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 11: A constraint on the expansion of a firm is the
Options:
A) Rate of advertisement
B) Level of producers income
C) Tastes of the consumers
D) Size of the market
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The correct answer is D .
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Question 12: A distinguishing characteristic of consumer co-operative society is that the
Options:
A) the maximum number of shareholders is 20
B) members are the owners
C) members are the workers
D) the minimum number of shareholders is 5
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The correct answer is B .
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Question 13: Agriculture plays a dominant role in West Africa economics because
Options:
A) the green Revolution in Nigeria is agriculture
B) it supplies all the foodstuff consumed in West Africa
C) there are large plantation of cocoa, groundnut and palm oil in West Africa
D) it is the main source of revenue in Nigeria
E) it employs more than 50% of the total labour force in West Africa
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The correct answer is E .
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Question 14:
Using the table calculate the net income
Options:
A) ₦58m
B) ₦54m
C) ₦50m
D) ₦46m
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The correct answer is D .
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Question 15:
In the circular flow of income above, the direction of flow ofpayments for consumption purchases is shown by the arrow
Options:
A) K
B) L
C) M
D) N
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The correct answer is A .
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Question 16: What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?
Options:
A) Deregulation
B) import substitution
C) Tariff reduction
D) Backward integration
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The correct answer is B .
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Question 17: One disadvantage of trade by barter is that?
Options:
A) people are happier when they exchange the same quantities of goods through the medium of money rather than by barter
B) the person wishing to buy good X may not have good Y which is what the other wants
C) one person must always be cheated when trade takes place by barter
D) it increases the intial cost of producing goods
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The correct answer is B .
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Question 18: Surplus in balance of payment leads to?
Options:
A) inflation or increasing prices generally
B) increases in foreign reserves
C) decreases in foreign reserves
D) Government budget surplus
E) none of the above
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The correct answer is B .
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Question 19: One of the characteristics of an imperfect market is the?
Options:
A) large number of buyers and sellers in the market
B) awareness of market conditions by buyers
C) availability of substitutes
D) heterogenetity of products
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The correct answer is D .
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Question 20: The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?
Options:
A) competitve
B) composite
C) supplementary
D) complementary
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The correct answer is D .