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 421:
An upward movement along the same supply curve result in_____________
Options:
A) a decrease in price
B) an increase
C) an increase in quantity supplied
D) a decrease In quantity supplied
Show Answer
The correct answer is C .
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Question 422: The concentration of industries in a particular geographical area is
Options:
A) localization of industries
B) roles of industrialization
C) location of industry
D) strategies of industrialization
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The correct answer is A .
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Question 423: Economics is the study of human behaviour as it relates to the
Options:
A) efficient allocation of resources
B) production of goods
C) operation of companies
D) generation of income
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The correct answer is A .
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Question 424: Deficit financing is mostly facilitated by the existence of?
Options:
A) stock exchange market
B) commercial bank
C) central bank
D) capital market
Show Answer
The correct answer is C .
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Question 425: The short-run equilibrium in a perfectly competitive market requires that?
Options:
A) marginal cost be equal to total revenue
B) marginal cost and marginal revenue be equal
C) costs are mutually determined by buyers and sellers
D) the marginal cost curve cuts the total cost curve
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The correct answer is A .
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Question 426: Product differentiation in monopolistic competition implies that
Options:
A) different buyers pay different prices for the same product
B) different products are sold to the same buyer
C) sellers determine whom to sell their products to
D) the same product is available in different forms
Show Answer
The correct answer is D .
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Question 427: The law of variable proportions is applicable only
Options:
A) in the long-run period
B) to large-scale enterprises
C) to small-scale enterprises
D) in the short-run period
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The correct answer is A .
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Question 428:
The investment expenditure of an economy changes by N 2 million and MPC is 0.75
The multiplier is
Options:
A) 8
B) 4
C) 3
D) 2
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The correct answer is D .
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Question 429: If a good is an inferior good, then?
Options:
A) it is also necessarily a Giffen good
B) the quality of the goods demanded varies inversely with its price
C) its income elasticity of demand is negative
D) the poor buy the good only out of habit
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The correct answer is C .
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Question 430: The main objective of WTO is to
Options:
A) help countries with chronic balance of payments problems
B) help debtor nations solve their problems
C) ensure adequate tariff protection for infant industries
D) provide a mechanism for tariff reductions
Show Answer
The correct answer is D .