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 581: A large standard deviation is an indication of
Options:
A) the size of the sample
B) a wide spread around the mean
C) a wide difference between the mean and the mode
D) the difference between the highest and the lowest values
Show Answer
The correct answer is B .
-
Question 582: One of the challenges facing the banking industry in Nigeria is
Options:
A) ensuring technological security
B) providing employment
C) providing loans for investment
D) creating more money
Show Answer
The correct answer is C .
-
Question 583: The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continuously, his?
Options:
A) total utility must fall
B) marginal utility must fall
C) marginal utility may rise even though his total utility is falling
D) marginal utility may fall even though his total utility may be rising
Show Answer
The correct answer is B .
-
Question 584: Which of the following is NOT include in measuring national income by the income approach?
Options:
A) Wages and salaries of public servant
B) student grants and scholarship
C) Profit of companies
D) income earned by self employed persons such as lawyers
E) Rents on property
Show Answer
The correct answer is B .
-
Question 585: An institution that regulates trade relations among members is the
Options:
A) ADB
B) OPEC
C) EU
D) IMF
Show Answer
The correct answer is B .
-
Question 586:
What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?
Options:
A) Availability of labour in the area
B) Availability of power
C) Nearness of raw material
D) Access to transport facilities
Show Answer
The correct answer is C .
-
Question 587: In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?
Options:
A) Length and cost of training
B) Demand and supply
C) attractiveness of the job
D) Influence of the trade union
E) Government intervention
Show Answer
The correct answer is B .
-
Question 588: The downturn in the prices of shares on stock markets is a highlight of
Options:
A) efficient allocation of resources
B) the invisible hand
C) the regulatory nature of the market
D) consumer rationality
Show Answer
The correct answer is C .
-
Question 589: In a capitalist economy, the economic problem of what goods to produce is decided mainly by?
Options:
A) shadow prices
B) profit level
C) relative prices
D) a central planner
Show Answer
The correct answer is B .
-
Question 590: Non-bank financial intermediaries do not?
Options:
A) provide credit facilities
B) accept deposits
C) accept demand deposits
D) sell shares
Show Answer
The correct answer is C .