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 411: When two variables are positively related, the graph of the relationship?
Options:
A) is a downward-sloping curve
B) has a negative intercept
C) is a straight line
D) is an upward-sloping curve
Show Answer
The correct answer is D .
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Question 412: Industries tend to be located closer to market centers than to the sources of major raw materials if the?
Options:
A) products are relatively cheap to transport to market centers
B) products are relatively more expensive to transport than the major raw materials
C) raw marterials are bulky
D) raw marterials can also be imported
Show Answer
The correct answer is B .
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Question 413: The law of diminishing marginal utility explains why
Options:
A) the slope of a normal demand curve is negative
B) an abnormal demand curve slopes upwards
C) the slope of a normal demand curve is positive
D) the consumption of inferior goods increases with income
Show Answer
The correct answer is A .
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Question 414: A decrease in supply without a corresponding change in demand will lead to
Options:
A) an increase in equilibrium price and a decrease in equilibrium quantity
B) a decrease in equilibrium price and an increase in equilibrium qantity
C) a decrease in equilibrium price and equilibrium quantity
D) an increase in equilibrium price and quantity
Show Answer
The correct answer is A .
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Question 415: If the Central Bank intends to increase the money supply through open market operations then it will
Options:
A) sell securities in the open market
B) buy securities in the open market
C) issues more currency note
D) withdraw money supply from the market
E) print more demand deposit
Show Answer
The correct answer is B .
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Question 416: The co-operative as a form of business organization differs from partnership by having?
Options:
A) serveral sources of capital for business financing
B) ability to issue preferred stocks to members
C) entrenched democratic control in the conduct of business
D) established rules and regulations governing the activities of its members
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The correct answer is C .
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Question 417:
In the diagram, the marginal propensity to consume (MPC) is equal to
Options:
A)
B)
C)
D)
Show Answer
The correct answer is B .
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Question 418:
At 60 units of output, the AVC is
Options:
A) ₦2.50
B) ₦1.50
C) ₦90.00
D) ₦150.00
Show Answer
The correct answer is B .
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Question 419: In a joint stock company, preference shareholders are those who receive?
Options:
A) high dividends when profits are high and little or nothing when profits are low
B) a fixed rate of individend and have the first claim on the net profits of the company
C) the remaining profits after all other shareholders have been paid
D) dividends quarterly when others receive annually
Show Answer
The correct answer is B .
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Question 420:
In Nigeria, cheques are not money because________
Options:
A) Most Nigerians cannot identity them
B) They are not legal tender
C) There are no banks in rural areas
D) They are not generally acceptable as a medium of exchange
Show Answer
The correct answer is B .