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 331:
The diagram below represents a production function. At which of the points does diminishing returns set in __________
Options:
A) R
B) S
C) T
D) V
Show Answer
The correct answer is C .
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Question 332: If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is
Options:
A) elastic
B) perfectliy inelastic
C) inelastic
D) perfect elastic
Show Answer
The correct answer is C .
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Question 333: Population growth is determined by_______?
Options:
A) Dependency ratio
B) Labour force
C) Per capita
D) Net migration
Show Answer
The correct answer is D .
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Question 334: Under the Nigerian Structural Adjustment Programme, the marketing of agricultural commodities in Nigeria has been placed under?
Options:
A) the marketing boards
B) the commodity boards
C) the river-basin authorities
D) private investors and individuals
Show Answer
The correct answer is D .
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Question 335: The major contribution of OPEC to the Nigerian economy is the
Options:
A) provision of social infrastructures
B) granting of subsidies on petroleum products
C) stabilization of oil prices
D) building of refineries
Show Answer
The correct answer is C .
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Question 336: In market economies, resources are allocated through the?
Options:
A) government authorities
B) price system
C) banking system
D) central planning bureau
E) revenue allocation formula
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The correct answer is B .
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Question 337: A perfect example of a public good is?
Options:
A) air
B) education
C) defence
D) transport
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The correct answer is C .
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Question 338: A firm is said to be a public Joint Stock Company when it?
Options:
A) is owned by the government
B) is operated as a public corporation
C) is operated in a non-democratic fashion
D) sells shares to members of the public and publishes its account
E) is a limited liability company
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The correct answer is D .
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Question 339: Divorce of ownership from control is a characteristic of?
Options:
A) sole properitorship
B) a limited liability company
C) partnership
D) a private limited company
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The correct answer is B .
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Question 340: The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct
Options:
A) E = C + I + G
B) E = C + I + G + M – X
C) E = C + I + G + X – M
D) E = C + I + G – T + M – X
Show Answer
The correct answer is C .