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 2131: Which of the following is a characteristic of private limited liability company?
Options:
A) its shares can be sold to the public
B) the number of shareholders ranges from fifty to one hundred
C) all shareholders have equal powers and responsibilities
D) the number of shareholders ranges from two to fifty
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The correct answer is D .
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Question 2132: The basic idea behind brand differentiation under an imperfect market arrangement is to?
Options:
A) stimulate demand for rival products
B) create demand for the particular product
C) enable the product penetrate the market
D) enable the product to complete with others
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The correct answer is B .
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Question 2133: Two goods, X and Y, are said to be complementary when?
Options:
A) A fall in the price of X raises the demand for Y
B) A fall in the price of X causes a fall in the demand for Y
C) A fall in the price of X does not affect the demand for Y
D) A rise in the price of X does not affect the demand for Y
E) The two goods are competitive.
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The correct answer is A .
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Question 2134: Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is
Options:
A) Direct
B) Progressive
C) Regressive
D) Proportional
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The correct answer is B .
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Question 2135: The amount of money required for the day-to-day running of a business is known as
Options:
A) economics capital
B) fixed capital
C) paid- up capital
D) reserve capital
E) working capital
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The correct answer is E .
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Question 2136: Government in West Africa countries engage in running a number of enterprises because ?
Options:
A) Large amount of capital are needed and key industries should not be left in private hands
B) Private capital would not established an adequate infrastructure
C) It brings about a more even distribution of the country’s wealth
D) The social costs of some enterprises make the government the most suitable body to set them up
E) All of the above
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The correct answer is E .
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Question 2137:
In a two by two model of international trade, it is assumed that
Options:
A) both countries could gain from trade at the same time, but term of trade is inconsequential for the distribution of the gains
B) both countries could gain from trade at the same time, but the volume of the gains depends on terms of trade
C) neither country could ever gain from trade since term of trade is depends on the distribution of the gains from trade
D) both countries could gain from trade at the same time, and the volume of the gains does not depend on terms of trade
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The correct answer is B .
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Question 2138:
In income determination theory, acceleration principles shows that
Options:
A) income is the cause, while investment is the effect investment
B) income and investment are both causes
C) income and investment are both effects
D) incomes is of on effect on investment
E) investment is the causes, while income is the effects
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The correct answer is A .
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Question 2139: country is said to be overpopulated when
Options:
A) the resocurce are more than enough to cater for the population
B) the size of the population is greater than the annual budget
C) the resources are inadequate to cater for the population
D) there are too many able-bodied men and women in the country
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The correct answer is C .
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Question 2140:
Scale of preference shows
Options:
A) incomes of consumers in order of size
B) utilities enjoyed by consumers
C) opportunity cost of goods consumed
D) consumer's wants in order of priority
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The correct answer is D .