Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.
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Question 1:
The form of capital that is required for the day-to-day running of production activities is called?
Options:
A) Fixed capital
B) Social Capital
C) Circulating capital
D) Liquid capital
Show Answer
The correct answer is D .
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Question 2: Transfer payment are
Options:
A) transfer earnings
B) money transferred from one country to another
C) unearned income
D) payment transferred from one account to another
Show Answer
The correct answer is C .
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Question 3: The term 'Stock of Capital 'means?
Options:
A) amount of money necessary to start a business
B) total amount receivable by all factors of production
C) amount of equipment plant and inventory existing at a time
D) total amount available for economic development
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The correct answer is C .
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Question 4:
The full meaning of NAPEP is?
Options:
A) National Poverty Eradication Programme
B) National Agency for Poverty and Education Program
C) National Air Pollution and Environmental Purification
D) None of the above
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The correct answer is A .
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Question 5: A cumulative frequency graph is
Options:
A) a histogram
B) an ogive
C) a bar chart
D) a pie chart
Show Answer
The correct answer is B .
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Question 6: The slow pace of industrial growth in Nigeria can be attributed to?
Options:
A) overdependence on the oil sector
B) inadequate number of unskilled labour
C) lack of raw materials
D) inadequate infrastructural facilities
Show Answer
The correct answer is D .
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Question 7: A firm achieves least-cost in production by substituting factors until?
Options:
A) their prices are equal
B) the ratio of their marginal -physical-products equals the ratio of their prices
C) their marginal -physical-products are each equal to their factor prices
D) their marginal -physical-products are each equal to zero
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The correct answer is B .
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Question 8: The condition for equilibrium price and quantity under perfect competition is?
Options:
A) MC = AR = TR
B) TC =AR = P
C) MC = AR = P
D) MC = AR = TC
Show Answer
The correct answer is C .
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Question 9:
Which of the following is an example of free good?
Options:
A) Free education
B) Water in the ocean
C) Dinner you did not pay for
D) Your rented apartment
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The correct answer is B .
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Question 10: ECOWAS has taken a giant step towards economic integration by?
Options:
A) presenting a united front against foreign economic exploiters
B) introducing a common currency for travellers
C) holding frequent meeting at various state capitals
D) increasing economic stability among members states
Show Answer
The correct answer is D .