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 151: The modal value of 3, 8, 4, 6, 3, 5, 2, 7, 3 and 5 is
Options:
A) 6
B) 3
C) 4
D) 5
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The correct answer is B .
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Question 152: The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in?
Options:
A) backward and forward linkages
B) horizontal and vertical linkages
C) vertical linkages
D) functional linkages
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The correct answer is A .
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Question 153:
In order to increase revenue, government should tax commodities for which demand is
Options:
A) perfectly price inelastic
B) price inelastic
C) price elastic
D) unitary elastic
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The correct answer is B .
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Question 154: The difference between gross national product and net national product is equal to?
Options:
A) gross investment
B) net investment
C) net foreign income
D) capital depreciation
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The correct answer is D .
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Question 155: Which of the following is used for measuring national income?
Options:
A) Output, income and wages
B) Import, expenditure and output
C) Income, output and expenditure
D) Export, Import and output
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The correct answer is C .
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Question 156: Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?
Options:
A) 20 and 80
B) 30 and 120
C) 40 and 60
D) 60 and 240
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The correct answer is A .
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Question 157: A market where there are many differentiated products is called?
Options:
A) monopoly
B) perfect competition
C) monopolistic competition
D) oligopoly
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The correct answer is C .
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Question 158: A consumer surplus measures the
Options:
A) benefits derived from consuming a cheap commodity
B) excess of total expenditure over total uility
C) difference between marginal utility and marginal cost
D) excess of marginal utility over price
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The correct answer is D .
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Question 159: A firm operating at full capacity will have a
Options:
A) perfectly inelastic supply curve
B) perfectly elastic supply curve
C) fairly elastic supply curve
D) fairly inelastic supply curve
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The correct answer is A .
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Question 160:
The most important attribute of money is?
Options:
A) homogeneity
B) relative scarcity
C) divisibility
D) general acceptance
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The correct answer is D .