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 281: If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?
Options:
A) not decrease in number
B) keep output at the same level but make losses
C) reduce production
D) intensity the advertisement of their products
Show Answer
The correct answer is C .
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Question 282:
The graph above represents
Options:
A) a decrease in quantity supplied
B) an increase in supply
C) a decrease in supply
D) an increase in quantity supplied
Show Answer
The correct answer is D .
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Question 283: A good measure of the standard of living usually used for international comparison is
Options:
A) gross natioal income (GNI)
B) net national income (NNI)
C) gross national product (GNP)
D) gross domestic product (GDP)
E) per capital income (PCI)
Show Answer
The correct answer is E .
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Question 284: To enhance the competitiveness of domestic agricultural products, there is need to
Options:
A) ban the importation of a agricultural products
B) increase the exportation of agricultural products
C) improve the quality of domestic agricultural products
D) increase the output of domestic agricultural products
Show Answer
The correct answer is C .
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Question 285:
A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by
Options:
A) P
B) Q
C) X
D) Y
Show Answer
The correct answer is C .
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Question 286: In the event of liquidation of a private limited liability company, the shareholders' liability is limited in their total?
Options:
A) income from all sources
B) family assets
C) collateral offered for bank loans
D) investment inthe company
Show Answer
The correct answer is D .
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Question 287: An improvement in Nigeria's terms of trade should
Options:
A) Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them
B) Make made in Nigeria goods cheaper to buy
C) Increase Nigeria's domestic output of commodities
D) Lead to an increase in her exchange rates
E) Lead to an increase in Nigeria's exports of petroleum
Show Answer
The correct answer is A .
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Question 288:
Marginal cost is?
Options:
A) the lowest cost of producing goods
B) the cost of production of the most efficient firm in an industry
C) the cost of production of the most inefficient firm in an industry
D) the cost of production of the last or extra unit of goods produced by a firm
Show Answer
The correct answer is D .
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Question 289: The World Trade Organization is responsible for
Options:
A) stabilizing and harmonization oil prices
B) ensuring equal participation of countries in trade
C) modernising world economies
D) minimizing obstacles to international trade and investment
Show Answer
The correct answer is D .
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Question 290: When a business has unlimited liability
Options:
A) all its profits can be taxed away by the government
B) all its assets are owned by the members of its board of directors
C) the business ceases to exist at the death of one of its owners
D) the owners are responsible for all its financial debts
E) the owners are not responsible for all its financial debts
Show Answer
The correct answer is D .