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 2371: A reduction in the bank rate encourages commercial banks to create money by
Options:
A) Decreasing the interest rate
B) maintaining the interest rate
C) Doubling the interest rate
D) Raising the interest
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The correct answer is B .
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Question 2372:
Which of the following must be true to have a closed economy with no government, and yet the value of the investmet multiplier still increase?
Options:
A) Marginal propensity to save has fallen
B) Actual investment had fallen
C) Average propensity to invest has fallen
D) Actual saving has fallen
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The correct answer is A .
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Question 2373:
In the diagram, the profit maximizing output is
Options:
A) Q1 while 1 = AC and II = MC
B) Q1, while l = MC and ll = AC
C) Q2, while l = MC and ll AC
D) Q3, while l = AC and ll = MC
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The correct answer is C .
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Question 2374:
Positive check as envisaged by Thomas Malthus can be prevented if
Options:
A) death rate is reduced
B) moral restraint abolished
C) more hospitals are built
D) there is natural calamities
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The correct answer is D .
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Question 2375: The coefficient of the price elasticity of supplyis always
Options:
A) positive
B) negative
C) constant
D) zero
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The correct answer is A .
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Question 2376: The velocity of money is represented as
Options:
A)
B)
C)
D)
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The correct answer is C .
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Question 2377: GNP is not a good measure of social welfare because there are unrecorded?
Options:
A) indirect taxes
B) social costs
C) government subsidies
D) transfer payments
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The correct answer is D .
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Question 2378:
The total revenue of the firm is represented by
Options:
A) GHEF
B) GHJC
C) EFJC
D) GHOB
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The correct answer is D .
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Question 2379: A Tax which takes a higher percentage from higher incomes is called?
Options:
A) a regressive tax
B) a progressive tax
C) a proportional tax
D) an indirect tax
E) a direct tax
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The correct answer is B .
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Question 2380: Nigeria is currently implementing the?
Options:
A) third development plan
B) second development plan
C) fourth development plan
D) fifth development plan
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The correct answer is C .