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 201:
The current stage of the economy is depicted in curve I. Point P suggests that the economy is
Options:
A) reaching full employment but not full prodduction
B) attaining full production but not full employment
C) under capitalized
D) attaining both full employment and full production
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The correct answer is A .
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Question 202: The act of combining factor inputs in order to obtain specific output is known as
Options:
A) factor procurement
B) manufacturing
C) investment
D) industrialization
E) production
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The correct answer is E .
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Question 203: The burden of a government tax on a commodity whose demand is inelastic will
Options:
A) be borne only by the government
B) fall more heavily on consumers
C) be shared equally between consumers and producers
D) fall more heavily on producers
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The correct answer is B .
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Question 204:
A group formed to enable members adopt a common policy in labour negotiation is known as?
Options:
A) Employer’s association
B) Craft Union
C) Trade union
D) Employee’s union
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The correct answer is A .
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Question 205:
From the table, Calculate the mean?
Options:
A) 24.0
B) 17.0
C) 18
D) 27.2
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The correct answer is B .
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Question 206: A disadvantage of a joint-stock company is?
Options:
A) unlimited liability
B) limited liability
C) continuity
D) loss of controlling interest
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The correct answer is D .
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Question 207: The equilibrium price clears the market; it is the price at which___________
Options:
A) Everything is sold
B) Buyers spend all their money
C) Excess demand is zero
D) None of the above
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The correct answer is C .
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Question 208: The best technical description of a progressive tax is a?
Options:
A) tax which takes more money from the rich than from the poor
B) more equitable tax than aggressive one
C) tax which takes a higher proportion of extra naira received as income rises
D) tax which falls directly on those in the high income brackets
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The correct answer is C .
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Question 209: The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?
Options:
A) budget deficit
B) balance budget
C) budget surplus ‘
D) budget statement
E) unfavourable budget.
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The correct answer is A .
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Question 210: If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index
Options:
A) 100
B) 200
C) 240
D) 300
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The correct answer is B .