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 451: Foreign exchange rate in a free market economy is determined by?
Options:
A) the government
B) the Central Bank
C) demand and supply
D) commercial banks
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The correct answer is C .
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Question 452: One of the major advantages of specialization is that?
Options:
A) the worker becomes a tenderer of machines
B) it causes more employment of labour
C) less machinery is required for production
D) the worker wastes less time between operations
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The correct answer is D .
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Question 453: Monetization refers to the ratio of?
Options:
A) total transactions to monetary transactions
B) monetary assets to total assets
C) monetary transactions to total transactions
D) money in circulation to total income
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The correct answer is D .
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Question 454: Given that demand and price remain unchanged an outward shift of the supply curve will lead to
Options:
A) hoarding
B) excess supply
C) excess demand
D) a blank market
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The correct answer is B .
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Question 455: When a union is composed of workers with the same skill,it is termed
Options:
A) a technical union
B) a craft union
C) an industrial union
D) a workers' union
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The correct answer is B .
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Question 456:
The second equation of exchange is__________
Options:
A) MV = PT
B) P =
C) P =
D) P=MV
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The correct answer is B .
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Question 457: An important contribution of small-scale industries to the Nigerian economy is in the area of
Options:
A) technological development
B) foregin exchange earnings
C) raw materials processing
D) labour employment
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The correct answer is D .
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Question 458:
The current stage of the economy is depicted in curve I. Point P suggests that the economy is
Options:
A) reaching full employment but not full prodduction
B) attaining full production but not full employment
C) under capitalized
D) attaining both full employment and full production
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The correct answer is A .
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Question 459: Joint-stock companies can raise funds from
Options:
A) the money market
B) the capital market
C) various sources
D) government
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The correct answer is C .
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Question 460:
When a nation's exports are greater than its imports,_________
Options:
A) The net foreign trade is zero
B) A favourable balance of trade exists
C) A favourable balance of payment exists
D) An unfavourable balance of trade exists
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The correct answer is B .