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 361:
The increase in the demand for a commodity may lead to a decrease in the demand for another if both are
Options:
A) in complementary demand
B) of the same quality
C) in composite demand
D) in competitive demand
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The correct answer is D .
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Question 362:
Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?
Options:
A) N20m
B) N380m
C) N200m
D) N180m
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The correct answer is B .
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Question 363: Stocking small quantities of a variety of goods is a function of the?
Options:
A) manufacturer
B) wholesaler
C) retailer
D) consumer
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The correct answer is C .
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Question 364: Under flexible exchange rates, a deficit could be corrected by?
Options:
A) freezing the gold point
B) appreciation of other currencies
C) removing export subsidies
D) removing tariffs
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The correct answer is B .
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Question 365: Limited liability means?
Options:
A) the debts of a company can only be paid from its own assets
B) the debts of a company are paid from business as well as private funds of the owners
C) government cannot tax the company
D) the debts of a company must be paid from private funds only
E) the company does not have to pay its debts
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The correct answer is A .
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Question 366:
Inflation is likely to benefit_______
Options:
A) Debtors
B) Persons with back savings
C) Creditors
D) Persons who lived on fixed pension funds
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The correct answer is A .
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Question 367: The overall demand for crude oil for various uses is an example of __________?
Options:
A) derived demand
B) competitive demand
C) composite demand
D) complementary demand
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The correct answer is C .
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Question 368: The theory of comparative cost advantage is associated with
Options:
A) Adam Smith
B) Reverend Thomas Malthus
C) Professor trum fisher
D) David Ricardo
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The correct answer is D .
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Question 369: One of the factors that determine the supply of agricultural produce in Nigeria is
Options:
A) Price of substitutes
B) Technological development
C) Consumers choice
D) Consumers income
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The correct answer is D .
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Question 370:
What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
Options:
A) Availability of labour in the area
B) Availability of power
C) Nearness of raw material
D) Access to transport facilities
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The correct answer is C .