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.
-
Question 191: 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
Show Answer
The correct answer is A .
-
Question 192: Corrections in the GNP figures for price changes require the use of a
Options:
A) Retail price index
B) Producer price index
C) Price index
D) Price deflator
Show Answer
The correct answer is D .
-
Question 193:
From the above table, calculate the Gross National Product.
Options:
A) ₦70,000
B) ₦75,000
C) ₦50,000
D) ₦60,000
Show Answer
The correct answer is B .
-
Question 194:
If the pass mark was 40. how many students passed the examination?
Options:
A) 100
B) 120
C) 160
D) 200
Show Answer
The correct answer is C .
-
Question 195: A budget deficit means
Options:
A) That a country is buying more than is selling
B) That a country is selling more than is buying
C) That a government is spending more than in takes in taxation
D) That a government is spending less than it takes in taxation
E) That a government is spending as much as it takes in taxation
Show Answer
The correct answer is C .
-
Question 196: If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?
Options:
A) 2.00
B) 0.50
C) 1.50
D) 1.00
Show Answer
The correct answer is B .
-
Question 197: If a total cost curve is plotted, marginal cost can be illustrated by the?
Options:
A) slope of the tangent to the curve at any given output
B) U-shaped curve cutting the total cost curve at its lowest point
C) straight line from the origin to the mid-point of the curve
D) straight line cutting the curve at its highest point
Show Answer
The correct answer is B .
-
Question 198: Which of the following BEST describes the production function?
Options:
A) it indicates best output to produce
B) it relates naira inputs to naira output
C) it relates physical outputs to physical inputs
D) it indicates the best way to combine factors to produce given output
Show Answer
The correct answer is C .
-
Question 199:
Money becomes a very poor store of value in a period of _______
Options:
A) Harvest
B) Deflation
C) Recession
D) Inflation
Show Answer
The correct answer is D .
-
Question 200: The main economic goal of ECOWAS is the attainment of ?
Options:
A) regional free trade
B) Multilateral trade
C) bilateral trade
D) economic self-reliance
E) The economic emancipation of Africa
Show Answer
The correct answer is A .