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 631:
Public corporation is financed with
Options:
A) Capital raised from shareholders
B) Tax payer's money
C) Capital raised from stock exchange
D) Capital contributed by owners
Show Answer
The correct answer is B .
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Question 632: Utility of a commodity means?
Options:
A) its usefulness
B) power to satisfy a want
C) price of the commodity
D) satisfaction derived from the product of commodity
E) its adaptability
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The correct answer is D .
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Question 633: The best way to reduce the supply of money in the economy is to?
Options:
A) increase the liquidity ratio
B) increase the number of bank-notes and cheques produced
C) decrease treasury bills
D) liberalize access to credit
Show Answer
The correct answer is A .
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Question 634: The quickest way of achieving an economic union on regional basis is to remove all?
Options:
A) currency barriers
B) language barriers
C) politcal barriers
D) customs barriers
E) legal barriers
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The correct answer is D .
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Question 635: The major contribution of OPEC to the Nigerian economy is the
Options:
A) provision of social infrastructures
B) granting of subsidies on petroleum products
C) stabilization of oil prices
D) building of refineries
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The correct answer is C .
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Question 636: In a free market system, trading can only take place when the?
Options:
A) market is not working effectively
B) equilibrium price is attained
C) price of a commodity tends to attract consumers
D) consumers sovereignty is lacking
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The correct answer is B .
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Question 637: Which of the following is NOT a function of Nigeria commercial Banks?
Options:
A) Acceptance of deposit
B) Lending of money
C) Investment in securities and business
D) Issue of currency
E) Selling and buying of travellers cheques
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The correct answer is D .
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Question 638: In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population
Options:
A) 10
B) 20
C) 30
D) 50
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The correct answer is C .
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Question 639: The term 'Stock of Capital 'means?
Options:
A) amount of money necessary to start a business
B) total amount receivable by all factors of production
C) amount of equipment plant and inventory existing at a time
D) total amount available for economic development
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The correct answer is C .
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Question 640: In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?
Options:
A) N5,200
B) N 4,760
C) N4,670
D) N2,080
Show Answer
The correct answer is C .