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 591:
In the diagram above, the total revenue of the monopolist is given by the area
Options:
A) OQ1MP2
B) P4MTP1
C) OQ1 TP1
D) OQ2SP2
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The correct answer is C .
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Question 592:
The sufficient condition for a firm to be in equilibrium is that the
Options:
A) firm must show that it is profitable
B) marginal cost must be equal to average revenue
C) marginal revenue curve is above the average revenue curve
D) marginal cost curve cuts the marginal revenue curve from below
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The correct answer is D .
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Question 593:
The mean is the best measure of central tendency because it__________
Options:
A) can be calculated from incomplete data
B) is a balancing point in an observation
C) is a midpoint value in an array of data
D) is not affected by extreme values in a data
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The correct answer is B .
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Question 594: A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be?
Options:
A) developing
B) developed
C) poor
D) underdeveloped
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The correct answer is A .
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Question 595: An entirely domestic effort directed at improving agricultural production in Nigeria is the?
Options:
A) Agricultural Development Programme
B) Agro-industrial Development Scheme
C) Food and Agricultural Organization
D) National Land Development Authority
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The correct answer is A .
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Question 596: The short-run inelasticity of supply of agricultural produce causes
Options:
A) stability in prices
B) a steady rise in prices
C) a steady decline in prices
D) instability in prices
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The correct answer is B .
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Question 597: The merging of firms engage in different stages of production and marketing is called?
Options:
A) external economies of scale
B) vertical intergration
C) horizontal intergration
D) economic unoin
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The correct answer is B .
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Question 598: opportunity cost is the
Options:
A) price of scarce goods
B) resources required for making a commodity
C) cost of luxury goods
D) accrual of financial loses by chance
E) althernative forgone in other to satisfy a want
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The correct answer is E .
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Question 599: Minimum price legislation by government will
Options:
A) reduce supply
B) increase supply
C) reduce demand and create surplus
D) increase demand and create scarcity
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The correct answer is C .
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Question 600: Plywood industries are often located near the source of?
Options:
A) finance
B) labour
C) power supply
D) raw materials
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The correct answer is D .