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 571: An economic problem arises when?
Options:
A) manufactured goods are in short supply
B) money is in short supply
C) buyers are many
D) sellers are few
E) scarcity and choice are involved
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The correct answer is E .
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Question 572:
Price per tin | Demand per week | Supply per week |
₦6 | 0 tins | 45 tins |
₦5 | 5 tins | 35 tins |
₦4 | 10 tins | 25 tins |
₦3 | 15 tins | 15 tins |
₦2 | 20 tins | 5 tins |
₦1 | 25 tins | 0 tins |
Market for Garri: At a price of ₦5, the excess supply is`
Options:
A) 30 tins per week
B) 45 tins per week
C) 15 tins per week
D) 20 tins per week
E) indeterminate
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The correct answer is A .
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Question 573: Which of the following institutions does not operate in the money market?
Options:
A) central bank
B) mortgage banks
C) money deposit banks
D) insurance companies
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The correct answer is B .
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Question 574:
Inthe above table, the marginal cost of the 3rd unit of output is
Options:
A) 12
B) 6
C) 10
D) 2
E) 9
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The correct answer is C .
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Question 575:
The firm portrayed is selling in
Options:
A) a purely competitive market
B) a market in which demand elastic at all prices
C) an imperfectly competitive markket
D) a market in which companies produce homogeneous commodities
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The correct answer is C .
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Question 576: If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period?
Options:
A) 5%
B) 15%
C) 20%
D) 100%
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The correct answer is A .
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Question 577:
Division of Labour is limited by the________
Options:
A) Size of labour firm
B) Availability of raw material
C) Size of the labour force
D) Absolute size of the country's population
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The correct answer is C .
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Question 578: Collectivism refers to the system of management of state enterprises in a?
Options:
A) mixed economy
B) co-operative organization
C) capitalist economic system
D) socialist economy
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The correct answer is D .
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Question 579:
Let capital formation = CF, Production = P, C = consumption. Then CF =_______
Options:
A) P - C
B) P + C
C) PC
D) P/C
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The correct answer is A .
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Question 580: When the average physical product curve is rising the marginal physical product is
Options:
A) below it
B) above it
C) falling
D) zero
E) None of the above
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The correct answer is B .