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 41:
Scarcity in economics means?
Options:
A) human wants are limitless
B) the economy has very few resources
C) the economy can scarcely produce anything
D) resources are limited in relation to wants
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The correct answer is D .
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Question 42:
Calculate the GNP per head of the population in year 1 and year 2.
Options:
A) N2000.00, N1000.00
B) N1125.00; N2000.00
C) N1000.00, N2000.00
D) N1000.00; N1125.00
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The correct answer is D .
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Question 43: Government's involvement in agricultural business in Nigeria is most manifested in the
Options:
A) establishment of farm settlements in each state of the federation
B) establishment of credit guarantee scheme for small-scale farmers
C) formation of farmers' cooperative societies
D) procurement and distribution of fertilizers
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The correct answer is D .
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Question 44: Which of the following is not a form of business organization
Options:
A) A sole proprietorship
B) Cartel
C) Partnership
D) Joint stock
E) Cooperative society
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The correct answer is B .
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Question 45: Development plans have not been successful in some developing countries largely because of?
Options:
A) very large working population
B) increase level of consumption
C) scarcity of industrial raw materials
D) shortage of skilled labour and experts
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The correct answer is D .
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Question 46:
Commodities I and II are
Options:
A) competitive supply
B) Substitute supply
C) Joint supply
D) Derived supply
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The correct answer is B .
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Question 47:
What is the percentage increasein GNP between year 1 and year 2?
Options:
A) 3.5.0%
B) 14.0%
C) 20.0%
D) 35.0%
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The correct answer is D .
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Question 48:
Use the information below to answer this question.
Given that Q d = 20 - 4P and Q = 6P + 12If price is increased to N3, how much is the excess supply?
Options:
A) 30
B) 22
C) 12
D) 8
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The correct answer is B .
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Question 49: The purpose of conducting a census is to enable a country to
Options:
A) plan her capital inflow and outflow
B) determine the optimum level of population
C) determine the growth rate of population
D) plan her growth and development
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The correct answer is D .
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Question 50:
In a particular year, the sum of the value added in each sector of the economy was N4550 million
The amount represents the GNP measured by the
Options:
A) factor-price approach
B) output approach
C) income approach
D) expenditure approach
Show Answer
The correct answer is B .