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 471: Under a system of freely floating exchange rates an increase in the international value of a country's currency will cause?
Options:
A) its exports to rise
B) its imports to rise
C) gold to flow into that country
D) its currency to be in surplus
Show Answer
The correct answer is B .
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Question 472: A tax on a commodity whose supply is perfectly inelastic is?
Options:
A) shifted completely on the consumer
B) completely borne by the supplier
C) dividend in the ratio 60;40 between the consumer and the supplier
D) divided half-and-half between the producer and the consumer
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The correct answer is B .
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Question 473: The labour force in Nigeria falls between the ages of
Options:
A) 18 and 45
B) 18 and 55
C) 18 and 30
D) 18 and 60
Show Answer
The correct answer is D .
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Question 474:
The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by
Options:
A) P1EHPo
B) PoHQoO
C) P1EQoO
D) P1ED1Po
Show Answer
The correct answer is A .
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Question 475: Statistical information available in most West African countries suggests that?
Options:
A) the marginal propensity to save is high
B) the marginal propensity to consume is high
C) the consumption pattern is negative
D) there exists perfect correlation between consumption and savings
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The correct answer is B .
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Question 476:
Number of workers | Total Products |
1 | 10 |
2 | 28 |
3 | 48 |
4 | 72 |
5 | 80 |
Study the table above: What is the marginal product of the second worker?
Options:
A) 10
B) 20
C) 15
D) 18
E) 43
Show Answer
The correct answer is D .
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Question 477: Stock and shares as well as bonds are examples of instruments used in the?
Options:
A) commodity markets
B) money markets
C) capital markets
D) security markets
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The correct answer is D .
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Question 478:
The type of business finances that entitles the holder to a fixed rate of dividend is?
Options:
A) preference stock
B) common stock
C) debentures
D) bank loan
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The correct answer is C .
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Question 479: A firm will experience diseconomies of scale when
Options:
A) there are difficulties in coordinating production
B) there is shortage in labour supply
C) the size of market is small
D) there is an increase in the price of raw materials
Show Answer
The correct answer is A .
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Question 480:
(i) What and how much will be produced
(ii) How will it be produced
(iii) For whom will it be produced
(IV) How much will be exported and consumed?
From the above, identify the combination of basic resource allocation questions in economic analysis.
Options:
A) i, ii and iii
B) i, ii and iv
C) i, iii and iv
D) ii, iii and iv
Show Answer
The correct answer is A .