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 171: The standard deviation of a set of data is
Options:
A) always measured from the mode
B) the most representative of averages
C) always measured from the median
D) a measure of dispersion
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The correct answer is D .
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Question 172:
The two major types of international trade are Bilateral trade and?
Options:
A) Internal trade
B) Multilateral trade
C) Dilateral trade
D) Trilateral trade
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The correct answer is B .
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Question 173: Which of the following is the correct order in the chain of distribution?
Options:
A) Consumer —> Distributor → Retailer → Producer
B) Producer → Consumer → Retailer → Wholesaler
C) Producer → Wholesaler → Retailer → Consumer
D) Retailer → Consumer → Producer → Wholesaler
E) Wholesaler → Retailer → Producer → Consume
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The correct answer is C .
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Question 174: Indirect taxes are taxes?
Options:
A) which are levied on the incomes and profits of individuals and firms
B) whose incidence always falls on the consumer
C) which are based on the progressive principle
D) on casinos, airports and capitals gains
E) which are levied on people and economic units through the goods and services they purchase
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The correct answer is E .
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Question 175:
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 176: The term balance oftrade, can be defined as the?
Options:
A) relation between value of exports and value of imports over a given period of time
B) balance owed to the rest of the world in payment for imports
C) price paid for imports in term of exports
D) relation between payments of all kind made by a country to the rest of the world, over a given period of time
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The correct answer is A .
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Question 177:
One of the fundamental economic problem of every society is
Options:
A) allocation of scarce resource
B) availability of market
C) consumption pattern of inhabitant
D) presence of middle man
E) inadequate labour force
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The correct answer is A .
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Question 178: A major objective of the Federal Government's initiative on cassava production in Nigeria is to
Options:
A) diversify the export base of the economy
B) ensure the availability of cassava
C) make cassava a staple food in the country
D) provide raw materials for industries
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The correct answer is A .
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Question 179: The rate of exchange between a domestic and a foreign currency is defined as the?
Options:
A) terms of trade
B) domestic currency price of a unit of the foreign currency
C) foreign currency price of gold
D) domestic currency price of gold
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The correct answer is B .
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Question 180:
| X | Y | Z |
| Price (₦) | Quantity (Units) | Price (₦) | Quantity (Units) | Price (₦) | Quantity (₦) |
| 0 | 20 | 0 | 15 | 0 | 40 |
| 2 | 15 | 2 | 10 | 2 | 30 |
| 5 | 10 | 5 | 5 | 5 | 15 |
| 10 | 0 | 10 | 2 | 10 | 5 |
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is
Options:
A) 75 units
B) 35 units
C) 7 units
D) not determinable from the schedules except when graphed
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The correct answer is D .