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 101: If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X
Options:
A) X and Y are complementary commodities
B) X and Y are substitute goods
C) X and Y are independent goods
D) X and Y are jointly supplied
E) X and Y are inferior commodities
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The correct answer is A .
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Question 102:
A major characteristic of natural resources isthey
Options:
A) are unlimited in supply
B) have high cost of production
C) are free gifts of nature
D) do not command any price
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The correct answer is C .
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Question 103: Price elasticity of supply is a ratio of the change in
Options:
A) original quantity to a change in new quantity
B) quantity supplied to the change in price
C) price to the change in quantity supplied
D) quantity supplied to the change in demand
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The correct answer is B .
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Question 104: The working population refers to?
Options:
A) a population where the average age is falling
B) the population within the '0 -14'age bracket
C) the economically active segment of the population
D) the dependent population
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The correct answer is C .
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Question 105:
Age range in years | % of population |
1960 | 1990 |
50 and above | 35 | 38 |
18 - 59 | 40 | 42 |
Population Statistics of a Country
In 1990, the difference between the dependent population and the active population ratio is
Options:
A) 22%
B) 20%
C) 16%
D) 4%
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The correct answer is C .
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Question 106: Which of the following is a disadvantage of regional concentration of industries?
Options:
A) Development of congested urban areas
B) Existence of regional unempolyment
C) High cost of labour
D) Immobility of labour
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The correct answer is A .
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Question 107: A change from one industry to another by a worker is an example of
Options:
A) geographical mobility
B) horizonatal mobility
C) professional advancement
D) veritcal mobility
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The correct answer is A .
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Question 108: Foreign exchange control in Nigeria is administered by the?
Options:
A) United Bank for Africa
B) Union Bank of Nigeria
C) First Bank Of Nigeria
D) Central Bank of Nigeria
E) Natonal Bank of Nigeria
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The correct answer is D .
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Question 109:
The question below is based on the table below:
The international production set for Nigeria and Austria is:
The opportunity cost ratio for cocoa and lace for Austria and Nigeria is
Options:
A) 2,2
B) 2,1.5
C) 1.5,4
D) 1.5,2
E) 0.5,1.5
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The correct answer is D .
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Question 110: The output at which total revenue equals total cost is known as?
Options:
A) profit-maximizing output
B) break even level output
C) loss-minizing output
D) least-cost output
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The correct answer is B .