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 2521: Which is the most liquid of the following financial assets held by an individual?
Options:
A) Outstanding balance on the current account of a commercial bank
B) A credit balance on a savings account
C) A crossed postal order
D) An insurance policy
E) All of the above
Show Answer
The correct answer is B .
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Question 2522: What fundamentally determines how much a consumer spends in a producer's shop?
Options:
A) Individual's propensity to consume
B) level of his taxation
C) level of his income
D) Individual's taste or fashion
Show Answer
The correct answer is C .
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Question 2523: Who controls a limited liability company ?
Options:
A) The general manager
B) The managing director
C) The owner of 51% of shares
D) The board of directors
E) The government
Show Answer
The correct answer is D .
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Question 2524: The burden of a government tax on a commodity whose demand is inelastic will
Options:
A) be borne only by the government
B) fall more heavily on consumers
C) be shared equally between consumers and producers
D) fall more heavily on producers
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The correct answer is B .
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Question 2525: Fixing the prices of agricultural products can be a problem because of the
Options:
A) activities of marketing boards
B) size of agricultural exports
C) instability of government policies
D) unpredicatable output of farmers
Show Answer
The correct answer is D .
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Question 2526:
The act of cultivating land and rearing of animal for man's use is
Options:
A) agriculture
B) mono culture
C) forestry
D) aqua-science
E) horticulture
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The correct answer is A .
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Question 2527:
The use of income and expenditure instruments or policies to control or regulate the economic activities of a country is known as?
Options:
A) Revenue generation
B) Economic development
C) Fiscal Policy
D) Taxation
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The correct answer is C .
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Question 2528:
Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?
No. of oranges Consumed | Total Utility | Average Utility | Marginal Utility |
| 1 | 9 | 9 | - |
| 2 | 16 | 8 | x |
| 3 | 24 | 8 | 6 |
| 4 | 30 | 7.5 | 4 |
| 5 | 34 | 6.8 | y |
| 6 | 36 | 6 | 2 |
| 7 | 36 | 5.1 | 0 |
Options:
A) 0.5
B) 7
C) 0
D) 8
Show Answer
The correct answer is B .
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Question 2529: The major reason why nations engage in international trade is that?
Options:
A) it allows free movement of factors of production
B) it makes possible the use of capital-intensive method of production
C) nations are substantially different in their endowments of economic resources
D) it affords the trading nations the opportunity to earn high profit
Show Answer
The correct answer is C .
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Question 2530:
A market situation with few sellers and many buyers is called
Options:
A) monopoly
B) duopoly
C) oligopoly
D) perfect competition
E) monopsony
Show Answer
The correct answer is C .