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 911: Which of the following methods is most likely to lead an economy?
Options:
A) An increase in wages and profits
B) An increase in consumer demand
C) A greater fraction of national Product going into investment
D) A countinuous rise in bank loans
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The correct answer is C .
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Question 912: Unemployment can be reduced by?
Options:
A) restricting the productive base of the economy
B) adopting capital-intensive techniques of production
C) adopting labour-intensive techniques of production
D) adopting a mixture of labour and capital-intensive techniques of production
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The correct answer is C .
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Question 913: Insurance companies invest mainly in instruments trade on the?
Options:
A) capital market
B) Money market
C) commodity market
D) open market
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The correct answer is A .
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Question 914: In order to add value to Nigeria agricultural produce, there is need to
Options:
A) cultivate high breed crops
B) process them into finished goods
C) adopt modern storage methods
D) advertise them in European markets
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The correct answer is D .
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Question 915:
The price mechanism
Options:
A) regulates supply and demand
B) rations the consumers
C) rewards the producers
D) allocates scarce resources
E) does all of the above
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The correct answer is A .
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Question 916: Mobility of labour is higher when there
Options:
A) is a monopoly of jobs in one location
B) is intense competition for jobs in the same location
C) are alternative jobs in the same location
D) are no alternative jobs in the same location
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The correct answer is C .
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Question 917: In the long run, one of the characteristics of monopolistic competitive firms is that they
Options:
A) make abnormal profits
B) suffer losses
C) make normal profits
D) collude with each other
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The correct answer is C .
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Question 918: A major feature of an underdeveloped economy is
Options:
A) excess capacity utilization
B) low rate of population growth
C) low level of standard of living
D) low level of unemployment
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The correct answer is C .
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Question 919: One of the factors which is likely to check the growth of public debts is?
Options:
A) bridging the resources gap
B) debt reputation
C) debts rescheduling
D) debt-equility swap
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The correct answer is D .
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Question 920: The factor of production that has the highest degree of mobility is?
Options:
A) land
B) labour
C) capital
D) enterpreneurship
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The correct answer is B .