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 121:
Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?`
I Breaking the bulk
Ii Packing the goods in smaller containers
Iii Providing vital information
Iv Grant credit facilities
Options:
A) i and ii
B) i and iv
C) ii and iii
D) i, ii, iii and iv
Show Answer
The correct answer is A .
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Question 122: Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?
Options:
A) AVC=FC
B) MC=AVC
C) MC=AC
D) AC=AFC
Show Answer
The correct answer is C .
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Question 123:
A rise in the supply of a commodity cause__________
Options:
A) an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
B) an increase in both equilibrium
C) a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
D) a decrease in both equilibrium
Show Answer
The correct answer is C .
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Question 124:
A movement from K to M will
Options:
A) decrease the consumer's utility
B) increase the price of the commodity
C) increase the consumer's utility
D) leave consumer's utility unchanged
Show Answer
The correct answer is D .
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Question 125: A tax on a commodity whose supply is perfectly inelastic is?
Options:
A) shifted completely on the consumer
B) completely borne by the supplier
C) dividend in the ratio 60;40 between the consumer and the supplier
D) divided half-and-half between the producer and the consumer
Show Answer
The correct answer is B .
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Question 126:
A limited liability company is owned by________________
Options:
A) a bank
B) an individual
C) two or more partners
D) share holders
Show Answer
The correct answer is D .
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Question 127:
Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.Determined the cross elasticity of demand?
Options:
A) 1.7
B) 0.6
C) -0.6
D) -1.7
Show Answer
The correct answer is A .
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Question 128: Export-promotion policy is primary concerned with the?
Options:
A) processing of raw materials to increase their value
B) making of international routes safe for export commodity
C) reduction in the number of imported items
D) encourage of the production of export commodities
Show Answer
The correct answer is D .
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Question 129: the major objective of current campaign for family planning in Nigeria is to?
Options:
A) reduce the death rate
B) limit the number of women a man can marry
C) keep the population growth rate constant
D) raise the standard of living of the population
Show Answer
The correct answer is D .
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Question 130: If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to
Options:
A) technical progress
B) size of the population
C) amount of natural resources
D) the environment
E) the quality of human resources
Show Answer
The correct answer is C .