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 221: One major factor that determines the location of an industry is
Options:
A) tax exemption grant
B) its proximity to the market
C) the capital base
D) the social responsibility of the firm
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The correct answer is B .
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Question 222: Which of the following classes of goods accounts for largest proportion of Nigeria's imports?
Options:
A) Food and animal products
B) Consumers goods
C) Chemicals
D) Machinery and transport equipment
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The correct answer is D .
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Question 223: The co-operative as a form of business organization differs from partnership by having?
Options:
A) serveral sources of capital for business financing
B) ability to issue preferred stocks to members
C) entrenched democratic control in the conduct of business
D) established rules and regulations governing the activities of its members
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The correct answer is C .
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Question 224: A huge national debt is an indication that the gold reserves of a nation has
Options:
A) appreciated
B) decreased
C) depreciated
D) stagnated
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The correct answer is D .
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Question 225: The major determinant of the total volume of output in an economy is the?
Options:
A) level of wholesale prices
B) size of the labour force
C) level of total expenditure
D) composition of consumer spending
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The correct answer is C .
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Question 226:
The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?
Options:
A) 400
B) 500
C) 600
D) 700
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The correct answer is B .
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Question 227: Which of the following financial assets consist the lowest rate of interest in Nigeria?
Options:
A) commercial bills
B) call money
C) treasury bills
D) development loan stocks
E) deposits with the federal savings bank
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The correct answer is D .
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Question 228:
Commercial banks can create money in the following ways
Options:
A) by issuing coins and paper money
B) by borrowing money from Banks abroad
C) by receiving deposits from individuals
D) by printing money on the instructions of the Central Bank
E) none of the above
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The correct answer is E .
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Question 229: Which of the following methods is most likely to lead an economy?
Options:
A) An increase in wages and profits
B) An increase in consumer demand
C) A greater fraction of national Product going into investment
D) A countinuous rise in bank loans
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The correct answer is C .
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Question 230:
The following are types of capital except:___________
Options:
A) Current capital
B) Saving capital
C) Working capital
D) Social capital
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The correct answer is B .