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 551:
In the diagram above, profit is maximized at the output level
Options:
A) ON
B) OK
C) OL
D) OF
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The correct answer is C .
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Question 552:
The type of unemployment found among workers who leave their jobs in search of other jobs is termed
Options:
A) seasonal unemployment
B) structural unemployment
C) frictional unemployment
D) cyclical unemployment
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The correct answer is C .
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Question 553:
The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as
Options:
A) Principle of economy
B) Principle of convenience
C) Principle of simplicity
D) Principle of certainty
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The correct answer is D .
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Question 554: The velocity of money is represented as
Options:
A)
B)
C)
D)
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The correct answer is C .
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Question 555: One of the characteristics of oligopoly is the availability of
Options:
A) few sellers
B) few buyers
C) many sellers
D) a single seller
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The correct answer is A .
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Question 556:
A major effect of a long distribution chain is
Options:
A) scarcity of commodities
B) high retail
C) low retails prices
D) low producer earnings
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The correct answer is A .
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Question 557: A high rent on land will affect the cost of producing maize
Options:
A) at the early stage of production
B) negatively
C) at the later stage of population
D) positively
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The correct answer is B .
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Question 558: If government expenditure exceeds revenue, this result in
Options:
A) balanced budget
B) national debt
C) budget deficit
D) budget surplus
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The correct answer is C .
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Question 559: Below equilibrium, the gap between aggregate demand and the full employment level of income is called the?
Options:
A) inflationary gap
B) income gap
C) unemployment gap
D) deflationary gap
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The correct answer is A .
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Question 560: One of the major advantages of public enterprises is that?
Options:
A) they are highly subsidize
B) they are the largest employers of labour
C) their operations are highly standardized
D) they take prompt decisions and actions
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The correct answer is A .