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 531:
The privatization exercise in Nigeria is a move towards a____________
Options:
A) command economy
B) mixed economy
C) subsistence economy
D) market economy
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The correct answer is D .
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Question 532: Which of the following strategies will provide more employment opportunities for Nigerians?
Options:
A) Investment in social services
B) Industrialization
C) Economics planning
D) Eradication of illiteracy
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The correct answer is B .
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Question 533:
The Nigerian bank for commerce and industry is?
Options:
A) a commercial bank
B) a development bank
C) an industrial bank
D) a merchant bank
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The correct answer is B .
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Question 534: The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in
Options:
A) Paris, France
B) Geneva, Switzerland
C) Lagos, Nigeria
D) Vienna, Austria
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The correct answer is D .
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Question 535:
Utility is the satisfaction derived from?
Options:
A) production
B) distribution
C) consumption
D) demand
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The correct answer is C .
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Question 536: The difference between gross national product and net national product is equal to?
Options:
A) gross investment
B) net investment
C) net foreign income
D) capital depreciation
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The correct answer is D .
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Question 537: The standard deviation of a set of data is
Options:
A) always measured from the mode
B) the most representative of averages
C) always measured from the median
D) a measure of dispersion
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The correct answer is D .
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Question 538: The short-run equilibrium in a perfectly competitive market requires that?
Options:
A) marginal cost be equal to total revenue
B) marginal cost and marginal revenue be equal
C) costs are mutually determined by buyers and sellers
D) the marginal cost curve cuts the total cost curve
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The correct answer is A .
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Question 539:
If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________
Options:
A) a decrease in profit by 43%
B) an increase in profit by 43%
C) a net loss
D) a net gain
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The correct answer is A .
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Question 540: If a basket of commodities cost N120 in the base year and N240 in the current year, calculate the price index
Options:
A) 100
B) 200
C) 240
D) 300
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The correct answer is B .