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 581: The cost elasticity of supply is a useful instrument for measuring
Options:
A) profit
B) productivity
C) national income
D) price index
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The correct answer is B .
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Question 582: The main reason for the current programme of privatization and commercialization of public enterprises in Nigeria is to?
Options:
A) reduce public expenditure
B) encourage efficiency in the performance of such enterprises
C) reduce the number of public enterprises
D) raise the prices of goods and services produced by the enterprises
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The correct answer is B .
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Question 583: A market will be at equilibrium when
Options:
A) demand and supply are equal
B) demand is greater than supply
C) price is higher
D) supply is greater than demand
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The correct answer is A .
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Question 584: The quickest way of achieving an economic union on regional basis is to remove all?
Options:
A) currency barriers
B) language barriers
C) politcal barriers
D) customs barriers
E) legal barriers
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The correct answer is D .
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Question 585:
The contribution of petroleum to the economy of nigerian is most prominent in the area of
Options:
A) employment generation
B) fuel provision
C) infrastructural development
D) revenue generation
E) technical know-how
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The correct answer is D .
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Question 586:
The contribution of petroleum to the economy of nigerian is most prominent in the area of
Options:
A) employment generation
B) fuel provision
C) infrastructural development
D) revenue generation
E) technical know-how
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The correct answer is D .
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Question 587:
Retailers in an economy perform the function of ______
Options:
A) Distribution.
B) Exchange
C) Investment
D) Production
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The correct answer is A .
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Question 588: In modern economies, the Malthusian theory of population is ineffective because of
Options:
A) birth control measures
B) technical progress
C) government policies
D) natural disasters
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The correct answer is B .
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Question 589:
If the marginal utility of commodity is equal to its price, then
Options:
A) the consumer is in equilibrium
B) more of the commodity can be consumed
C) total utility is also equal to its price
D) the market is not in equilibrium
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The correct answer is A .
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Question 590: Occupational mobility as applied to factors of production means the ease by which
Options:
A) factors can be transferred from one form of use to another
B) resources can be transferred from one place to another
C) resources can be transformed from one form to another
D) factors can be transferred from one place to another
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The correct answer is A .