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 341: If C stands for consumption expenditure, I for investment, X for exports, and M for imports, then national income is?
Options:
A) C + I + X + M
B) C + I +X - M
C) C + I - X + M
D) C + I + X
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The correct answer is B .
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Question 342: A policy aimed at enhancing globalization of the Nigerian economy is
Options:
A) indigenization
B) dereglation
C) commercialization
D) privatization
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The correct answer is D .
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Question 343:
Given that
B = Births
D = Death
X = Emigrants
M = Immigration
The population of a country over a period of time will rise if?
Options:
A) B = D and X > M
B) B - D = O and M > X
C) D - B = O and M = X
D) X > M and D > B
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The correct answer is B .
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Question 344: Population density refers to?
Options:
A) densely populated urban centres
B) the total area divided by the total population
C) densely populated rural areas
D) the total population divided by the total area
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The correct answer is D .
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Question 345: A straight line indifference curve indicates that the two products are
Options:
A) normal goods
B) inferior goods
C) perfect substitutes
D) close substitutes
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The correct answer is C .
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Question 346: One of the major advantages of specialization is that?
Options:
A) the worker becomes a tenderer of machines
B) it causes more employment of labour
C) less machinery is required for production
D) the worker wastes less time between operations
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The correct answer is D .
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Question 347:
In the diagram, the marginal propensity to consume (MPC) is equal to
Options:
A)
B)
C)
D)
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The correct answer is B .
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Question 348:
Division of Labour is limited by the________
Options:
A) Size of labour firm
B) Availability of raw material
C) Size of the labour force
D) Absolute size of the country's population
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The correct answer is C .
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Question 349: An inverse relationship between price and quantity demanded implies that
Options:
A) the two variables change in opposite directions
B) the two variables change in the same direction
C) only one variable changes
D) the two variables remain unchanged
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The correct answer is A .
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Question 350: Optimum population is the population level at which?
Options:
A) death rate is at a minimum
B) per capita income is at a maximum
C) population is at a maximum
D) death rate is equal to birth rate
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The correct answer is B .