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.
-
Question 501: Which of the following combinations is a veritable set of development indicators?
Options:
A) Growth of governemnt expenditure and imports
B) Growth of population and national income
C) High fertility, literacy and school enrolment rates
D) Low infant mortality and high per capital income and literacy rates
Show Answer
The correct answer is D .
-
Question 502:
In the diagram above W1, W2, W3 and W4 are different wage rates. The minimum wage rate is
Options:
A) W1
B) W2
C) W3
D) W4
Show Answer
The correct answer is B .
-
Question 503: Which of these would NOT increase population of a country
Options:
A) Increase in death rate
B) Decrease in birth rate
C) Emigration
D) Migration
E) Better medical facilities
Show Answer
The correct answer is A .
-
Question 504: 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
Show Answer
The correct answer is B .
-
Question 505:
The deflationary gap is defined by
Options:
A) X
B) K
C) X + K
D) X - K
Show Answer
The correct answer is A .
-
Question 506: An important role of agriculture in Nigeria's economic development is the
Options:
A) processing of raw materials for industries
B) regulation of price system
C) provision of infrastructure
D) provision of employment
Show Answer
The correct answer is D .
-
Question 507: Deficit financing is mostly facilitated by the existence of?
Options:
A) stock exchange market
B) commercial bank
C) central bank
D) capital market
Show Answer
The correct answer is C .
-
Question 508: If quantity supplied is constant irrespective of price changes, the supply elasticity is
Options:
A) unitary
B) infinity
C) fairly elastic
D) perfectly inelastic
Show Answer
The correct answer is D .
-
Question 509:
A major factor contributing to productivity is
Options:
A) Immigration of young workers
B) The labour force
C) The baby boom of generation
D) The rate of GDP per year
Show Answer
The correct answer is B .
-
Question 510: A consumer's scale of preference is an arrangement of his?
Options:
A) scarce resources in order of importance
B) needs in order of importance
C) sources of income and their importances
D) requirements and how to satisfy them
Show Answer
The correct answer is B .