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 231: The theoretical relationship between money supply and prices is weakened by changes in the
Options:
A) money supply
B) general price level
C) velocity of money
D) interest rate
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The correct answer is B .
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Question 232: If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?
Options:
A) 2.00
B) 0.50
C) 1.50
D) 1.00
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The correct answer is B .
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Question 233: If elasticity of demand is greater than I and less than infinity, demand is said to be
Options:
A) elastic
B) perfectly inelastic
C) inelastic
D) perfectly elastic
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The correct answer is A .
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Question 234:
A situation in which a commodity is sold abroad below its cost of production in the home country is known as?
Options:
A) dumping
B) counter trade
C) bilateral trade
D) trade liberalization
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The correct answer is A .
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Question 235: In economic analysis, a statement is said to be normative if it?
Options:
A) relates to value judgement
B) is incorrect
C) can be tested scientifically
D) is contradictory
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The correct answer is A .
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Question 236:
Age range in years | % ofpopulation |
1960 | 1990 |
50 and above | 35 | 38 |
18 - 59 | 40 | 42 |
Population Statistics of a Country.
The dependency ratio between 1960 and 1990 is
Options:
A) increased by 5%
B) increased by 2%
C) decrease by 2%
D) decrease by 5%
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The correct answer is C .
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Question 237:
The maximum price is
Options:
A) P1
B) P2
C) P3
D) P4
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The correct answer is D .
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Question 238: People hold money for?
Options:
A) charity
B) safe keeping
C) profit making
D) speculative purposes
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The correct answer is D .
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Question 239: The most important economic characteristic differentiating commercial banks from other financial institutions is their?
Options:
A) function as a safe and profitable store place for savings
B) role in financing balance of payment deficits
C) status as an intermediary between savers and borrowers
D) ability to create and destory money
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The correct answer is C .
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Question 240: The characteristic of entry and exit ensures that firms
Options:
A) earn excess profit
B) earn normal profit
C) break-even
D) expand their operations
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The correct answer is B .