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 661: Which of the following is NOT an instrument in the money market?
Options:
A) Treasury bill
B) Bill of exchange
C) Stocks and shares
D) Call money fund
Show Answer
The correct answer is C .
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Question 662:
The Power Holding Company of Nigeria (PHCN) is a ________
Options:
A) Public limited company
B) Private authority
C) Public Corporation
D) Public Liability company
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The correct answer is C .
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Question 663:
| Amount of labour days | Cocoa (tons) | Cloth (metres) |
Country I | 200 | 600 | 900 |
Country II | 200 | 300 | 800 |
Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that
Options:
A) country I has absolute disadvantage in the production of both cocoa and cloth
B) country I has absolute advantage in the prodcttion of both cocoa and cloth
C) country ll has absolute advantage in the production of both cocoa and cloth
D) country ll has a comparative advantage in the production of cocoa
E) country ll should leave the production of both cocoa and cloth to country l.
Show Answer
The correct answer is B .
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Question 664: The ultimate aim of agricultural policies in Nigeria is to achieve
Options:
A) food sufficiency
B) industrialization
C) full employment
D) industrial capacity utilization
Show Answer
The correct answer is A .
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Question 665:
Market Schedules for Milk:
Price per tin | Quantity demanded (tins) | Quantity supplied (tins) |
8k | 25,000 | 7,500 |
10k | 23,000 | 9,000 |
13k | 20,000 | 11,500 |
15k | 18,000 | 13,000 |
18k | 15,000 | 15,000 |
20k | 13,000 | 17,500 |
23k | 10,000 | 21,000 |
25k | 8,000 | 24,000 |
From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are
Options:
A) 15k, 13,000
B) 20k, 17,500
C) 13k, 20,000
D) 18k, 18,000
E) 18k, 15,000
Show Answer
The correct answer is E .
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Question 666: For the improvement of the welfare of a people, a high production level is not enough because
Options:
A) the have-nots deserve more than a fair share
B) equitable distribution is necessary
C) production efficiency is vital
D) savings in the country must be guaranteed at more than 50 percent of income earned.
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The correct answer is A .
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Question 667: Economics is a science which deals basically with
Options:
A) the factors of production
B) allocation of scarce resources
C) oil exportation
D) the gross domestic product (GDP)
E) national income
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The correct answer is B .
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Question 668: Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ?
Options:
A) debentures
B) preference shares
C) ordinary shares
D) participating preference shares
E) old shares
Show Answer
The correct answer is C .
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Question 669:
In the diagram L1L1 and L2L2 are budget lines. 1112 and 1 3 are indifference curves. which points are optimal?
Options:
A) U and W
B) V and W
C) U and Z
D) Y and Z
Show Answer
The correct answer is B .
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Question 670:
A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by
Options:
A) P
B) Q
C) X
D) Y
Show Answer
The correct answer is C .