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 31: The family Support Programme in Nigeria essentially focuses on?
Options:
A) the generation of employment
B) the alleviation of poverty
C) agricultural and industrial development
D) economic emancipation of women
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The correct answer is D .
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Question 32: If the demand for one commodity excludes another, it is said to be
Options:
A) complementary demand
B) competitive demand
C) composite demand
D) derived demand
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The correct answer is B .
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Question 33:
The quantity supplied of a commodity increases while
Options:
A) production incraases
B) demand increses
C) price of the commodity increases
D) population of the country increases
E) more commodites are imported
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The correct answer is C .
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Question 34: A firm that charges the maximum price without attracting competition from new entrants is
Options:
A) Oil firms
B) Monopolistic competitive firm
C) Monopolistic firm
D) Perfectly competitive firm
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The correct answer is C .
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Question 35: The demand for two or more commodities to satisfy a particular want is _____?
Options:
A) Derived
B) Composite
C) Competitive
D) Joint
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The correct answer is D .
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Question 36: The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to?
Options:
A) ban on importation of foreign goods
B) population upsurge
C) the introduction of value-added tax
D) increase in transport costs
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The correct answer is C .
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Question 37: One of the problems arising from the localization of industries is?
Options:
A) high prices of output
B) the exportation of output
C) the scarcity of foreign exchange
D) structural unemployment
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The correct answer is D .
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Question 38: The labour force in Nigeria falls between the ages of
Options:
A) 18 and 45
B) 18 and 55
C) 18 and 30
D) 18 and 60
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The correct answer is D .
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Question 39:
Economics is a social science concerned with the proper use and______
Options:
A) production of goods and services
B) distribution of wealth
C) allocation of resources for growth
D) creation of utility
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The correct answer is C .
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Question 40: Which of the following financial assets consist the lowest rate of interest in Nigeria?
Options:
A) commercial bills
B) call money
C) treasury bills
D) development loan stocks
E) deposits with the federal savings bank
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The correct answer is D .