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 291:
Using the table calculate the net income
Options:
A) ₦58m
B) ₦54m
C) ₦50m
D) ₦46m
Show Answer
The correct answer is D .
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Question 292:
The line labeled M in the diagram above represents
Options:
A) total cost
B) fixed cost
C) variable cost
D) average cost
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The correct answer is B .
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Question 293: A glut in the world market for crude oil means?
Options:
A) a fall in crude oil production
B) an excess supply of crude petroleum
C) a higher crude oil price offered by the buyer
D) a higher crude oil price demanded by the seller
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The correct answer is B .
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Question 294:
A rise in the supply of a commodity cause__________
Options:
A) an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
B) an increase in both equilibrium
C) a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
D) a decrease in both equilibrium
Show Answer
The correct answer is C .
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Question 295: One of the characteristics of a monopolist is that, he can influence
Options:
A) quantity produced by other producers
B) prices charged by other producers
C) both price and quantity
D) price or quantity
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The correct answer is C .
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Question 296:
An industry is
Options:
A) A group of firms producing differentiated products
B) A group of firms producing distinct commodities
C) A group of firms producing related goods
D) A group of firms producing unrelated goods
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The correct answer is C .
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Question 297: The three groups of government revenue are?
Options:
A) investment income, direct tax and indirect tax
B) imports duties, excise tax and export duties
C) company tax, personal income tax and import duties
D) company tax, import duties and excise tax
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The correct answer is A .
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Question 298: Capital provided by individuals to the firm by purchasing stocks is called?
Options:
A) debt capital
B) fixed capital
C) circulating capital
D) equlity capital
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The correct answer is D .
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Question 299: To control inflation, the monetary authorities of a country can?
Options:
A) reduce taxes
B) advise government to increase its expenditure
C) engage in expansive monetary policy
D) engage inrestrictive monetary policy
Show Answer
The correct answer is D .
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Question 300: A market where there are many differentiated products is called?
Options:
A) monopoly
B) perfect competition
C) monopolistic competition
D) oligopoly
Show Answer
The correct answer is C .