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 2561: The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents?
Options:
A) debt repayment
B) investments abroad
C) net income from abroad
D) capital consumption
Show Answer
The correct answer is C .
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Question 2562: The basic economics problem of what to produce arises as a result of
Options:
A) competing demands for scarce resources
B) excessive supply
C) the availability of too many experts
D) the failure of the price system
E) the reduction of poverty
Show Answer
The correct answer is A .
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Question 2563:
If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________
Options:
A) Scarce
B) Normal
C) Superior.
D) Inferior
Show Answer
The correct answer is D .
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Question 2564:
| Fixed Unit of Land (hectares) | Variable Unit of Labout | Total Output (TO) | Marginal Product (MP) |
| 5 | 1 | 10 | 10 |
| 5 | 2 | 25 | 15 |
| 5 | 3 | X | 21 |
| 5 | 4 | 60 | 14 |
| 5 | 5 | 73 | 13 |
| 5 | 6 | 82 | y |
The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?
Options:
A) X = 20, Y = 6
B) X = 38, Y =9
C) X = 46, Y = 9
D) X = 46, Y = 14
E) X = 10, Y = 10
Show Answer
The correct answer is C .
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Question 2565:
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 2566: Joint-stock companies can raise funds from
Options:
A) the money market
B) the capital market
C) various sources
D) government
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The correct answer is C .
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Question 2567: A smaller industry that grows to cater for the need of the major industry is
Options:
A) subsidiary industry
B) constructive industry
C) manufacturing industry
D) infant industry
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The correct answer is A .
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Question 2568: The function of money which makes division of labour possible is its
Options:
A) unit of account
B) store of value
C) medium of exchange
D) standard of deferred payment
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The correct answer is C .
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Question 2569: Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?
Options:
A) it would allowed for more money to be spent on luxuries
B) the interest rate on the loan will increase
C) it would decrease the demand for Nigeria's exports
D) it would worsen Nigeria foreign exchange situation
E) Nigerias oil would sell less in the world market
Show Answer
The correct answer is D .
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Question 2570: Optimum population is the population level at which?
Options:
A) death rate is at a minimum
B) per capita income is at a maximum
C) population is at a maximum
D) death rate is equal to birth rate
Show Answer
The correct answer is B .