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.
-
Question 2851:
Market Schedules for Milk:
| Price per tin | Quantity demanded (tins) | Quantity supplied (tins) |
| 8k | 25,000 | 7,500 |
| 10k | 23,000 | 9,000 |
| 13k | 20,000 | 11,500 |
| 15k | 18,000 | 13,000 |
| 18k | 15,000 | 15,000 |
| 20k | 13,000 | 17,500 |
| 23k | 10,000 | 21,000 |
| 25k | 8,000 | 24,000 |
From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are
Options:
A) 15k, 13,000
B) 20k, 17,500
C) 13k, 20,000
D) 18k, 18,000
E) 18k, 15,000
Show Answer
The correct answer is E .
-
Question 2852: The European Union was formed to
Options:
A) promote free trade within member nations
B) promote economic integration in non-member countries
C) assist countries to achieve their economic goals
D) finance development projects in member nations
Show Answer
The correct answer is A .
-
Question 2853:
The oil boom between 1970 - 1980 caused the oil sector to become____________
Options:
A) the main source of government
B) management of spillage and pollution
C) protection to the local operators in the petroleum industry
D) decrease in the rate of inflation
Show Answer
The correct answer is A .
-
Question 2854:
The PAYE ( Pay As You Earn) in Nigeria is an example of ______
Options:
A) Flat rate Tax
B) Community tax
C) Regressive tax
D) Progressive tax
Show Answer
The correct answer is D .
-
Question 2855: If you do not have to give anything in order to get a particular thing, then its opportunity cost is?
Options:
A) zero
B) not measurable
C) its price in money
D) infinite
E) equal to one
Show Answer
The correct answer is A .
-
Question 2856: The following countries are members of ECOWAS EXCEPT
Options:
A) Angola
B) Ghana
C) Ivory coast
D) Liberia
E) Niger Republic
Show Answer
The correct answer is A .
-
Question 2857: The most dominant economic activity which employs the largest number of people in West Africa is?
Options:
A) manufacturing
B) transport
C) government
D) agriculture
E) the petroleum industry
Show Answer
The correct answer is D .
-
Question 2858:
An increase in total production (real GDP) causes the demand for money to ______and the interest rate to _________
Options:
A) Increase; decrease
B) Decrease; decrease
C) Increase; increase
D) Decrease; increase
Show Answer
The correct answer is C .
-
Question 2859:
A major disadvantage of localization of industry is
Options:
A) the risk of structural unemployment
B) over-utilization of installed industrial capacity
C) the risk of seasonal unemployment
D) under-utilization of installed industrial capacity
Show Answer
The correct answer is A .
-
Question 2860: The effect of emigration on a country's population is
Options:
A) decrease in the population
B) decrease in job opportunities
C) increase in population
D) increase in dependency ratio
Show Answer
The correct answer is A .