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 691: Average total cost can be expressed as
Options:
A) average fixed cost plus average variable cost
B) change in total cost divided by change in output
C) total fixed cost divided by total output
D) total fixed cost plus total variable cost
E) total variable cost divided by total output
Show Answer
The correct answer is A .
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Question 692: Dumping in international trade means selling a goods at a
Options:
A) higher price at home than abroad
B) lower price at home than abroad
C) price that equates marginal cost with marginal revenue
D) price above marginal cost abroad
Show Answer
The correct answer is A .
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Question 693:
Which of the following countries is not a member of the Economic Community of West African States?
Options:
A) Sudan
B) Gambia
C) Togo
D) Nigeria
Show Answer
The correct answer is A .
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Question 694: The short-run inelasticity of supply of agricultural produce causes
Options:
A) stability in prices
B) a steady rise in prices
C) a steady decline in prices
D) instability in prices
Show Answer
The correct answer is B .
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Question 695: Price legislation means
Options:
A) directing market specialist to fix prices
B) interplay of either demand or supply
C) producers are prices givers
D) regulating the price system by the government
E) the use of market forces
Show Answer
The correct answer is A .
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Question 696:
| | Share of gross national product (GNP) | Share of total employment | Growth rate of output |
| All agriculture | 40% | 70% | 3% |
| Industry and mining | 30% | 10% | 10% |
| Trade andservices | 30% | 20% | 5% |
What is the growth rate of GNP?
Options:
A) 18%
B) 10%
C) 6.7%
D) 0.5%
E) 4.1%3
Show Answer
The correct answer is A .
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Question 697:
Fiscal policy measures imply a change in
Options:
A) only taxation to control aggregate demand
B) bank rate to infulence lending
C) only government expenditure to regulate an economy
D) government revenue and expenditure to regulate an economy
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The correct answer is D .
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Question 698: Which of the following items does NOT belong to a country's current account in the balance of payments accounts?
Options:
A) Merchandise exports
B) Merchandise import
C) Travel
D) Foreign currencies
E) Insurance services
Show Answer
The correct answer is D .
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Question 699:
If the marginal utility of commodity is equal to its price, then
Options:
A) the consumer is in equilibrium
B) more of the commodity can be consumed
C) total utility is also equal to its price
D) the market is not in equilibrium
Show Answer
The correct answer is A .
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Question 700: All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria
Options:
A) Price stabilization
B) Efficient marketing of agriculture crops
C) Provision of funds for building access roads
D) Development of the agricultural industry
E) Establishment of agro-allied industries
Show Answer
The correct answer is C .