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 141: Firms are often set up close to each other in order to take advantage of?
Options:
A) supply or skilled labour
B) agglomeration economies
C) internal economies of scale
D) external economies of scale
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The correct answer is D .
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Question 142: In the national income and product accounts, double counting is avoided if?
Options:
A) only final goods counted
B) only intermediate goods are counted
C) only intermediate and final goods are counted
D) the value of all goods and services are added together
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The correct answer is A .
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Question 143:
The decision to consume more of one product under normal circumstances will apply
Options:
A) less of another product will be consumed
B) more of another product will be consumed
C) less of the product will be consumed
D) no other products will be consumed
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The correct answer is A .
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Question 144: Mobility of labour is NOT affected by
Options:
A) optimum size of population
B) marriage and family
C) regulation of trade unions
D) period of training
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The correct answer is A .
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Question 145:
In the history of economics the concept of division of labour is usually associated With______________-
Options:
A) Karl Marx
B) Adam Smith
C) David Ricardo
D) J.M Keynes
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The correct answer is B .
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Question 146: One of the factors affecting change in demand for a commodity is the _______?
Options:
A) Supply of the commodity
B) Availability of the substitutes
C) Price of the commodity
D) Technical know-how
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The correct answer is C .
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Question 147: The effect of an increase in the personal income tax is to
Options:
A) reduce unemployment
B) raise the absolute price level
C) reduce the disposable income
D) distort the economy
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The correct answer is C .
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Question 148: The type of business organizations mostly used for producing public goods in Nigeria is
Options:
A) Sole proprietorships
B) Limited liability companies
C) Co-operative societies
D) Statutory corporations
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The correct answer is D .
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Question 149: An economy in which both the public and the private sectors contribute substantially to the growth of output is?
Options:
A) a socialist economy
B) a capitalist economy
C) a mixed economy
D) an industrial economy
E) a peasant economy
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The correct answer is C .
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Question 150: A cumulative frequency graph is
Options:
A) a histogram
B) an ogive
C) a bar chart
D) a pie chart
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The correct answer is B .