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 651: A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?
Options:
A) the ruler
B) the exercise book
C) N25.00
D) 18.00
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The correct answer is A .
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Question 652: A shift in the production possibility frontier could result from?
Options:
A) unemployment
B) changes in the combination of goods produced
C) inflation
D) changes in production techniques
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The correct answer is D .
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Question 653: The import-substitution strategy of industrialization is to encourage
Options:
A) domestic production
B) large-scale production
C) importation
D) exportation
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The correct answer is A .
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Question 654:
The maximum number of workers that should be hired is
Options:
A) 2
B) 3
C) 4
D) 5
Show Answer
The correct answer is C .
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Question 655:
Most of the National debts is "dead weight" in the sense that is____
Options:
A) bound to increase from year to year
B) accumulated as the result of past capital investment
C) the responsibility of the treasury
D) not covered by any real asset
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The correct answer is D .
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Question 656: Which of the following is NOT true about specialization or division of labour?
Options:
A) Specialization and exchange go hand in hand
B) Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized
C) Division of labour needs not take account of the extent of the market
D) Division of labour results in increased productivity
E) Division of labour involves the danger of unemployment
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The correct answer is C .
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Question 657: The tax levied on goods and services at each stage of production is
Options:
A) surtax
B) VAT
C) ad valorem tax
D) PAYE
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The correct answer is B .
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Question 658: A commercial bank is able to create money
Options:
A) by printing it
B) by maintaining reserve
C) by creating a demand deposit as it gives a new loan
D) by issuing cheques to depositors
E) by borrowing from the central bank
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The correct answer is C .
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Question 659: The transfer to public shareholding corporations to private enterprises is
Options:
A) concession
B) incorporation
C) commercialization
D) privatization
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The correct answer is D .
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Question 660:
The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________
Options:
A) Volume of trade between countries
B) direction of international trade
C) commodity terms of trade
D) volume of imports
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The correct answer is C .