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 701: An account from which allocations are made to the three tier of government in Nigeria is called the?
Options:
A) National Income Account
B) Public Sector
C) Federation account
D) National Revenue Mobilization Account
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The correct answer is C .
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Question 702: The circular flow of income defines the?
Options:
A) relationship between ends and means in the economic system
B) allocation of income to various members of the household
C) flow of goods, srvices amd money among the various macro-sectors of the economy
D) micro-economic relationships in economic analysis
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The correct answer is C .
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Question 703: In modern economies, the Malthusian theory of population is ineffective because of
Options:
A) birth control measures
B) technical progress
C) government policies
D) natural disasters
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The correct answer is B .
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Question 704: If a government is running deficit, this means
Options:
A) A term of trade are unfavourable
B) more project cannot be undertaken
C) Tax inflow is greater than expenditure
D) aggregate demand is greater than aggregate supply
E) tax inflow is less than expenditure
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The correct answer is E .
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Question 705: 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 706: An upward review of the retirement age will affect the
Options:
A) wage rate
B) demand for labour
C) supply of labour
D) tax rate
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The correct answer is C .
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Question 707: Which of the following is NOT one of the balance of payment entries?
Options:
A) the current account
B) foreign exchange
C) Import and Export duties
D) Short-term capital
E) Long-term capital
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The correct answer is B .
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Question 708: For a supply curve, an increase in the price of a commodity will result in?
Options:
A) a decrease in supply
B) a decrease in the quantity supplied
C) an increase in supply
D) an increase in the quantity supplied
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The correct answer is D .
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Question 709: Which of the following factors enhances the ability of commercial banks to create money?
Options:
A) Reduction in the reserve ratio
B) Leakage of cash out of banking system
C) excess of reserves
D) Insistence on collateral security
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The correct answer is A .
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Question 710: In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in year. Determine the total population
Options:
A) 10
B) 20
C) 30
D) 50
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The correct answer is C .