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:
is a formula used to calculate ____________
Options:
A) variance
B) the quartile
C) standard deviation
D) mean deviation
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The correct answer is D .
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Question 412: Isocost and isoquant can be attributed to
Options:
A) Theory of consumer behaviour
B) Theory of cost
C) Theory of production
D) Theory of value
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The correct answer is C .
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Question 413: If an increase in income induces a reduction in the demand for beans, beans can be referred to as?
Options:
A) a normal good
B) an inferior good
C) a substitute good
D) a giffen good
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The correct answer is B .
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Question 414:
Which one of the following measures the natural growth rate of population?
Options:
A) Natural increase - Birth rate + Net migration
B) Birth rate - Death rate
C) Birth rate/Death rate
D) Birth + Net migration = Death
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The correct answer is B .
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Question 415:
An industry is
Options:
A) A group of firms producing differentiated products
B) A group of firms producing distinct commodities
C) A group of firms producing related goods
D) A group of firms producing unrelated goods
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The correct answer is C .
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Question 416: Agriculture is central to Nigeria''s economic development because?
Options:
A) Nigeria''s comparative advantage lies mainly in agro-allied industries
B) agriculture is the largest employer of labour
C) agriculture accounts for an insignificant domestic product
D) Nigeria earns limitless foreign exchange from agriculture
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The correct answer is B .
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Question 417:

Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at
Options:
A) V
B) W
C) X
D) Z
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The correct answer is D .
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Question 418:

In the diagram, the profit maximizing output is
Options:
A) Q1 while 1 = AC and II = MC
B) Q1, while l = MC and ll = AC
C) Q2, while l = MC and ll AC
D) Q3, while l = AC and ll = MC
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The correct answer is C .
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Question 419:
An example of commodity money is
Options:
A) currency note
B) mobile money
C) cheques
D) silver
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The correct answer is D .
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Question 420: An example of injection into the circular flow of income is
Options:
A) taxes
B) pensions
C) imports
D) exports
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The correct answer is D .