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.
-
Question 691: A firm operating at full capacity will experience rising short-run total costs when
Options:
A) prices of its variable inputs rise
B) prices of its variable inputs fall
C) there is a change in management
D) labour productivity increases
Show Answer
The correct answer is A .
-
Question 692: The loans from the World Bank to developing countries are mainly to support
Options:
A) capital-intensive technology
B) the establishment of universities
C) their infrastructure investment
D) their level of consumption
Show Answer
The correct answer is C .
-
Question 693:
Nation engage in external trade because of difference in
Options:
A) comparative cost
B) absolute cost
C) fixed cost
D) variable cost
Show Answer
The correct answer is A .
-
Question 694:
Economics is a social science concerned with the proper use and______
Options:
A) production of goods and services
B) distribution of wealth
C) allocation of resources for growth
D) creation of utility
Show Answer
The correct answer is C .
-
Question 695:
A consumer of a single commodity is in equilibrium when
Options:
A) he can equate his demand with price
B) he equates marginal utility and price
C) he can equate his marginal and total utilities
D) his marginal utility is equal to zero
Show Answer
The correct answer is B .
-
Question 696: An institution that regulates trade relations among members is the
Options:
A) ADB
B) OPEC
C) EU
D) IMF
Show Answer
The correct answer is B .
-
Question 697:
John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________
Options:
A) marginal physical productivity
B) marginal income productivity
C) consumer's surplus
D) economic rent
Show Answer
The correct answer is D .
-
Question 698: The profit of a monopolist can be eliminated where price equals
Options:
A) AFC
B) MC
C) AC
D) AVC
Show Answer
The correct answer is A .
-
Question 699: The family Support Programme in Nigeria essentially focuses on?
Options:
A) the generation of employment
B) the alleviation of poverty
C) agricultural and industrial development
D) economic emancipation of women
Show Answer
The correct answer is D .
-
Question 700: An aging population refers to the preponderance of?
Options:
A) middle-aged people in the population
B) young people in the population
C) women in the the population
D) old men in the population
E) old people in the population
Show Answer
The correct answer is E .