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 1491:
A capital market differs from the money market in that in the former ________?
Options:
A) The percentage of interest charged is more
B) Loan sought is long term
C) Loan repayment is guaranteed
D) Loan sought is short-term
Show Answer
The correct answer is B .
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Question 1492: In Nigeria, the location of a steel industry at Ajaokuta is due to
Options:
A) the availability of transport ntwork
B) the proximity to source of power
C) the proximity to large deposits of iron ore
D) political consideration
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The correct answer is C .
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Question 1493: The assumption of profit maximization implies profit?
Options:
A) is the most important consideration of the firm
B) is the sole consideration of the firm
C) assumes an insatiable propotion in the instinct of management
D) is made in other to break-even
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The correct answer is A .
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Question 1494:
Poverty simply refers to the low level of________
Options:
A) planning
B) per capita income
C) rich people
D) labour face
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The correct answer is B .
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Question 1495:
| Quantity | Fixed cost (₦) | Variable cost (₦) | Total cost (₦) | Marginal cost (₦) | Average cost (₦) |
| 1 | 750 | 200 | 950 | - | 950 |
| 2 | 750 | 560 | 1310 | 360 | 655 |
| 3 | 750 | 900 | 1650 | ? | 550 |
The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?
Options:
A) ₦350.00
B) ₦340.00
C) ₦360.00
D) ₦370.00
E) ₦55.00
Show Answer
The correct answer is B .
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Question 1496: A perfectly competitive firm is advised to close down when the
Options:
A) price is below the marginal cost
B) price is equal to the marginal revenue
C) marginal revenue is equal to the marginal cost
D) price is below the average variable cost
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The correct answer is D .
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Question 1497: A commercial bank can create money by
Options:
A) issuing currency
B) increasing cash ratio
C) issuing cheque
D) lending to borrowers
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The correct answer is D .
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Question 1498: In perfect competition,price is determined by the
Options:
A) government
B) sellers
C) buyers
D) market
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The correct answer is D .
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Question 1499: One of the factors which is likely to check the growth of public debts is?
Options:
A) bridging the resources gap
B) debt reputation
C) debts rescheduling
D) debt-equility swap
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The correct answer is D .
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Question 1500: Which of the following is a major determinant of price elasticity of demand?
Options:
A) The price of the commodity
B) Availability of factors of production
C) The prices of factors of production
D) Income of the consumers
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The correct answer is D .