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 181: Which of following rewards is associated with entrepreneurship as a factor of production?
Options:
A) Salaries
B) Profit
C) Interests
D) Rents
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The correct answer is B .
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Question 182: One`of the limitations PPC assumption is that there is
Options:
A) no indication of technological development
B) no recognition of preferred goods for countries
C) technical inefficiency
D) abundant resources
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The correct answer is B .
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Question 183: The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?
Options:
A) industrialization
B) export-promotion
C) import-substitution
D) export--substitution
E) import-expansion
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The correct answer is C .
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Question 184: In a developing economy, productivity is measured by the
Options:
A) capital-output ratio
B) output growth rate
C) output-labour ratio
D) output per capita
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The correct answer is C .
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Question 185: For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is
Options:
A) equal to marginal cost
B) greater than marginal cost
C) greater than average total cost
D) equal to marginal revenue
E) equal to toal revenue
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The correct answer is B .
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Question 186: In economic analysis, a statement is said to be normative if it?
Options:
A) relates to value judgement
B) is incorrect
C) can be tested scientifically
D) is contradictory
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The correct answer is A .
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Question 187: The joint ventures operating in the Nigerian oil industry are between?
Options:
A) the NNPC and independent marketers
B) the NNPC and multinational marketers
C) the NNPC and producer marketers
D) multinational corperations and independent marketers
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The correct answer is C .
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Question 188: Which of the following is not a direct tax?
Options:
A) company income tax
B) capital tax
C) purchase tax
D) personal income tax
E) capital gain tax
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The correct answer is C .
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Question 189: Which of the following is a characteristic of private limited liability company?
Options:
A) its shares can be sold to the public
B) the number of shareholders ranges from fifty to one hundred
C) all shareholders have equal powers and responsibilities
D) the number of shareholders ranges from two to fifty
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The correct answer is D .
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Question 190: Isocost and isoquant can be attributed to
Options:
A) Theory of consumer behaviour
B) Theory of cost
C) Theory of production
D) Theory of value
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The correct answer is C .