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 1591: The government can influence the price of agriculture products by?
Options:
A) fixing minimum prices when agricultural output is low
B) fixing maximum prices in years of bumper harvest
C) the use of buffer stock and stabilization funds
D) paying all farmers producing identical crops a uniform amount of money
Show Answer
The correct answer is C .
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Question 1592: The main objective of WTO is to
Options:
A) ensure adequate protection of infant industries
B) provide a mechanism for tariff reduction
C) assist countries with chronic balance of payments problem
D) assist developing countries to execute developmental projects
Show Answer
The correct answer is D .
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Question 1593:
Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?
No. of oranges Consumed | Total Utility | Average Utility | Marginal Utility |
| 1 | 9 | 9 | - |
| 2 | 16 | 8 | x |
| 3 | 24 | 8 | 6 |
| 4 | 30 | 7.5 | 4 |
| 5 | 34 | 6.8 | y |
| 6 | 36 | 6 | 2 |
| 7 | 36 | 5.1 | 0 |
Options:
A) 0.5
B) 7
C) 0
D) 8
Show Answer
The correct answer is B .
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Question 1594: An accurate population census is important in other to
Options:
A) produce more food for the growing population
B) provide employment opportunities for the people
C) estimate a country's per capita income
D) fast track industrial development
Show Answer
The correct answer is D .
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Question 1595:
An economic system in which individual control the productive resources is known as
Options:
A) capitalism
B) communism
C) freedomism
D) socialism
E) welfarism
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The correct answer is A .
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Question 1596:
| Fixed Unit of Land (hectares) | Variable Unit of Labout | Total Output (TO) | Marginal Product (MP) |
| 5 | 1 | 10 | 10 |
| 5 | 2 | 25 | 15 |
| 5 | 3 | X | 21 |
| 5 | 4 | 60 | 14 |
| 5 | 5 | 73 | 13 |
| 5 | 6 | 82 | y |
The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?
Options:
A) X = 20, Y = 6
B) X = 38, Y =9
C) X = 46, Y = 9
D) X = 46, Y = 14
E) X = 10, Y = 10
Show Answer
The correct answer is C .
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Question 1597: A firm is said to be a public joint-stock company when it
Options:
A) has unlimited liability
B) is administered by the public
C) is owned by the government
D) operates as a public corporation
E) sells its shares to members of the public
Show Answer
The correct answer is E .
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Question 1598: The main function of price in the economic system is to?
Options:
A) allocate scarce resources among competing uses
B) ensure equitable distribution of income and wealth
C) determine the demand for and the supply of goods and services
D) remove all the constraints on production of goods and services
Show Answer
The correct answer is A .
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Question 1599: The price paid for labour services is the?
Options:
A) commission rate
B) wages rate
C) income rate
D) salary rate
Show Answer
The correct answer is B .
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Question 1600: Census can be classified as
Options:
A) defacto and dejure
B) increasing and decreasing
C) over and under
D) optimum
Show Answer
The correct answer is A .