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 441: Government participation in the oil industry was necessitated by the
Options:
A) annual increase in production
B) formation of OPEC
C) high demand for crude oil
D) huge investment outlay
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The correct answer is B .
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Question 442: The most dominant economic activity which employs the largest number of people in West Africa is?
Options:
A) manufacturing
B) transport
C) government
D) agriculture
E) the petroleum industry
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The correct answer is D .
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Question 443:
Identify one of the following which can NOT be used to close deflationary gap
Options:
A) Increased interest rate
B) Increased money supply
C) Increase government expenditure
D) Reduction in taxes
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The correct answer is A .
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Question 444:
In the figure above, the broken line labelled M is the marginal revenue curve of a
Options:
A) Monopoly
B) Competitive firm
C) State corporation
D) Partnership
E) Monopsony
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The correct answer is A .
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Question 445: A greater burden of the taxes on essential goods is borne by the
Options:
A) lower income group
B) higher income group
C) contract workers
D) newly recruited workers
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The correct answer is A .
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Question 446: When we draw a market demand curve, we?
Options:
A) ignore tastes, incomes and other prices
B) assumes that tastes, income and prices do not matter
C) assumes that taste, income and all other prices change in same direction as prices
D) assume that tastes, incomes and all other prices remain constant
E) both A and B above
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The correct answer is D .
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Question 447:
Macroeconomics focuses on the following units in an aggregative manner
Options:
A) household, firms, government, corporate sector and external sector
B) individual consumers, individual firms, government and external sector
C) government, household firms, individual consumers and external sector
D) individual consumers, household firms and manufacturing sector
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The correct answer is A .
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Question 448:
From the table, the mean of the distribution is___________
Options:
A) 2.2
B) 2.5
C) 3.2
D) 4.5
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The correct answer is C .
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Question 449: The assumption of profit maximization implies profit?
Options:
A) is the most important consideration of the firm
B) is the sole consideration of the firm
C) assumes an insatiable propotion in the instinct of management
D) is made in other to break-even
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The correct answer is A .
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Question 450: If two commodities are good substitutes for one another, e.g butter and margarine,an increase in the demand for one will reduce the demand for the other. This type of demand is called
Options:
A) composite demand
B) elastic demand
C) derived demand
D) competitive demand
E) inelastic demand
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The correct answer is D .