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:
| X | Y | Z |
| Price (₦) | Quantity (Units) | Price (₦) | Quantity (Units) | Price (₦) | Quantity (₦) |
| 0 | 20 | 0 | 15 | 0 | 40 |
| 2 | 15 | 2 | 10 | 2 | 30 |
| 5 | 10 | 5 | 5 | 5 | 15 |
| 10 | 0 | 10 | 2 | 10 | 5 |
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?
Options:
A) 65 units
B) 40 units
C) 30 units
D) 20 units
Show Answer
The correct answer is C .
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Question 662: If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?
Options:
A) increasing returns to the variable factor
B) increasing returns to scale
C) constant returns to variable factor
D) external economies of scale
Show Answer
The correct answer is A .
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Question 663: In a perfectly competitive market, the firm is in long-run equilibrium at the output where?
Options:
A) marginal cost is minimum
B) average cost is minimum
C) total cost is minimum
D) marginal cost revenue is maximum
Show Answer
The correct answer is B .
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Question 664: A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?
Options:
A) Check how much he has
B) Find out which is the cheapest of the items
C) Draw up a scale of preference
D) Weigh the opportunity cost of each item against the other
Show Answer
The correct answer is C .
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Question 665: Price control cannot work in Nigeria because
Options:
A) the population is too large
B) the policemen hate to arrest people
C) while it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled
D) control cannot work under military rule
E) too many things are produced in the country
Show Answer
The correct answer is C .
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Question 666: One of the problems facing the Nigerian oil and gas industry is____________________?
Options:
A) Over-capacity utilization
B) The discovery of alternative oil sources
C) Shortage of indigenous manpower
D) The excess supply of petroleum products
Show Answer
The correct answer is C .
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Question 667: An ad valorem tax means
Options:
A) total amount of an income tax
B) a certain percentage on the value of a commodity
C) a certain percentage tax on the volume of commodity
D) a tax on capital gain
E) a profit tax
Show Answer
The correct answer is B .
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Question 668: The total money values of all goods and services produced in a country during a certain period is measured by using the?
Options:
A) income method
B) expenditure method
C) output method
D) factor method
Show Answer
The correct answer is C .
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Question 669: A major disadvantage of partnership business is
Options:
A) difficulty in the transfer of shares
B) distrust among members
C) limited liability
D) large capital outlay
Show Answer
The correct answer is B .
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Question 670: A tax is defined as regressive if?
Options:
A) the proportion of income paid as tax increase as the income level increases
B) all income group pay the same percentage of their income as tax
C) the proportion if income taen by the tax falls as income increases
D) the proportion of income taken by the tax is a fixed nominal amount of income for all income groups
Show Answer
The correct answer is C .