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 1161: In Nigeria, the distribution of job opportunities
Options:
A) balanced budgeting
B) deficit budgeting
C) surplus budgeting
D) zero budgeting
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The correct answer is B .
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Question 1162: We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because
Options:
A) it is the dependent population of Nigeria, economically
B) all student in Nigeria are in this group
C) more than 50% of all Nigerians are in this group
D) it is the most expensive group of the economy
E) it is the productive group of the economy
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The correct answer is E .
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Question 1163: An important factor hindering the rapid development of the industrial sector in Nigeria is
Options:
A) rural-urban migration
B) excessive demand for finished products
C) inadequate infrastructural facilities
D) the dominace of the oil sector
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The correct answer is C .
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Question 1164: A perfectly competitive firm is advised to close down when the
Options:
A) price is below the marginal cost
B) price is equal to the marginal revenue
C) marginal revenue is equal to the marginal cost
D) price is below the average variable cost
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The correct answer is D .
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Question 1165:
| Units of Quality Consumes | Total Utility | Marginal Utility |
0 1 2 3 4 5 | - 10 15 17 18 18 | - 10 5 2 1 0 |
This table illustrates the law of _________
Options:
A) Increasing returns
B) Diminishing returns
C) Diminishing marginal utility
D) Increasing total utility
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The correct answer is C .
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Question 1166: The value of money depends primarily on?
Options:
A) the gold backing of the currency
B) the gold backing of both currency and deposit
C) the general price level
D) government decree that it is legal tender
E) none of the above
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The correct answer is C .
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Question 1167: 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
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The correct answer is C .
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Question 1168:
The contribution of petroleum to the economy of nigerian is most prominent in the area of
Options:
A) employment generation
B) fuel provision
C) infrastructural development
D) revenue generation
E) technical know-how
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The correct answer is D .
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Question 1169:
The act of cultivating land and rearing of animal for man's use is
Options:
A) agriculture
B) mono culture
C) forestry
D) aqua-science
E) horticulture
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The correct answer is A .
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Question 1170:
An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________
Options:
A) monetary policy
B) fiscal policy
C) credit ceiling
D) open market operation
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The correct answer is C .