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 111:
What is the percentage increasein GNP between year 1 and year 2?
Options:
A) 3.5.0%
B) 14.0%
C) 20.0%
D) 35.0%
Show Answer
The correct answer is D .
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Question 112: Government can boost agricultural output in Nigeria primarily by
Options:
A) embarking on buffer stock programmes
B) placing embargo on food importation
C) granting subsidies on farm inputs
D) placing farmers on monthly income
Show Answer
The correct answer is C .
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Question 113: In the short run, the monopolistic competitors?
Options:
A) always makes profit
B) always incurs a loss
C) always breaks -even
D) may close down
Show Answer
The correct answer is A .
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Question 114: To enhance the competitiveness of domestic agricultural products, there is need to
Options:
A) ban the importation of a agricultural products
B) increase the exportation of agricultural products
C) improve the quality of domestic agricultural products
D) increase the output of domestic agricultural products
Show Answer
The correct answer is C .
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Question 115: The price paid for labour services is the?
Options:
A) commission rate
B) wages rate
C) income rate
D) salary rate
Show Answer
The correct answer is B .
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Question 116: If P = (Qs + 10). What is the quantity supplied at N14?
Options:
A) 14
B) 60
C) 46
D) 32
Show Answer
The correct answer is C .
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Question 117:
Which of the following is an invisible item?
Options:
A) Petroleum services
B) Processed rice
C) Processed milk
D) Banking services
Show Answer
The correct answer is D .
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Question 118:
Efficiency of labour in a country is determined by the following except the____________
Options:
A) Social attitude to work
B) Education and training
C) Total population
D) Working conditions of workers
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The correct answer is C .
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Question 119:
The quantity of commodity a consumer is willing and able to buy at a particular time is called
Options:
A) supply
B) wish
C) demand
D) desire
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The correct answer is C .
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Question 120: When demand is elastic, it means that consumers
Options:
A) react more proportionately to price change
B) are not sensitive to price changed
C) will stop buying when price increases
D) react less proportionately to price change
E) react equally to price change
Show Answer
The correct answer is A .