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 371: Infant industries denote industries which?
Options:
A) are introducing new products
B) are too young to compete in the world market
C) produce baby food and mother care products
D) are allowed time enough to mature for recognition
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The correct answer is B .
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Question 372: One of the fundamental differences between a capitalist and a socialist economy is that while?
Options:
A) the former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
B) in the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
C) taxes are levied in a capitalist economy, there is no taxation in a capitalist economy
D) income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy
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The correct answer is B .
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Question 373: One of the unique features that distinguishes the perfect and imperfect market condition is _________
Options:
A) profit motive principles
B) absence of price control board
C) price determines production and distribution
D) number of sellers and buyers
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The correct answer is D .
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Question 374: Which of the following could be used to measure the efficiency of labour?
Options:
A) rate of inflation
B) input-output ratio
C) buying more machines
D) unemployment rate
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The correct answer is B .
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Question 375: A change in demand for a normal goods implies that, there is a
Options:
A) change in the quantity demanded as price changes
B) shift in the demand curve
C) movement along a given demand curve
D) change in the price elasticity of demand
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The correct answer is D .
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Question 376:
Identify one of the following which can NOT be used to close deflationary gap
Options:
A) Increased interest rate
B) Increased money supply
C) Increase government expenditure
D) Reduction in taxes
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The correct answer is A .
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Question 377:
From the graph above, fixing maximum price of garri below equilibrium prices at P1 will
Options:
A) Encourage the production of garri
B) Create an excess supply of garri
C) Increase the consumption of garri
D) Decrease the consumption of garri
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The correct answer is C .
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Question 378:
From the graph above the consumer will attain equilibrium at point_______________
Options:
A) J
B) K
C) M
D) L
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The correct answer is B .
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Question 379:
The two major types of international trade are Bilateral trade and?
Options:
A) Internal trade
B) Multilateral trade
C) Dilateral trade
D) Trilateral trade
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The correct answer is B .
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Question 380: A major assumption in cardinal utility theory is that
Options:
A) utility is measureable
B) utility is not measurable
C) total utility equals marginal utility
D) total utility is constant
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The correct answer is A .