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.
-
Question 351: A perfectly competitive firm is advised to close down when the
Options:
A) price is below the marginal cost
B) price is equal to the marginal revenue
C) marginal revenue is equal to the marginal cost
D) price is below the average variable cost
Show Answer
The correct answer is D .
-
Question 352: The best method to curb inflation in Nigeria is to
Options:
A) reduce importation of commodities
B) increase the general level of production
C) reduce the volume ofmoney supply
D) set up price control boards
Show Answer
The correct answer is B .
-
Question 353: The population of a country will decrease if
Options:
A) the death rate exceeds the birth rate
B) immigration is equal to emigration
C) the birth rate exceeds the death rate
D) there is rapid economic growth
Show Answer
The correct answer is A .
-
Question 354: The stock exchange market is where?
Options:
A) businessmen borrow some capital
B) the federal government trades on treasury bills
C) existing bonds and stocks are traded
D) new stocks and shares are bought or sold
Show Answer
The correct answer is C .
-
Question 355: When the demand for a good increases owing to an increase in income, it means that
Options:
A) there is an increase in quantity demanded
B) inflation has taken place
C) demand has exceeded supply
D) there is an increase in demand
Show Answer
The correct answer is D .
-
Question 356: Which of the following is an important function of prices in a market economy?
Options:
A) Ensuring that resources are used in the most efficient manner
B) Ensuring an equitable distribution of goods and services
C) Ensuring that all industries are perfectly competitive in the long run
D) Equating level of purchases with level of needs
Show Answer
The correct answer is D .
-
Question 357: The primary problem of Economics is?
Options:
A) to obtain a more equitable distribution of money income
B) the scarcity of productive resources relative to material needs
C) how to reach prices which correctly depict that products and resources are not in abundance
D) to teach people how to save so as to make more money
Show Answer
The correct answer is B .
-
Question 358:
The lands that belong to the community is referred to as__________
Options:
A) sacred land
B) individual land
C) communal land
D) rent land
Show Answer
The correct answer is C .
-
Question 359: A major factor affecting the value of money is the?
Options:
A) price level
B) banking habit
C) transaction motive
D) divisible nature of money
Show Answer
The correct answer is A .
-
Question 360: In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?
Options:
A) profitable to the production process
B) purchased for the purpose of production
C) combined in the production process
D) provided adequately for the production process
E) brought into the factory
Show Answer
The correct answer is C .