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Question 1 of 60
1. Question
Alternative forgone after choice was made is ____________.
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Question 2 of 60
2. Question
The definition of economics as “the practical science of production and distribution of wealth” was given by ___________.
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Question 3 of 60
3. Question
Find the arithmetic mean of the following numbers: 5, 8, 6, 4, 9, 4, 3, 8 and 9.
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Question 4 of 60
4. Question
Standard deviation can be determined by which of these formulae?
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Question 5 of 60
5. Question
The basic economic problem concerned with production techniques is __________.
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Question 6 of 60
6. Question
Which of the following is a feature of labour?
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Question 7 of 60
7. Question
The reward for an entrepreneur in production is __________.
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Question 8 of 60
8. Question
A unit of capital of a company purchased by an individual is ________.
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Question 9 of 60
9. Question
The Nigeria Television Authority (NTA) is an example of __________.
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Question 10 of 60
10. Question
If the population of a country grows by 25% between 2003 and 2005 to 100,000 people, what was the population in 2003?
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Question 11 of 60
11. Question
Population census is important in the following ways except to _________.
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Question 12 of 60
12. Question
An increase in production as a result of the combination of labour and other factors of production is __________.
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Question 13 of 60
13. Question
The form of retail trade where goods are carried from one place to another is ________.
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Question 14 of 60
14. Question
Distribution of consumer goods can be improved by ___________.
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Question 15 of 60
15. Question
The motive for holding money to meet up with unforeseen circumstances is _________.
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Question 16 of 60
16. Question
Which of the following does not affect supply of money?
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Question 17 of 60
17. Question
The Agricultural policy aimed at developing land and water resources in Nigeria is __________.
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Question 18 of 60
18. Question
Determine the range from the following set of scores; 210, 57, 100, 80, 110, 53, 111, 64 and 115.
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Question 19 of 60
19. Question
The following are measures of central tendency except _________.
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Question 20 of 60
20. Question
Use the diagram to answer the question below.
The point labeled F on the production possibility curve above depicts ___________.
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Question 21 of 60
21. Question
If a farmer is producing at point A, he can maximize the production of beans by moving to point ________.
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Question 22 of 60
22. Question
The movement of labour from southern part of Nigeria to the northern part is an example of __________ mobility of labour.
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Question 23 of 60
23. Question
The demand for labour is _________ demand.
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Question 24 of 60
24. Question
The purchasing power of an individual’s income is ________.
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Question 25 of 60
25. Question
If the price of a bottle of palm oil was N500 in 2010 and rose to N800 I 2011, what is the price index?
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Question 26 of 60
26. Question
Which of the following is not a problem faced by marketing board in Nigeria?
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Question 27 of 60
27. Question
Which of the following sector is the largest employer of labour in Nigeria?
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Question 28 of 60
28. Question
When inflation is caused by excessive increase in cost of production, it is __________.
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Question 29 of 60
29. Question
If the price of an egg in 2019 was N30, then rose to N42 in 2020. What is the percentage increase in price?
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Question 30 of 60
30. Question
The concentration of firms in a particular locality is _________.
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Question 31 of 60
31. Question
Government influences the location of industries in order to _________.
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Question 32 of 60
32. Question
The following are features of free market economy except ________.
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Question 33 of 60
33. Question
When Average Cost (AC) and Marginal Cost (MC) are equal, _________.
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Question 34 of 60
34. Question
Use the diagram to answer the question below.
The curve labeled R above represents _________ cost.
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Question 35 of 60
35. Question
Total utility is calculated using which of the following formulae?
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Question 36 of 60
36. Question
The satisfaction derived from the consumption of an extra unit of a commodity is _________ utility.
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Question 37 of 60
37. Question
When a commodity is demanded to satisfy a want in place of another similar commodity is _________ demand.
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Question 38 of 60
38. Question
If 40% fall in price leads to 60% rise in quantity demanded, the elasticity of demand is _________.
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Question 39 of 60
39. Question
Elasticity of supply is affected by which of the following?
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Question 40 of 60
40. Question
Which of the following sources yields more revenue to Nigeria?
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Question 41 of 60
41. Question
Tax collected directly from individual and companies profits is ______ tax.
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Question 42 of 60
42. Question
The primary function of Federal Mortgage Bank is to provide assistance for _________.
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Question 43 of 60
43. Question
The institution that has the capacity to change currency notes and coins when the need arises in Nigeria is _______ bank.
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Question 44 of 60
44. Question
Which of the following is Not a problem of industrialization in Nigeria?
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Question 45 of 60
45. Question
If the supply of palm oil leads to a reduction in supply of groundnut oil, the commodities are said to be in ___________ supply.
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Question 46 of 60
46. Question
If a change in price of a commodity leads to a little change in the quantity of goods supplied, the supply is said to be __________.
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Question 47 of 60
47. Question
The following are conditions necessary for imperfect market except __________.
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Question 48 of 60
48. Question
The market for trading short term financial assets is ________.
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Question 49 of 60
49. Question
If an individual earns a monthly income of N80,000; determine his disposable income if he pays N5,000 as income tax.
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Question 50 of 60
50. Question
The total monetary value of goods and services produced in a country at a particular period of time is __________.
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Question 51 of 60
51. Question
Changes in circular flow of income is caused by the following except _________.
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Question 52 of 60
52. Question
If the cost of a country’s export is $150 and her import is $120, determine the term of trade of the country.
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Question 53 of 60
53. Question
The principle of comparative cost advantage was propounded by __________.
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Question 54 of 60
54. Question
The restriction on export or import of goods in terms of quantity is ___________.
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Question 55 of 60
55. Question
Unfavourable balance of payments can be caused by __________.
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Question 56 of 60
56. Question
Which of the following countries is not a member of ECOWAS?
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Question 57 of 60
57. Question
Economic development can be encouraged by ___________.
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Question 58 of 60
58. Question
Which of the following is a problem associated with economic planning in Nigeria?
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Question 59 of 60
59. Question
Nigeria became a member of Organization of Petroleum Exporting Countries (OPEC) in ___________
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Question 60 of 60
60. Question
Which of these is a negative effect of petroleum on the Nigerian economy?
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Hello KOFA STUDY. Thank you for this free past questions. Please, can I get as many as possible?