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 491:
Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work
Ii,Difficulties in assessment and collection
Iii, imperfection in tax assessment.
Options:
A) i and ii
B) i and iii
C) ii and iii
D) i, ii and iii
Show Answer
The correct answer is C .
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Question 492: Scale of preference refers to?
Options:
A) consumers preference for luxury goods
B) the household monthly income
C) list of goods and servicesin order of priority
D) budget perparation without paying due regard to priority
Show Answer
The correct answer is C .
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Question 493: If government fixes price below the equilibrium price, what effect will it have on demand?
Options:
A) Quantity demanded and supplied will be equal
B) Quantity supplied will be greater than quantity demanded
C) Quantity demanded will increase
D) Quantity demanded will decrease
Show Answer
The correct answer is C .
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Question 494:
In the diagram, the supply curve So So shifts to a new position S1 S1 to indicate
Options:
A) a drop in supply
B) a rise in supply
C) a supply- push inflation
D) a stable supply curve
E) an increase in quantity supplied
Show Answer
The correct answer is B .
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Question 495: Which of the following is a transfer payment?
Options:
A) Dividend to a shareholder
B) Gift to a mothers less babies' home
C) Salary to a worker
D) Rent to a landlord
Show Answer
The correct answer is A .
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Question 496: The condition for equilibrium price and quantity under perfect competition is?
Options:
A) MC = AR = TR
B) TC =AR = P
C) MC = AR = P
D) MC = AR = TC
Show Answer
The correct answer is C .
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Question 497:
By utility we mean________
Options:
A) Uselessness
B) Power of satisfying a want
C) Beneficial
D) Consumable
Show Answer
The correct answer is B .
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Question 498: Which of the following classes of goods accounts for largest proportion of Nigeria's imports?
Options:
A) Food and animal products
B) Consumers goods
C) Chemicals
D) Machinery and transport equipment
Show Answer
The correct answer is D .
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Question 499:
A group formed to enable members adopt a common policy in labour negotiation is known as?
Options:
A) Employer’s association
B) Craft Union
C) Trade union
D) Employee’s union
Show Answer
The correct answer is A .
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Question 500:
If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?
Options:
A) 2
B) 4
C) 5
D) 3
Show Answer
The correct answer is D .