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 301:
The demand curve facing the monopolist in the foreign market is__________
Options:
A) Elastic
B) Inelastic
C) Perfectly elastic
D) Unitary
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The correct answer is C .
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Question 302:
There is unemployment of resources when production is
Options:
A) within the production possibility curve
B) outside the production possibility curve
C) along the production possibility curve
D) adequate to meet market demand
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The correct answer is A .
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Question 303:
In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?
Options:
A) 0.0045 million
B) 4.5 million
C) 1.25 million
D) 16 million
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The correct answer is C .
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Question 304: Which of the following can be deduced from the law of variable proportions when total output is rising?
Options:
A) MP is greater than AP
B) MP is less than AP
C) MP is equal to AP
D) MP is equal to zero
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The correct answer is A .
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Question 305: National debts is an expected outcome of?
Options:
A) deficit budget
B) consolidation budget
C) balanced budget
D) surplus budget
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The correct answer is A .
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Question 306:
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
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The correct answer is D .
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Question 307: which of these alternative is wrong? central banks are
Options:
A) bankers to the government
B) bankers to commercial banks
C) merchant banks
D) controllers and regulators of money supply
E) issuers of bank note
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The correct answer is C .
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Question 308:
Which of these is not usually the function of a wholesaler?
Options:
A) Branding
B) Storage
C) Transport
D) Advertising
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The correct answer is A .
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Question 309: In national income accounting, NNP is derived by subtracting from the GNP?
Options:
A) transfer payments
B) indirect taxes
C) allowance for wastage
D) capital consumption
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The correct answer is D .
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Question 310: The monetization policy is an offshoot of
Options:
A) NEEDS
B) SAP
C) PAYE
D) MDGs
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The correct answer is A .