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 271: When elasticity is zero, demand curve is
Options:
A) perfectly elastic
B) perfectly inelastic
C) down-ward sloping
D) upward sloping
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The correct answer is B .
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Question 272:
If the pass mark was 40. how many students passed the examination?
Options:
A) 100
B) 120
C) 160
D) 200
Show Answer
The correct answer is C .
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Question 273: Which of the following is a good example of invisible item on balance of payments account?
Options:
A) Shipping and aviation
B) Export and imports
C) Merchandise
D) Bullion
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The correct answer is A .
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Question 274: Economics is the study of human behaviour as it relates to the
Options:
A) efficient allocation of resources
B) production of goods
C) operation of companies
D) generation of income
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The correct answer is A .
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Question 275:
Use the following information given to answer this question
Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m
Gross national expenditure at factor cost is_________
Options:
A) ₤ 88,000μ
B) ₤ 82,000μ
C) ₤ 74,000μ
D) ₤ 72,000μ
Show Answer
The correct answer is D .
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Question 276:
An economy in which both the public and private sectors contribute to economic growth is a__________?
Options:
A) socialist economy
B) feudal economy
C) mixed economy
D) capitalist economy
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The correct answer is C .
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Question 277:
The main objective of marketing boards is to
Options:
A) accumulate revenue for government
B) educate farmers on pricing of cash crops
C) stabilize the incomes of cash crop farmers
D) provide warehousing facilities
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The correct answer is C .
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Question 278:
The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?
Options:
A) E3
B) E1
C) E4
D) E2
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The correct answer is D .
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Question 279: Which of the following is true about the value of money?
Options:
A) it varies inversely with the price level
B) it varies directly with the price level
C) it depreciates in the period of deflation
D) it is not affected by the price level
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The correct answer is A .
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Question 280: Agriculture plays a dominant role in West Africa economics because
Options:
A) the green Revolution in Nigeria is agriculture
B) it supplies all the foodstuff consumed in West Africa
C) there are large plantation of cocoa, groundnut and palm oil in West Africa
D) it is the main source of revenue in Nigeria
E) it employs more than 50% of the total labour force in West Africa
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The correct answer is E .