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 681:
An example of a market which approaches fairly near to perfection is____________
Options:
A) the retail market
B) the house market
C) the labour market
D) the foreign exchange market
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The correct answer is D .
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Question 682: Total fixed cost measures the cost of?
Options:
A) all plant and machinery
B) all assets where quantity cannot be varied in the short run
C) all assets upon which the firm has control
D) prooerty owned by the firm
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The correct answer is B .
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Question 683: The main economic goal of ECOWAS is the attainment of ?
Options:
A) regional free trade
B) Multilateral trade
C) bilateral trade
D) economic self-reliance
E) The economic emancipation of Africa
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The correct answer is A .
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Question 684: Under flexible exchange rates, a deficit could be corrected by?
Options:
A) freezing the gold point
B) appreciation of other currencies
C) removing export subsidies
D) removing tariffs
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The correct answer is B .
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Question 685: Which of the following is NOT directly concerned with dealings in treasury bills?
Options:
A) The stock exchange
B) The Central bank
C) Commercial banks
D) Discount houses
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The correct answer is D .
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Question 686:
An economic system in which individual control the productive resources is known as
Options:
A) capitalism
B) communism
C) freedomism
D) socialism
E) welfarism
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The correct answer is A .
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Question 687: The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?
Options:
A) Excess supply
B) Favouritism
C) Bribery and corruption
D) Bllack marketing
E) Hoarding
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The correct answer is A .
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Question 688: The basic economics problem of what to produce arises as a result of
Options:
A) competing demands for scarce resources
B) excessive supply
C) the availability of too many experts
D) the failure of the price system
E) the reduction of poverty
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The correct answer is A .
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Question 689:
| | Sector 1
Agriculture | Sector 2
Manufacturing and Crafts | Sector 3
Petroleum and Mining | Sector 4
Services |
| Share in total National Output | 25% | 10% | 50% | 15% |
| Share in total Employment | 60% | 10% | 5% | 25% |
| Growth rate of Sectoral Output | 2% | 5% | 10% | 3% |
From the above, the Growth Rate of Total National Output or GDP is
Options:
A) 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
B) 20.0%, i.e. (2 + 5 + 10 +3)%
C) 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
D) 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
E) not obtainable
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The correct answer is D .
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Question 690:
Economics is often described as a social science because?
Options:
A) laboratory experiments are performed
B) It makes use of controlled experiments
C) It uses scientific methods to explain an observed phenomenon and predict future events
D) It makes use of fieldwork
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The correct answer is C .