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 2161: When total revenue is at a maximum, marginal revenue is?
Options:
A) constant
B) negative
C) zero
D) positive
E) maximum
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The correct answer is C .
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Question 2162:

The consumer is at equilibrium at point
Options:
A) N
B) P
C) M
D) K
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The correct answer is A .
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Question 2163: In national income accounting, aggregate saving in any year is defined as?
Options:
A) all disposable income not spent on consumption
B) all savings deposits in all banks during the year
C) all savings and time deposits in all banks during the year
D) the value of inventory change for the year
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The correct answer is A .
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Question 2164: A decrease in supply without a corresponding change in demand will lead to
Options:
A) an increase in equilibrium price and a decrease in equilibrium quantity
B) a decrease in equilibrium price and an increase in equilibrium qantity
C) a decrease in equilibrium price and equilibrium quantity
D) an increase in equilibrium price and quantity
Show Answer
The correct answer is A .
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Question 2165:
Institutions serving as links between surplus and deficit units can be identified as
Options:
A) tax officers
B) pension offices
C) financial intermediates
D) acceptance houses
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The correct answer is C .
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Question 2166:
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
Options:
A) a decrease in profit by 43%
B) an increase in profit by 43%
C) a net loss
D) a net gain
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The correct answer is A .
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Question 2167: The long-run average cost curve is called a planning curve because it shows what happens to costs when
Options:
A) a bigger size of plant is built
B) differents sizes of plants are built
C) variable inputs are increased
D) fixed factors are increased
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The correct answer is B .
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Question 2168: Nigeria's exports usually comprise
Options:
A) consumer goods
B) capital goods
C) intermediate goods
D) primary goods
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The correct answer is D .
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Question 2169: Economics may be defined as?
Options:
A) the study of money and banking
B) the study of markets and prices
C) the study of production and distribution
D) the study of human behaviour in the allocation of scarce resources
E) the study of the employment of labour, land, and capital
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The correct answer is D .
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Question 2170:
External economies arises essentially from__________
Options:
A) a firm's individual policies
B) localisation of industry
C) government economic policy
D) free transferability of shares
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The correct answer is B .