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 511:
If AC and MC are represented on a graph, the MC curve will cut the AC curve_______
Options:
A) at the maximum point on the AC curve
B) at the highest point on the AC curve
C) at the minimum point on the AC curve
D) at the peak
Show Answer
The correct answer is C .
-
Question 512: A major feature of an underdeveloped economy is
Options:
A) excess capacity utilization
B) low rate of population growth
C) low level of standard of living
D) low level of unemployment
Show Answer
The correct answer is C .
-
Question 513: The concentration of industries in a particular geographical area is
Options:
A) localization of industries
B) roles of industrialization
C) location of industry
D) strategies of industrialization
Show Answer
The correct answer is A .
-
Question 514: In national income accounting, tax is determined by the
Options:
A) level of income
B) level of consumption
C) level of investment
D) rate of savings
Show Answer
The correct answer is A .
-
Question 515:
When a union is composed of workers with the same skill , it is called____________
Options:
A) An industrial union
B) A workers union
C) A craft union
D) A technical union
Show Answer
The correct answer is C .
-
Question 516: Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?
Options:
A) AVC=FC
B) MC=AVC
C) MC=AC
D) AC=AFC
Show Answer
The correct answer is C .
-
Question 517: The major role of multi-national companies in the petroleum industry in Nigeria is
Options:
A) the establishment of refineries
B) oil marketing and prospecting
C) oil marketing only
D) oil prospecting only
Show Answer
The correct answer is B .
-
Question 518: Which of the following source of income is spectacular only to Government ?
Options:
A) Payment from business transfer
B) Bonuses
C) Tax
D) Wages
Show Answer
The correct answer is C .
-
Question 519: If the Central Bank of Nigeria reduces the bank rate, this will cause
Options:
A) money supply to increase
B) commercial banks to reduce lending
C) commercial banks to merge
D) money supply to reduce
Show Answer
The correct answer is A .
-
Question 520:
Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.
Options:
A) 70
B) 47
C) 74
D) 40
Show Answer
The correct answer is C .