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 731:
Efficiency of labour in a country is determined by the following except the____________
Options:
A) Social attitude to work
B) Education and training
C) Total population
D) Working conditions of workers
Show Answer
The correct answer is C .
-
Question 732:
Adam Smith's Theory of value stated that the value of a commodity depended on________
Options:
A) The market price in a free market over a long period
B) The over-all cost of production of the commodity
C) The amount of labour expended on its production
D) Its relative scarcity at any given time
Show Answer
The correct answer is C .
-
Question 733:
From the table above, the average product of the 3rd unit of labour is
Options:
A) 50
B) 70
C) 350
D) 150
Show Answer
The correct answer is A .
-
Question 734:
Given two substitute goods (X and Y) with demand and supply function;
Qd = 7p - 12
Qs = 4p + 9
Find the magnitude of excess demand when p = ₦18
Options:
A) 303
B) 30
C) 114
D) 33
Show Answer
The correct answer is D .
-
Question 735: Which of these is not usually the function of a wholesaler?
Options:
A) Transport
B) Storage
C) Advertising
D) After-sale services
E) Branding
Show Answer
The correct answer is E .
-
Question 736:
External economies arises essentially from__________
Options:
A) a firm's individual policies
B) localisation of industry
C) government economic policy
D) free transferability of shares
Show Answer
The correct answer is B .
-
Question 737: The concentration of industries in a particular geographical area is
Options:
A) localization of industries
B) roles of industrialization
C) location of industry
D) strategies of industrialization
Show Answer
The correct answer is A .
-
Question 738:
The "velocity" of money is
Options:
A) The real money supply divided by the real GDP
B) The money supply multiplied by the price level
C) The money supply divided by the price level
D) The ratio of real GDP to the real money supply
Show Answer
The correct answer is D .
-
Question 739: The argument of tariff protection in less developed economies is that such a measure would
Options:
A) raise the price of goods affected abroad
B) make consumers pay a higher price for the domestically produced output
C) protect young industries from ruinous competition from abroad
D) help reduced excess capacity in domestic industries
E) stifle private investment intiatives
Show Answer
The correct answer is C .
-
Question 740: When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as
Options:
A) tariffs
B) quotas
C) exchnge control
D) devaluation
E) revaluation
Show Answer
The correct answer is B .