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 131:
Use the table below to answer the question below;
The international production set for Nigeria and Austria is;
Products | Nigeria | Austria |
Cocoa | 20 tonnes | 12 tonnes |
Lace | 1o metres | 8 metres |
The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______
Options:
A) 1.5:2
B) 2:2
C) 2:1.5
D) 0.5:1.5
Show Answer
The correct answer is A .
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Question 132:
The increase in the demand for a commodity may lead to a decrease in the demand for another if both are
Options:
A) in complementary demand
B) of the same quality
C) in composite demand
D) in competitive demand
Show Answer
The correct answer is D .
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Question 133:
One of these is not an assumption of the cardinalist theory of utility?
Options:
A) The consumer is rational
B) Diminishing marginal utility
C) The concept of money utility
D) Consistency and transivity of choice
Show Answer
The correct answer is D .
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Question 134: 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 135:
Number of men | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
Total product (unit) | 200 | 400 | 540 | 600 | 640 | 660 | 660 | 640 |
If the price per unit is N2, what is the average revenue when 6 men are employed?
Options:
A) N220
B) N120
C) 110
D) N330
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The correct answer is A .
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Question 136: The term ceteris paribus implies that
Options:
A) Resources are scarce
B) Human problems can be solved
C) Human beings are unpredictable
D) All factors are fully utilized
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The correct answer is D .
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Question 137: The proportion of currency in the money supply
Options:
A) is higher in developing countries than advanced countries
B) is lower in developing countries than advanced countries
C) is the same in both developing and advanced countries
D) grows as the economy develope
E) none of the above
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The correct answer is A .
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Question 138: A typical feature of a market economy is that
Options:
A) all producers make profit
B) full employment exists
C) consumer sovereignty exists
D) there is equality of economic agents
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The correct answer is C .
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Question 139: If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was
Options:
A) structurally unemployed
B) frictionally unemployed
C) seasonally unemployed
D) cyclically unemployed
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The correct answer is B .
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Question 140: Marginal cost is
Options:
A) Lowest cost of producing goods
B) The cost of production of the most efficient firm in the industry
C) Cost of production of the most inefficient firm in the industry
D) The cost of production of the last or extra unit of goods produced by a firm
E) The cost of production at which the minimum profit is obtained by a firm
Show Answer
The correct answer is D .