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 311: One of the major factors militating against industrialization in Nigeria is the?
Options:
A) inadequacy of infrastructural facilities
B) absence of government participation
C) frequent breakdown of equipment
D) failure to get foreign partners and supporters
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The correct answer is A .
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Question 312: The money paid per hour for work done is
Options:
A) salary
B) wage rate
C) cost
D) bonus
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The correct answer is B .
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Question 313: A country that is over-populated will face the problem of
Options:
A) Low birth rate
B) Low per capita income
C) High wage rate
D) Full employment
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The correct answer is B .
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Question 314: Function of commercial banks do NOT include?
Options:
A) lending with interest charges
B) carrying out transactions on behalf of customers
C) expansion of money supply
D) keeping of security document s for customers
E) printing of currency
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The correct answer is E .
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Question 315: A major factor militating against rapid industrialization in Nigeria is
Options:
A) inadequate skilled manpower
B) poor market facilities
C) poor transport facilities
D) epileptic power supply
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The correct answer is D .
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Question 316: Which of the following factors is the most important in siting a petrol-chemical plants?
Options:
A) Nearness to the source of raw materials
B) Nearness to the source of power
C) Availability of labour
D) Proximity to financial institutions
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The correct answer is A .
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Question 317: If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?
Options:
A) an income elastic good
B) a normal good
C) an inferior good
D) demand elastic
E) supply elastic
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The correct answer is C .
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Question 318: One of the functions of the commercial banks is that it is?
Options:
A) responsible for monetary policy
B) responsible for issuing currency notes
C) the lender of last resort
D) the banker of the government
E) a banker of demand and time deposits of customers
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The correct answer is E .
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Question 319: Which of the following is NOT a feature of economic underdevelopment of a country?
Options:
A) A large number of High income earners relative to the population
B) High annual income for the few
C) High incidence of poverty
D) Low daily calorie intake per person
E) High infant mortality rate
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The correct answer is A .
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Question 320: Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?
Options:
A) 10.20
B) 3.57
C) 1.25
D) 0.80
Show Answer
The correct answer is C .