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: Which Of the following is NOT an obstacle to economic development?
Options:
A) Low level of investment
B) lack of modern technology
C) High rate of population growth
D) Low productivity
E) Dedicated leadership
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The correct answer is E .
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Question 362: Which of the following is not an indirect tax?
Options:
A) excise duty
B) company tax
C) import duty
D) export duty
E) sales tax
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The correct answer is B .
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Question 363: A distinguishing characteristic of cooperative societies is that voting power depends on the?
Options:
A) number of shares held
B) status of the member
C) equality of members
D) management's decision
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The correct answer is C .
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Question 364: One of the gains by member states of the Economic Community of West Africa?
Options:
A) monocultural dependency
B) trade creation
C) trade inversion
D) economic independency
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The correct answer is C .
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Question 365: A major problem facing all economies is how to?
Options:
A) increase consumption of imported goods
B) improve trade among nations
C) transform from a developing to a developed economy
D) allocate scarce resources
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The correct answer is D .
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Question 366: The theoretical relationship between money supply and prices is weakened by changes in the
Options:
A) money supply
B) general price level
C) velocity of money
D) interest rate
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The correct answer is B .
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Question 367:
When a kilogram of carrot is #8.00, 20 kilograms are demanded and when the price decreased to #6.000 per kilogram, 30 kilograms are demanded. The elasticity of demand equals to
Options:
A) 11
B) 12
C)
D) 2
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The correct answer is D .
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Question 368: A commercial bank is unique in that it is only the institution that
Options:
A) makes loans to private people and businessmen
B) accept deposits
C) can store peoples' valuables
D) can transfer money from one place to another for its customers
E) saves money through the granting of credits
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The correct answer is C .
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Question 369: Capital earns income because?
Options:
A) it is productive
B) it is expensive
C) it is always cheaper to substitute capital for labour
D) it is technically more efficient than labour
E) both A and B above
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The correct answer is A .
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Question 370: The high rate of inflation in Nigeria can be attributed to
Options:
A) increasing cost of production
B) the appreciation of the naira
C) decreasing cost of production
D) high capacity utilization
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The correct answer is A .