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 3011:
Use the data below to answer this questions
54, 36, 62, 79, 83, 36, 62, 42, 62, and 42.What is the modal score?
Options:
A) 36
B) 42
C) 54
D) 62
Show Answer
The correct answer is D .
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Question 3012: A shift in the production possibility frontier could result from?
Options:
A) unemployment
B) changes in the combination of goods produced
C) inflation
D) changes in production techniques
Show Answer
The correct answer is D .
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Question 3013: The sloping downward of the demand curve implies that?
Options:
A) an increase in price leads to an increase in quantity demanded
B) an increase in price leaves the quantity demanded unchanged
C) a decrease in price leads to a decreased in quantity demanded
D) a decrease in price leads to an increase in quantity demanded
E) supplies respond by offering less commodities for sale
Show Answer
The correct answer is D .
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Question 3014: The law of comparative advantage states that a country should specialize in the production of a commodity
Options:
A) for which local demand is greatest
B) in which its oportunity cost is lower than that of the trade partner
C) for which foreign demand is greatest
D) for which there is abundant supply of raw materials
Show Answer
The correct answer is B .
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Question 3015: The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?
Options:
A) industrialization
B) export-promotion
C) import-substitution
D) export--substitution
E) import-expansion
Show Answer
The correct answer is C .
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Question 3016:
| Fixed Unit of Land (hectares) | Variable Unit of Labout | Total Output (TO) | Marginal Product (MP) |
| 5 | 1 | 10 | 10 |
| 5 | 2 | 25 | 15 |
| 5 | 3 | X | 21 |
| 5 | 4 | 60 | 14 |
| 5 | 5 | 73 | 13 |
| 5 | 6 | 82 | y |
The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?
Options:
A) X = 20, Y = 6
B) X = 38, Y =9
C) X = 46, Y = 9
D) X = 46, Y = 14
E) X = 10, Y = 10
Show Answer
The correct answer is C .
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Question 3017: If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be
Options:
A) transactionary
B) speculative
C) precautionary and speculative
D) transactional and speculative
Show Answer
The correct answer is A .
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Question 3018: The theory of income determination is traced to
Options:
A) Rev Thomas Mathus
B) Lord John Mynard Keynes
C) Prof Adam Smith
D) R G Lipsey
E) Prof Umar SI
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The correct answer is B .
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Question 3019: The budget of Nigeria will be deficit if
Options:
A) revenue expenditure exceeds the revenue receipts
B) capital expenditure exceeds the capital receipts
C) revenue and capital receipts exceeds revenue and capital receipts
D) the government is spending more than its receipts
E) all of the above
Show Answer
The correct answer is D .
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Question 3020:
Retailers in an economy perform the function of ______
Options:
A) Distribution.
B) Exchange
C) Investment
D) Production
Show Answer
The correct answer is A .