Which of the following economic organisations is referred to as the World Bank?

Here are the solutions to the questions:

21. Which of the following economic organisations is referred to as the World Bank?
The World Bank Group is a family of five international organizations. The International Bank for Reconstruction and Development (IBRD) is the original institution and the largest component of the World Bank.

• E. International Bank for Reconstruction and Development (IBRD)

22. Which of the following is a feature of free-market economy?
A free-market economy is characterized by private ownership of resources and wealth, with minimal government intervention in economic decisions.

• D. Freedom of ownership of wealth

23. The total stock of money available for use in an economy is ______ money.
The total amount of money circulating or available in an economy at a given time is defined as the money supply.

• B. supply of

24. The following are reasons for localisation of industries in the urban areas except
Urban areas offer advantages like proximity to transport hubs (airports, good roads), existing industrial infrastructure, and access to finance. However, urban areas are known for large markets, not small ones. The presence of small markets would not be a reason for industries to localize in urban areas.

• D. presence of small markets.

25. Which of the following is a challenge to economic development in Nigeria?
Among the given options, widespread corruption is a significant impediment to economic development in Nigeria, hindering investment, efficient resource allocation, and public service delivery.

• D. Wide spread corruption

26. A financial institution that is associated with the provision of loans for individuals to own their houses is ______ bank.
A mortgage is a loan specifically used to purchase real estate, such as a house. Therefore, a bank providing such loans is associated with mortgages.

• A. mortgage

27. The burden of tax where demand is perfectly elastic is borne by
When demand is perfectly elastic, consumers are extremely sensitive to price changes. If a tax increases the price, consumers will stop buying the product entirely. This means producers cannot pass any of the tax burden onto consumers and must bear the entire cost themselves.

• B. producer.