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 741: Opportunity cost is a term which describe
Options:
A) The initial cost of setting up a business venture
B) Cost of one product in terms of foregone production of others
C) The monetary equivalent of the utility of commodity
D) Cost related to an optimum level of production
E) Implicit cost
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The correct answer is B .
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Question 742: The theory of comparative cost advantage is associated with
Options:
A) Adam Smith
B) Reverend Thomas Malthus
C) Professor trum fisher
D) David Ricardo
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The correct answer is D .
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Question 743: The difference between gross national product and net national product is equal to?
Options:
A) gross investment
B) net investment
C) net foreign income
D) capital depreciation
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The correct answer is D .
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Question 744: The ultimate aim of agricultural policies in Nigeria is to achieve
Options:
A) food sufficiency
B) industrialization
C) full employment
D) industrial capacity utilization
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The correct answer is A .
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Question 745: Improved labour efficiency can be measured by?
Options:
A) an increase in output-input ratio
B) an decrease in output-input ratio
C) the constancy of input-output ratio
D) an increase in input-output ratio
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The correct answer is A .
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Question 746: Which of the following does NOT represent the behavior of a monopolist?
Options:
A) Manipulating the market price of his goods
B) Manipulating both the price and quantity of his goods at the same time
C) Raising the price at one market, lowering it at another market
D) Manipulating only quantity, price being a given factor
E) Manipulating the quantity of his goods
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The correct answer is B .
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Question 747:
In the diagram, the marginal propensity to consume (MPC) is equal to
Options:
A)
B)
C)
D)
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The correct answer is B .
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Question 748: One of the most important factors that should be considered in the location of an industry is?
Options:
A) nearness to the financial centre
B) assured patronage by government functionaries
C) availabilities of inputs and market
D) availabilities of adequate security
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The correct answer is C .
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Question 749: The major determinant of cross elasticity of demand is the
Options:
A) price of the good
B) degree of necessity of the good
C) level of income of consumers
D) closeness of the substitutes
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The correct answer is D .
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Question 750: A classroom teacher is promoted to the rank of a principal. This is an example of
Options:
A) vertical mobility
B) lateral mobility
C) social mobility
D) horizontal mobility
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The correct answer is D .