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 601:
The most important goal of OPEC is to?
Options:
A) present a united front for the purpose of raise prices of crude oil
B) bring unity among the petroleum exporting countries
C) ensure political stability among member states
D) ensure that rules on quota production are strictly followed
Show Answer
The correct answer is D .
-
Question 602: The losses suffered by a sole proprietor are?
Options:
A) usually equal to the amount invested
B) usually less than the amount invested
C) limted to the amount invested
D) not limited to the amount invested
Show Answer
The correct answer is D .
-
Question 603: An account from which allocations are made to the three tier of government in Nigeria is called the?
Options:
A) National Income Account
B) Public Sector
C) Federation account
D) National Revenue Mobilization Account
Show Answer
The correct answer is C .
-
Question 604: 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
Show Answer
The correct answer is B .
-
Question 605: The use of government revenue and expenditure to achieve set objectives is known as
Options:
A) budget
B) fiscal policy
C) revenue allocation
D) monetary policy
Show Answer
The correct answer is B .
-
Question 606: 'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?
Options:
A) Human wants are numerous but the resources needed to satisfy them are limited
B) Given numerous wants and limited resources only individuals and businesss firms make choice
C) The process of making a choices involves opportunity cost
D) An economist is not interested morality or otherwise of any choice so made
E) Usually choice is made from a list of wants compliled in the context of a scale of preference
Show Answer
The correct answer is B .
-
Question 607: A major effect of a long distribution chain is?
Options:
A) high retail prices
B) scarcity of commodities
C) low retail prices
D) low producer earnings
Show Answer
The correct answer is B .
-
Question 608:
A firm that closes down will still incur
Options:
A) variable cost
B) fixed cost
C) total cost
D) marginal cost
Show Answer
The correct answer is B .
-
Question 609: The advantage of sole proprietorship is as follow
Options:
A) It is always successful
B) Continuity is no problem
C) Control and supervision is under one man
D) Funds are easy to obtain
E) Inter-generational equity is assured
Show Answer
The correct answer is C .
-
Question 610: Consumers allocate their resources based on the ______?
Options:
A) Law of diminishing marginal utility
B) Value in use and value in exchange principle
C) Law of returns to scale
D) Diamond and water paradox
Show Answer
The correct answer is B .