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 761: An example of a regressive tax is?
Options:
A) the personal income tax
B) the graduated corporation income tax
C) a general sales tax
D) the inheritance tax
E) the excise tax
Show Answer
The correct answer is C .
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Question 762: Progressive tax structure is designed to?
Options:
A) take more from the income of the poor
B) take more from income of the rich
C) take equal proportion of income from both the rich and the poor
D) reduce the problems emanating from tax imposition
Show Answer
The correct answer is B .
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Question 763: Deficit financing is mostly facilitated by the existence of?
Options:
A) stock exchange market
B) commercial bank
C) central bank
D) capital market
Show Answer
The correct answer is C .
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Question 764:
Which of the following is not a cause of unemployment_______
Options:
A) poor education
B) lack of skills
C) good government planning
D) corruption
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The correct answer is C .
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Question 765: The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and?
Options:
A) capital
B) political consideration
C) nearness to source of power
D) labour
Show Answer
The correct answer is B .
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Question 766: The long run is a period during which a firm?
Options:
A) sells inputs to purchase fixed assets
B) varies all its inputs
C) sources all its inputs from within
D) replaces all its inputs
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The correct answer is B .
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Question 767: The OPEC marketing policy of fixing minimum price allows members to
Options:
A) sell above minimum price
B) sell below minimum price
C) determine the price and quantity to sell
D) negotiate price with customers
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The correct answer is A .
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Question 768: Price leadership is?
Options:
A) a form of tacit collusion
B) used to explain price rigidity
C) illegal in nigeria
D) a form of overt collusion
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The correct answer is A .
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Question 769: Price mechanism determines the prices of commodities through
Options:
A) auctioning
B) market forces
C) the sales of treasury bills
D) government legislation
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The correct answer is B .
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Question 770:
The diagram below represents a production function. At which of the points does diminishing returns set in __________
Options:
A) R
B) S
C) T
D) V
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The correct answer is C .