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 951: Which of the following causes of inflation is related to demand-pull inflation?
Options:
A) Low productivity on farms and in firms
B) Poor storage facilities
C) Poor distribution system
D) Increase in expenditure on construction
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The correct answer is A .
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Question 952: Which of the following assets of the commercial bank does not yield revenue?
Options:
A) Money in the tills of the bank
B) money at call
C) Treasury certificates
D) Treasury bills
E) Bills of exchange
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The correct answer is A .
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Question 953: The degree of specialization is limited by the
Options:
A) avalibility of specialized skills and machinery
B) marginal cost exceeding marginal revenue
C) extent of the market
D) disadvantage of standardization
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The correct answer is A .
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Question 954:
Unit of capital | Total output (kg) |
1 | 16 |
2 | 64 |
3 | 126 |
4 | 212 |
5 | 425 |
6 | 684 |
Determine the average product of the 4th unit of capital
Options:
A) 53
B) 86
C) 212
D) 213
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The correct answer is A .
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Question 955: Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?
Options:
A) money is regarded as a medium of exchange
B) measure for value
C) unit of account
D) store of value
E) standard for deferred payments
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The correct answer is D .
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Question 956: The tax levied on goods and services at each stage of production is
Options:
A) surtax
B) VAT
C) ad valorem tax
D) PAYE
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The correct answer is B .
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Question 957: The size of a business units tends to be small if the activity?
Options:
A) involves mass production of goods
B) requires a large capital
C) requires division of labour
D) involves the provision of direct services
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The correct answer is D .
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Question 958: If the total fixed cost is the same regardless of output, the average fixed cost will be
Options:
A) increasing
B) maximum
C) minimum
D) decreasing
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The correct answer is D .
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Question 959: The major role of multi-national companies in the petroleum industry in Nigeria is
Options:
A) the establishment of refineries
B) oil marketing and prospecting
C) oil marketing only
D) oil prospecting only
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The correct answer is B .
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Question 960: Development plans have not been successful in some developing countries largely because of?
Options:
A) very large working population
B) increase level of consumption
C) scarcity of industrial raw materials
D) shortage of skilled labour and experts
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The correct answer is D .