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 241: Upstream oil activities involve the
Options:
A) management of pollution
B) marketing of refined products
C) exploration of crude oil
D) refining of crude oil
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The correct answer is C .
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Question 242: Corrections in the GNP figures for price changes require the use of a
Options:
A) Retail price index
B) Producer price index
C) Price index
D) Price deflator
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The correct answer is D .
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Question 243: The equilibrium market price is determined at a point where?
Options:
A) consumers can buy all they desire
B) sellers can dispose of all their wares
C) the price is moderate
D) quantity consumers desires equal quantity sellers offer
E) sellers and buyers are not quarrelling
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The correct answer is D .
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Question 244: The National Electric Power Authority (NEPA) is a?
Options:
A) Public limited company
B) Public liability company
C) Private authority
D) Public corporation
E) Federal government authority
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The correct answer is D .
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Question 245: The value of money is generally measured in reference to
Options:
A) the interest rate charged on bank loans
B) the general price level
C) the size of countries gold stock
D) the level of economic development in a country
E) the price of stocks and shareson the stock exchange
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The correct answer is B .
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Question 246: An increase in the discount rate is an indication of a central bank's intention to pursue?
Options:
A) an expansionary monetary policy
B) a disciplined monetary policy
C) a dynamic monetary policy
D) a contractionary monetary policy
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The correct answer is A .
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Question 247:
| Share of gross national product (GNP) | Share of total employment | Growth rate of output |
All agriculture | 40% | 70% | 3% |
Industry and mining | 30% | 10% | 10% |
Trade andservices | 30% | 20% | 5% |
What is the growth rate of GNP?
Options:
A) 18%
B) 10%
C) 6.7%
D) 0.5%
E) 4.1%3
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The correct answer is A .
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Question 248: A fall in the marginal propensity to save will lead to?
Options:
A) a decrease in national income
B) an increase in national income
C) no change in national income
D) an increase in disposable income
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The correct answer is A .
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Question 249: The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for
Options:
A) maintaining the fiscal supremacy of the central government the fiscal supremacy of the central government
B) evolving an acceptable wage for public servants
C) evolving an acceptable revenue-sharing formula
D) ensuring equity in the sharing of fiscal responsibilities
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The correct answer is C .
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Question 250: If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is?
Options:
A) static
B) infinitely elastic
C) externally determined
D) perfectly inelastic
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The correct answer is D .