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 321:
The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976,___________
Options:
A) there were 80,000 live births in the country
B) there were 6,400 live births in the country
C) there were 8 live births to every 100 women in working-class families
D) 8 in every 1000 women of 21 - 45 gave birth to a live child
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The correct answer is A .
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Question 322: Which of the following is NOT a function of Nigeria commercial Banks?
Options:
A) Acceptance of deposit
B) Lending of money
C) Investment in securities and business
D) Issue of currency
E) Selling and buying of travellers cheques
Show Answer
The correct answer is D .
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Question 323:
In the figure above, the broken line labelled M is the marginal revenue curve of a
Options:
A) Monopoly
B) Competitive firm
C) State corporation
D) Partnership
E) Monopsony
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The correct answer is A .
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Question 324: The market structure in which there is interdependence of price-output policies is
Options:
A) a pure monopoly
B) an oligopoly
C) a pure competition
D) a monopolistic competition
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The correct answer is B .
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Question 325: Demand for a factor of production is?
Options:
A) a composite demand
B) a joint demand
C) a derived demand
D) an elastic demand
E) cross-elasticity of demand
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The correct answer is C .
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Question 326: The use of modern weaving machines in the production of local fabric will result in
Options:
A) an increase in the demand for labour
B) a decrease in the demand for labour
C) an increase in wages
D) a decrease in wages
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The correct answer is B .
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Question 327: The terms of trade are said to be favorable only if
Options:
A) Value of total exports equals value of total imports
B) Value of merchandise exports is greater than value of merchandise imports
C) There are no balance of payments problems
D) There is an increase in the value of a unit of export in terms of imports
E) Foreign exchange reserves do not change
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The correct answer is D .
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Question 328: An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is?
Options:
A) the Nigerian National Oil Company
B) Peak Petroleum Industries Nigeria Limited
C) Nigeria Exploration and Production Company
D) the Nigeria National Petroleum Corporation
Show Answer
The correct answer is D .
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Question 329:
Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at
Options:
A) V
B) W
C) X
D) Z
Show Answer
The correct answer is D .
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Question 330: All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?
Options:
A) An indifference curve
B) An exceptional demand curve
C) A budget line
D) An isoquant map
Show Answer
The correct answer is A .