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 2071:
The stock exchange is an example of the
Options:
A) labour market
B) money market
C) commodity market
D) capital market
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The correct answer is D .
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Question 2072: The economic policy of privatization came up as a result of the poor performance of
Options:
A) commercial banks
B) small-scale businesses
C) public enterprises
D) private enterprises
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The correct answer is C .
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Question 2073: In Nigeria, efficiency in public corporations can be achieved through
Options:
A) public offer
B) indigenization
C) privatization
D) nationalization
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The correct answer is C .
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Question 2074: Which of the following is NOT a measure for controlling inflation?
Options:
A) Reduction in money supply
B) Wage restraint and wage freeze
C) Reduction in taxes and increase in government spending
D) price control
E) Credit restriction
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The correct answer is C .
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Question 2075: The present privatization policy in Nigeria is aimed at?
Options:
A) reducing income inequality
B) reducing the prices of goods and services
C) poverty alleviation
D) increasing efficiency in production
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The correct answer is D .
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Question 2076: 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 2077:
The most important attribute of money is?
Options:
A) homogeneity
B) relative scarcity
C) divisibility
D) general acceptance
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The correct answer is D .
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Question 2078:

In thediagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?
Options:
A) P1
B) P2
C) P3
D) P4
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The correct answer is B .
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Question 2079:
In a free market economy, the rationing of scarce goods is done principallyby?
Options:
A) the government
B) business organizations
C) the price mechanism
D) consumers
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The correct answer is C .
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Question 2080: An ad valorem tax means
Options:
A) total amount of an income tax
B) a certain percentage on the value of a commodity
C) a certain percentage tax on the volume of commodity
D) a tax on capital gain
E) a profit tax
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The correct answer is B .