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 751: When the demand for a good increases owing to an increase in income, it means that
Options:
A) there is an increase in quantity demanded
B) inflation has taken place
C) demand has exceeded supply
D) there is an increase in demand
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The correct answer is D .
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Question 752: To reduce the high rate of inflation in the economy, the government should?
Options:
A) increase taxes and have a budget surplus
B) increase taxes and have a budget defilicit
C) decrease taxes and have a budget defilicit
D) decrease taxes and have a balance budget
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The correct answer is A .
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Question 753: The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?
Options:
A) industrial capital
B) social capital
C) fixed capital
D) circulating capital
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The correct answer is D .
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Question 754:
By utility we mean____________
Options:
A) beneficial
B) power of satisfying a want
C) advantageous
D) consumable
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The correct answer is B .
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Question 755: When the average physical product curve is rising the marginal physical product is
Options:
A) below it
B) above it
C) falling
D) zero
E) None of the above
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The correct answer is B .
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Question 756: To which of the following sectors do services belong?
Options:
A) Primary
B) Secondary
C) Tertiary
D) Construction
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The correct answer is C .
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Question 757: A situation in which a commodity is sold abroad below its cost of production in the home country is known as?
Options:
A) dumping
B) counter trade
C) bilateral trade
D) trade liberalization
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The correct answer is A .
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Question 758: The monetization policy is an offshoot of
Options:
A) NEEDS
B) SAP
C) PAYE
D) MDGs
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The correct answer is A .
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Question 759:
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 760:
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
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The correct answer is B .