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 621: which of the following is an important function of the retailer?
Options:
A) Grant credit to the wholesaler
B) Breaks bulk and sales product in small units
C) Reduces cost of distribution
D) Generates demand for production through advertisement
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The correct answer is B .
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Question 622: An entrepreneur will continue to employ labour up to a point where?
Options:
A) costs are minimized
B) maximized efficiency is attained
C) wages are equal to marginal product of labour
D) marginal product of labour is equal to zero
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The correct answer is C .
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Question 623: The supply of and demand for goods and services are influenced by the?
Options:
A) supermarkets
B) entrepreneurs
C) mechanism of the law
D) mechanism of equilibrium
E) price mechanism
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The correct answer is E .
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Question 624: The basic idea behind brand differentiation under an imperfect market arrangement is to?
Options:
A) stimulate demand for rival products
B) create demand for the particular product
C) enable the product penetrate the market
D) enable the product to complete with others
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The correct answer is B .
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Question 625: The stock exchange is a market for the buying and selling of?
Options:
A) monetary instruments
B) new shares
C) existing shares
D) treasury bills
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The correct answer is C .
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Question 626:
Consider the following figures which refer to a firm's production department during one week:
Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.
Total variable costs incurred during the week are
Options:
A) ₦7,300
B) ₦7,100
C) ₦1,300
D) ₦1,100
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The correct answer is B .
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Question 627: The terms of trade of a country is defined as
Options:
A) x 100
B) x 100
C) x 100
D) x 100
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The correct answer is B .
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Question 628: pricing and output decisions of sellers are highly interdependent in markets known as?
Options:
A) oligopoly
B) perfect competition
C) monopoly
D) monopolistic competition
E) imperfect competititon
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The correct answer is A .
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Question 629:
The expression of cost in terms of alternative forgone is referred to as ____?
Options:
A) Scarce resources
B) Decision making
C) Opportunity cost
D) Choice
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The correct answer is C .
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Question 630: Capital earns income because?
Options:
A) it is productive
B) it is expensive
C) it is always cheaper to substitute capital for labour
D) it is technically more efficient than labour
E) both A and B above
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The correct answer is A .