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 611: In a perfect competition, every firm is a price?
Options:
A) maker
B) taker
C) giver
D) bidder
Show Answer
The correct answer is B .
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Question 612: Idle cash balances are held for
Options:
A) planned purchases
B) the purchase of bonds
C) the purchase of shares
D) unplanned purchases
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The correct answer is D .
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Question 613: Personal distribution of income implies?
Options:
A) the way in which income is distributed among specific households or spending units
B) the distribution of income according to basic resources
C) dividing income according to industries
D) dividing income between personal taxes, consumption expenditures and savings
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The correct answer is A .
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Question 614: Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development?
Options:
A) Complete dependence on oil exports
B) Concentration on agricultural exports
C) Diversification of the economy
D) Building of more schools and universities
E) Introduction of nuclear energy in Nigeria
Show Answer
The correct answer is C .
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Question 615: Agricultural backward-linkage effect means the establishment of
Options:
A) subsidiary industries to increase the number of industries
B) main industries to increase output
C) industries to reduce imports
D) subsidiary industries to feed the main industry
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The correct answer is D .
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Question 616: The major problem of cooperative societies in Nigeria is that?
Options:
A) they often lack cohersion and continuity
B) their liability is unlimited to members
C) voting is by proxy
D) their management style is poor
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The correct answer is D .
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Question 617: A change in supply is best described as a?
Options:
A) movement along the supply curve
B) shift of the supply curve to the left or to the right
C) shift of the supply curve to the left
D) shift of the supply curve to the left
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The correct answer is B .
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Question 618:
Which of the following are direct taxes?
Options:
A) Sales taxes
B) Excise taxes
C) Income and company taxes
D) Tarrif duties
E) Commodity taxes
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The correct answer is C .
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Question 619: Optimum population enables an economy to attain the highest level of
Options:
A) Industrial development
B) Income per head
C) Revenue generation
D) Economic development
Show Answer
The correct answer is B .
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Question 620: Division of labour is limited by?
Options:
A) the size of market
B) the productivity of capital
C) cost of production
D) the factors of production
E) government policy
Show Answer
The correct answer is A .