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 991: Which sector can you say is growing fastest in the Nigeria economy?
Options:
A) Agriculture
B) Industry
C) Education
D) Transport
E) Labour
Show Answer
The correct answer is C .
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Question 992: Price discrimination can be described profitably by a monopolist when the elasticity of demand for his product is
Options:
A) elastic in both markets
B) uniltary elastic in both market
C) inelastic in both markets
D) elastic in one market and inelastic in the other
E) unitary elastic in none of the markets
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The correct answer is D .
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Question 993: Which of the following can be used to measure the Gross National product in an open economy?
Options:
A) C+I+G+(X+M)
B) C+I+G+X
C) C+I+G
D) C+I+G+(X-M)
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The correct answer is D .
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Question 994:
One of the major forms of migration that tends to create problem in all developing countries is that of___________
Options:
A) Rural-urban migration
B) Rural-rural migration
C) Urban-rural migration
D) Seasonal migration
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The correct answer is A .
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Question 995:
When a nation's exports are greater than its imports,_________
Options:
A) The net foreign trade is zero
B) A favourable balance of trade exists
C) A favourable balance of payment exists
D) An unfavourable balance of trade exists
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The correct answer is B .
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Question 996: In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total?
Options:
A) income from all sources
B) family assets
C) collateral offered for bank loans
D) investment inthe company
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The correct answer is D .
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Question 997:
Gross National Product (GNP) less the provision for the wear and tear of assets is the
Options:
A) net present value
B) net national product
C) net factor income
D) net indirect taxes
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The correct answer is B .
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Question 998: If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is
Options:
A) Progressive
B) Indirect
C) Regressive
D) Proportional
E) None of the above
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The correct answer is C .
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Question 999: Public enterprises are supported on the grounds that they are undertaken for
Options:
A) increasing profit of the private sector
B) reducing the burden of the private sector
C) improving the welfare of the people
D) earning profit for the people
E) earning profit for the government
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The correct answer is C .
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Question 1000:
| | Share of gross national product (GNP) | Share of total employment | Growth rate of output |
| All agriculture | 40% | 70% | 3% |
| Industry and mining | 30% | 10% | 10% |
| Trade andservices | 30% | 20% | 5% |
What is the growth rate of GNP?
Options:
A) 18%
B) 10%
C) 6.7%
D) 0.5%
E) 4.1%3
Show Answer
The correct answer is A .