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 21:
The money market equilibrium is defined as_________
Options:
A) when the demand and supply of money are equal
B) when demand is greater than supply of money
C) when demand is less than supply of money
D) when supply is greater than demand for money
Show Answer
The correct answer is A .
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Question 22: The hoarding of goods is usually experienced when
Options:
A) supply is greater than demand
B) the market price above the equilibrium price
C) demand is greater than supply
D) excess demand is greater than excess supply
Show Answer
The correct answer is C .
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Question 23: The quickest way of achieving an economic union on regional basis is to remove all?
Options:
A) currency barriers
B) language barriers
C) politcal barriers
D) customs barriers
E) legal barriers
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The correct answer is D .
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Question 24: A firm achieves least cost in production by substituting factors until
Options:
A) their factor prices are equal
B) their marginal-physical products are each equal to their factor prices
C) their marginal-physical products are each zero
D) the ratio of their marginal-physical products equals the ratio of their prices
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The correct answer is C .
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Question 25: In order to reduce hardship faced by consumers due to high prices government can introduce
Options:
A) maximum prices
B) commodity boards
C) minimum prices
D) price control boards
Show Answer
The correct answer is A .
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Question 26: A tax on land will ultimately fall
Options:
A) partly on agents and users
B) entirely on users
C) entirely on owners
D) partly on users and owners
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The correct answer is C .
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Question 27:
The number of people who are qualified to work and who offer themselves for employment is called____________?
Options:
A) Migrant labour
B) Working population
C) Labor turnover
D) Mobility of Labour
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The correct answer is B .
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Question 28:
A demand which gives rise to the reverse of the law of demand is__________
Options:
A) Derived demand
B) Joint demand
C) Abnormal demand
D) Composite demand
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The correct answer is C .
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Question 29: The choice of the method of production in an economy is determined by the
Options:
A) level of technical know-how
B) rate of propulation growth
C) availability of natural resources
D) level of income
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The correct answer is A .
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Question 30: the Central Bank's expansionary monetary policy is justified at a period?
Options:
A) when the inflation rate is high and the economic is experiencing a boom
B) of economic depression accompanied by low capacity utilization
C) when trade unions are clamouring for higher wages
D) when price of crude petroleum is rising
Show Answer
The correct answer is B .