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 51: in market economy, the question of what, how and for whom to produce are solved the
Options:
A) elected representative of the solved
B) planning committe
C) price mechanism
D) government
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The correct answer is A .
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Question 52: One of the factors that determine the supply of agricultural produce in Nigeria is
Options:
A) Price of substitutes
B) Technological development
C) Consumers choice
D) Consumers income
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The correct answer is D .
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Question 53: A perfectly competitive firm is advised to close down when the
Options:
A) price is below the marginal cost
B) price is equal to the marginal revenue
C) marginal revenue is equal to the marginal cost
D) price is below the average variable cost
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The correct answer is D .
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Question 54:
The method obtained by adding all the reward of factors of production in national income is________
Options:
A) income approach
B) expenditure approach
C) value added method
D) output approach
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The correct answer is A .
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Question 55: Elasticity demand is an effective tool in the hands of a producer in that it enables him?
Options:
A) raise his profit and lower his costs
B) discourage buyers from cheating
C) determine what he will produce
D) set his price to maximize his profit
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The correct answer is D .
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Question 56: 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
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The correct answer is C .
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Question 57: A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
Options:
A) consumers are willing to pay higher prices
B) supply is facing competition
C) other factors than price have changed
D) price has changed
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The correct answer is C .
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Question 58: The primary problem of Economics is?
Options:
A) to obtain a more equitable distribution of money income
B) the scarcity of productive resources relative to material needs
C) how to reach prices which correctly depict that products and resources are not in abundance
D) to teach people how to save so as to make more money
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The correct answer is B .
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Question 59: A commodity will be demanded only if
Options:
A) consumers income increases
B) it has no close substitutes
C) the price is low
D) it has utility
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The correct answer is D .
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Question 60:
In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?
Options:
A) There has been an increase in the consumer’s money income
B) There has been a reduction in the price of both A and B
C) There has been no change in the price of A or B
D) There has been no change in the price of A relative to the price of B
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The correct answer is B .