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 641: In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its?
Options:
A) lowest point
B) middle point
C) maximum point
D) downward slopping section
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The correct answer is A .
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Question 642:
In a free market economy. the rationing of scarce goods is done principally by_______
Options:
A) Consumers
B) The government
C) The price mechanism
D) All of the above
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The correct answer is A .
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Question 643: For a supply curve, an increase in the price of a commodity will result in?
Options:
A) a decrease in supply
B) a decrease in the quantity supplied
C) an increase in supply
D) an increase in the quantity supplied
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The correct answer is D .
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Question 644: The basic aim of Economic Community of West African States is the
Options:
A) discouragement of trade among member states
B) encouragement of revolts against former colonial masters
C) establishment of its headquarters in each members state
D) liberalization of trade among member states
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The correct answer is D .
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Question 645: One of the functions of ECOWAS is to
Options:
A) provide funds for infrastructural development
B) determine prices of exports
C) redistribute income among citizens
D) provide employment for citizens of member nations
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The correct answer is B .
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Question 646: Which of the following does NOT belong in respect of the quantity of money?
Options:
A) Durability
B) Division into the smallest units of value
C) Portable
D) Identifiable by all
E) Measure of value
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The correct answer is E .
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Question 647: The major source of Nigeria's foreign exchange is the export of?
Options:
A) skilled manpower
B) palm kernel and cocoa
C) crude oil
D) groundnuts and cotton
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The correct answer is C .
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Question 648: Petroleum is the mainstay of the Nigerian economy because it is the?
Options:
A) main foreign exchange earner
B) greatest employer of labour
C) greatests contributor to the growth of agriculture
D) source of high income for its workers
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The correct answer is A .
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Question 649:
The point x inside the PPC indicates
Options:
A) resources are fully utilized
B) the country is poor
C) some resources are idle
D) resources are not available
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The correct answer is C .
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Question 650:
Mono production economies are those that____
Options:
A) Produce one main commodities
B) Have a rich cultural heritage.
C) Specialize in agricultural industries.
D) Produce only raw materials.
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The correct answer is A .