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 1681: On the basis of the contribution to employment, the most important economic sector in West African is?
Options:
A) industry
B) agriculture
C) construction
D) commerce
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The correct answer is D .
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Question 1682: The foreign exchange market is a market where
Options:
A) graded commoditties like wheat, flour, etc are sold and bought
B) currencies are sold and bought
C) treasury bills are sold and bought
D) government bonds are sold and bought
E) treasury certificates are sold
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The correct answer is B .
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Question 1683: When the federal government guarantees a loan for a state government, such a loan constitutes
Options:
A) a public debt
B) a transferred debt
C) a private debt
D) an inter-governmental debt
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The correct answer is A .
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Question 1684: Which of the following best explains the structural changes in the population of a country?
Options:
A) Positive changes in the size and ethnic composition of the population
B) A decrease in the size of the population
C) An increase in the birth rate which is higher than the decrease in the death rate
D) Changes in the age, sex and occupational composition of the population
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The correct answer is D .
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Question 1685:
Which of the following cannot be classified as a natural resource?
Options:
A) Iron rod
B) Wild life
C) Solar energy
D) Gold
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The correct answer is A .
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Question 1686: The economic policy of privatization came up as a result of the poor performance of
Options:
A) commercial banks
B) small-scale businesses
C) public enterprises
D) private enterprises
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The correct answer is C .
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Question 1687: 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 1688: An industry's supply curve is more likely to be elastic when firms are
Options:
A) enjoying free entry and exit
B) operating at full capacity
C) operating below capacity
D) maximizing profits
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The correct answer is A .
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Question 1689: The labour force of a country is determined by the
Options:
A) age structure of the population
B) geographical distribution of the population
C) sex distribution of the population
D) number of people available for work
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The correct answer is A .
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Question 1690: One form of business organization which is not motivated solely by the profit objective is the?
Options:
A) joint stock company
B) private limited company
C) co-operative society
D) ordinary partnership
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The correct answer is C .