the extreme form of government control in an economic system?

Communist State Signup and view all the answers

What role does the government play in a Developed Market Economic System?

Regulates and directs economic functioning Signup and view all the answers

What is a common issue addressed by governments in a Developed Market Economic System?

Market failures and inefficiencies Signup and view all the answers

What is the most dominant natural resource in Nigeria?

Oil and gas Signup and view all the answers

Which of the following describes the climatic conditions in Nigeria?

Tropical with wet and dry seasons Signup and view all the answers

Which geographical feature is NOT commonly associated with Nigeria?

Deserts Signup and view all the answers

What major role do human and capital resources play in Nigeria’s economy?

They serve as a foundation for economic progress Signup and view all the answers

Which statement about the political system in Nigeria is true?

It has a history of military rule and is now stabilizing civilian governance Signup and view all the answers

What is a significant implication of Nigeria's resource profile on its economy?

It shapes the economic structure and development pace Signup and view all the answers

Which of the following is NOT one of the distinct vegetations found in Nigeria?

Tundra Signup and view all the answers

Which of the following best describes the status of Nigeria's economic development?

It is a rapidly developing economy with high potential Signup and view all the answers

Signup and view all the answers

Study Notes

Course Information

Course Code: ECO 146
Course Title: Nigerian Economy in Perspective

Introduction

ECO 146 is a three-credit, one-semester undergraduate course.
The course covers 20 units in 5 modules.
The course guide provides information on course organisation and requirements.

Course Aims

Provide a background on economic structure.
Equip students with understanding of overall Nigerian economy profile.
Familiarize students with agricultural and industrial sectors' activity.
Appraise government plans, policies and programs affecting the economy.

Course Objectives

Explain the basic concepts of economic structure.
Outline the features and profile the Nigerian economy.
Discuss the agricultural and industrial sectors' contribution prior and after independence.
Appraise the challenges and prospects of the agricultural and industrial sectors.
Evaluate effectiveness of government plans, policies and programs.
Studying the structure will provide information to formulate adequate policies.
Encompasses an economic evaluation for economic development process.

Course Materials

Course guide
Study units
Assignment file
Textbook references
Presentation schedule

Study Units

20 units in 5 modules
Module 1: Understanding Nigerian Economic Structure and System
- Unit 1: Concept of Economic Structure
- Unit 2: Concept of Economic System and Structural Dualism
- Unit 3: Profile of the Nigerian Economy
- Unit 4: Overview of the Nigerian Economy
Module 2: The Nigerian Agricultural Sector
- Unit 1: Characteristics and Importance of the Nigerian Agricultural Sector
- Unit 2: Agricultural Sector during Pre-independence and Post-Independence Period
- Unit 3: The Challenges and Prospects of the Nigerian Agricultural Sector
- Unit 4: Policy Intervention in the Nigerian Agricultural Sector
Module 3: The Nigerian Industrial Sector 1- General Overview; Manufacturing Subsector
- Unit 1: General Overview; Manufacturing Subsector
- Unit 2: Concepts and Importance of the Industrial Sector
- Unit 3: The Challenges and Prospects the Industrial Sector in Nigeria
Module 4: The Nigerian Industrial Sector 2- Mining and Quarrying Subsector
- Unit 1: Characteristics and Importance of Mining
- Unit 2: The Crude Oil Industry
- Unit 3: The Solid Minerals and Associated Natural Gas Industry
- Unit 4: The Challenges and Prospects of the Mining Subsector-
Module 5: Economic Plans, Policies and Programmes 1
- Unit 1: Development Planning in Nigeria (1st-4th plans)
- Unit 2: Indigenisation Policy
- Unit 3: Structural Adjustment Programme (SAP)
- Unit 4: National Economic Empowerment and Development Strategy (NEEDS)
- Unit 5: National Poverty eradication Programme (NAPEP)

Assignments

Assignment file with details of work to be submitted for marking.
Marks contribute to course grade.

Tutor-Marked Assignments (TMAs)

Required submissions for each unit
Four TMAs will be assessed, with the best three determining the score.

Final Examination

3-hour duration
Covers all the units, self-assessment questions and TMAs.

Course Marking Scheme

Assignments (Top 3 out of 4): 30%
Final Examination: 70%

Presentation Schedule

Dates communicated online

How to Get the Most from the Course

Study units as a substitute for classroom lectures.
Study at your own pace and time.
Refer to textbooks and other resources.
Contact tutors if assistance is needed.

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Description

This quiz explores the fundamental concepts of economic structure, including its definitions, determinants, and the various economic systems that affect it. Students will also examine the importance of economic structure and key themes throughout the module. Perfect for reviewing Unit 1 of the economic structure course.