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 1191: When elasticity is zero, the demand curve is
Options:
A) Perfectly elastic
B) Perfectly inelastic
C) Concave
D) Downward slopping
E) Circular
Show Answer
The correct answer is B .
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Question 1192:
Public corporation is financed with
Options:
A) Capital raised from shareholders
B) Tax payer's money
C) Capital raised from stock exchange
D) Capital contributed by owners
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The correct answer is B .
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Question 1193: Fiscal policy involves changes in?
Options:
A) open market operations
B) revenue and expenditure of government
C) money supply to the economy
D) imports and exports
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The correct answer is B .
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Question 1194: Which of these is NOT associated with the problem of internal trade?
Options:
A) bargaining
B) lack of specialization
C) market trade unions
D) natural barriers
E) large number of middlemen
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The correct answer is D .
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Question 1195: The demand for factors of production is said to be
Options:
A) competitive
B) complementary
C) composite
D) derived
E) joint
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The correct answer is D .
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Question 1196: A firm incurs short-run costs when
Options:
A) It cannot increase prices
B) Operation is at its later stages
C) Operation is at its early stages
D) Some inputs cannot be varied
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The correct answer is D .
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Question 1197:

Study the figure above. At paint H the price elasticity of supply is
Options:
A) Perfectly inelastic
B) Inelastic
C) Unit elastic
D) Perfectly elastic
E) Elastic
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The correct answer is B .
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Question 1198: Which of the following can be considered as being outside the objectives of public finance?
Options:
A) The allocation of resources to various sectors of the economy
B) The objective of even distribution of income and wealth
C) The achievement of economic stability
D) The deregulation of the economy
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The correct answer is D .
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Question 1199:
The economies of West African Countries depend majorly on
Options:
A) primary product
B) secondary product
C) tertiary product
D) manufacturing product
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The correct answer is A .
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Question 1200: Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?
Options:
A) Establishement of industries
B) presence of mineral deposits
C) Transportation facilities
D) Favourable soils
E) Favourable climate conditions
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The correct answer is B .