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: The choice of what to produce in a command economy is determined by
Options:
A) industrial establishments
B) labour unions
C) the government and labour unions
D) the central government
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The correct answer is D .
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Question 12:

From the graph above the consumer will attain equilibrium at point_______________
Options:
A) J
B) K
C) M
D) L
Show Answer
The correct answer is B .
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Question 13: Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5.
Options:
A) 24
B) 5
C) 19
D) 12
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The correct answer is C .
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Question 14: The commercial banks differ from non-bank financial institutions because they
Options:
A) Accept deposits withdrawable by cheque
B) Mobilize savings
C) Invest surplus funds
D) Contribute to economic development
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The correct answer is A .
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Question 15: Differentiated product is the characteristic feature of?
Options:
A) perfect competition
B) pure competition
C) monopolistic competition
D) monopoly
E) oligopoly
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The correct answer is C .
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Question 16: A Nigerian household's demand curve for semovita is downward because?
Options:
A) the demand for semovita is high
B) the loal markets are flooded with semovita
C) it is produced in Nigeria
D) every household can afford to buy semovita
E) higher prices attract lower quantities while lower prices attract larger quantities
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The correct answer is D .
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Question 17:

The difference in each country's total output on specification is
Options:
A) 16000 units
B) 9000 units
C) 8000 units
D) 7000 units
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The correct answer is D .
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Question 18: An upward review of the retirement age will affect the
Options:
A) wage rate
B) demand for labour
C) supply of labour
D) tax rate
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The correct answer is C .
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Question 19: One of the roles of NNPC in the production and refining of crude oil is to?
Options:
A) secure maximum government revenue and regulate price
B) prevent the smuggling of petroleum products
C) satisfy the domestic consumption of petroleum products
D) protect the local operators in the petroleum industry
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The correct answer is C .
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Question 20: If government expenditure exceeds revenue, this result in
Options:
A) balanced budget
B) national debt
C) budget deficit
D) budget surplus
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The correct answer is C .