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 2931:
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 2932: The basic aim of Economic Community of West African States is the
Options:
A) discouragement of trade among member states
B) encouragement of revolts against former colonial masters
C) establishment of its headquarters in each members state
D) liberalization of trade among member states
Show Answer
The correct answer is D .
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Question 2933:
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
Show Answer
The correct answer is A .
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Question 2934:
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
Show Answer
The correct answer is A .
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Question 2935: Price control indicate the following
Options:
A) price is fixed at equilibrium level
B) price is fixed above equilibrium level
C) price is not fixed but determined by demand and supply
D) price is fixed below equilibrium level
E) none of the above
Show Answer
The correct answer is D .
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Question 2936:
The two major types of international trade are Bilateral trade and?
Options:
A) Internal trade
B) Multilateral trade
C) Dilateral trade
D) Trilateral trade
Show Answer
The correct answer is B .
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Question 2937:
In income determination theory, acceleration principles shows that
Options:
A) income is the cause, while investment is the effect investment
B) income and investment are both causes
C) income and investment are both effects
D) incomes is of on effect on investment
E) investment is the causes, while income is the effects
Show Answer
The correct answer is A .
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Question 2938:
| X | Y | Z |
| Price (₦) | Quantity (Units) | Price (₦) | Quantity (Units) | Price (₦) | Quantity (₦) |
| 0 | 20 | 0 | 15 | 0 | 40 |
| 2 | 15 | 2 | 10 | 2 | 30 |
| 5 | 10 | 5 | 5 | 5 | 15 |
| 10 | 0 | 10 | 2 | 10 | 5 |
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?
Options:
A) 65 units
B) 40 units
C) 30 units
D) 20 units
Show Answer
The correct answer is C .
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Question 2939: The foreign exchange rate of a country is
Options:
A) the interest rate fixed by the central bank
B) the price of one national currency in terms of another
C) the rate at which the central bank issues money
D) the rate of interest on government bonds
E) None of the above
Show Answer
The correct answer is B .
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Question 2940: The types of unemployment that evolved the use of machines to replaces human labour is known as
Options:
A) cyclical unemployment
B) frictional unemployment
C) seasonal unemployment
D) structural unemployment
E) technological unemployment
Show Answer
The correct answer is B .