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 431: The ordinary partner in a partnership?
Options:
A) takes no active in the management of the business
B) has limited liability in case of business failure
C) has unlimited liability in case of business failure
D) cannot be sued personally on matters relating to the business
Show Answer
The correct answer is C .
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Question 432: The profit of a monopolist can be eliminated where price equals
Options:
A) AFC
B) MC
C) AC
D) AVC
Show Answer
The correct answer is B .
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Question 433: Wheat grows best in?
Options:
A) tropical climate
B) temperate climate
C) equatorial climate
D) hot desert
Show Answer
The correct answer is B .
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Question 434: Internal economies of scale are expected to bring about?
Options:
A) an increase in short-run average cost
B) an increase in long-run average cost
C) a decrease in long-run average cost
D) a decrease in short-run average cost
Show Answer
The correct answer is B .
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Question 435:
A country's budget allocation to various sectors of the economy is shown in the pie chart.
If the budget of the country was $7,200.00, how much is allocated to education?
Options:
A) $2,400.00
B) $2,000.00
C) $1,200.00
D) $1,000.00
Show Answer
The correct answer is A .
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Question 436:
In the case of highly or close complementary goods, the indifference curve is_______
Options:
A) A straight line
B) A right-angled
C) L - shaped
D) Curvature
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The correct answer is D .
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Question 437: Which is the most liquid of the following financial assets held by an individual?
Options:
A) Outstanding balance on the current account of a commercial bank
B) A credit balance on a savings account
C) A crossed postal order
D) An insurance policy
E) All of the above
Show Answer
The correct answer is B .
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Question 438:
The type of unemployment found among workers who leave their jobs in search of other jobs is termed
Options:
A) seasonal unemployment
B) structural unemployment
C) frictional unemployment
D) cyclical unemployment
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The correct answer is C .
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Question 439: A monopolist can boost up his revenue by
Options:
A) adjusting both price and output upward
B) reducing total output to match price
C) increasing price
D) reducing price
Show Answer
The correct answer is B .
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Question 440: Occupational distribution of population determines the
Options:
A) size of a population available and willing to work
B) population density of a place
C) dependency ratio of a country
D) size and categories of the labour force
Show Answer
The correct answer is D .