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: The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer
Options:
A) rationality
B) surplus
C) sovereignty
D) credit
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The correct answer is B .
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Question 682: An important function of the retailer is to?
Options:
A) grant credit to the wholesaler
B) break bulk and sell products in small units
C) reduce cost of distribution
D) generate demand for products through advertisement
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The correct answer is B .
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Question 683: What is the effect of inelastic demand for agricultural products on the income of a farmer?
Options:
A) A price rise results in its fall
B) A price fall results in its fall
C) A price fall results in its rise
D) A price rise leaves the income unchanged
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The correct answer is A .
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Question 684: The basic purpose of imposing legal reserve requirements on commercial bank is to?
Options:
A) assure the profitability of commercial banks
B) provide a device through which credit creation by banks can be controlled
C) provide a proper ratio between earning and non-earning bank assets
D) provide the Central Bank with working capital
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The correct answer is B .
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Question 685: The best measure of dispersion to determine the tallest tree in a forest is
Options:
A) range
B) variance
C) standard deviation
D) mean deviation
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The correct answer is B .
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Question 686: As a producer' association, the OPEC expects its members to maintain production where marginal cost is?
Options:
A) greater than price
B) less than price
C) equal to price
D) equal to average cost
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The correct answer is B .
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Question 687: Public limited liability companies are owned by__________?
Options:
A) The federal government
B) Private and individual organizations
C) The state government
D) The federal and state governments
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The correct answer is B .
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Question 688: Optimum population is the population level at which?
Options:
A) death rate is at a minimum
B) per capita income is at a maximum
C) population is at a maximum
D) death rate is equal to birth rate
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The correct answer is B .
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Question 689: The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price
Options:
A) N4
B) N8
C) N2
D) N10
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The correct answer is A .
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Question 690: Price control indicate the following
Options:
A) price is fixed at equilibrium level
B) price is fixed above equilibrium level
C) price is not fixed but determined by demand and supply
D) price is fixed below equilibrium level
E) none of the above
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The correct answer is D .