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 461: When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he
Options:
A) stops consuming more of the commodity
B) reduces the quantity consumed
C) increases the quantity consumed
D) consumes more of another commodity
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The correct answer is C .
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Question 462: Every economy requires an accurate census because it assist in?
Options:
A) solving inflation problem
B) providing a sound framework for policy formulation
C) stimulating economic activities in the national economy
D) solving unemployment problem
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The correct answer is B .
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Question 463: Economics may be defined as?
Options:
A) the study of money and banking
B) the study of markets and prices
C) the study of production and distribution
D) the study of human behaviour in the allocation of scarce resources
E) the study of the employment of labour, land, and capital
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The correct answer is D .
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Question 464: International trade arise because?
Options:
A) one country has more abundant resource
B) one country has the technology to produce the commodity whilst the other has not
C) one country has the maximum comparative advantage or minimum comparative disadvantage in the production
D) one country has manpower to produce the commodity than the country
E) All of the above
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The correct answer is E .
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Question 465:
If the GDP is ₦60 billion, what is the difference between the contributions of oil and manufacturing sectors?
Options:
A) ₦11.7 billion
B) ₦13.3 billion
C) ₦21.7 billion
D) ₦26.6 billion
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The correct answer is C .
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Question 466: Marginal cost is
Options:
A) Lowest cost of producing goods
B) The cost of production of the most efficient firm in the industry
C) Cost of production of the most inefficient firm in the industry
D) The cost of production of the last or extra unit of goods produced by a firm
E) The cost of production at which the minimum profit is obtained by a firm
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The correct answer is D .
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Question 467: Public expenditure creates expansionary effects in the economy when it is
Options:
A) in excess of government revenue
B) channelled into capital products
C) diverted into imports
D) financed through part of the year's total collection of taxes
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The correct answer is B .
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Question 468: If the production of a large firm is higher than that of a small firm, it is experiencing.
Options:
A) external economies of scale
B) external diseconomies of scale
C) internal economies of scale
D) internal diseconomies of scale
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The correct answer is C .
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Question 469: Utility is the satisfaction derived from?
Options:
A) demand
B) production
C) distribution
D) consumption
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The correct answer is D .
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Question 470: a debenture share entitles its holder to?
Options:
A) participate in the annual general meeting of the company
B) share in the dividends declared
C) recieve a fixed interest on sums invested
D) have a representative on the Board of Directors
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The correct answer is C .