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Question 1 of 25
1. Question
In economics, the pleasure, happiness, or satisfaction received from a product is called:
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Question 2 of 25
2. Question
A person should consume more of something when its marginal:
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Question 3 of 25
3. Question
Macroeconomics can best be described as the:
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Question 4 of 25
4. Question
When economists say that people act rationally in their self interest, they mean that individuals:
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Question 5 of 25
5. Question
As it relates to international trade, dumping:
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Question 6 of 25
6. Question
A nation’s production possibilities curve is bowed out from the origin because:
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Question 7 of 25
7. Question
If the production possibilities, curve were a straight downsloping line, this would suggest that:
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Question 8 of 25
8. Question
Productive efficiency refers to:
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Question 9 of 25
9. Question
Which of the following statements is correct?
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Question 10 of 25
10. Question
If depreciation exceeds gross investment:
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Question 11 of 25
11. Question
Assuming the total population is 100 million, the civilian labor force is 50 million, and 47 million workers are employed, the unemployment rate is:
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Question 12 of 25
12. Question
Unemployment involving a mismatch of the skills of unemployed workers and the skills required for available jobs is called:
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Question 13 of 25
13. Question
The greater is the marginal propensity to consume, the:
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Question 14 of 25
14. Question
Investment and saving are, respectively:
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Question 15 of 25
15. Question
The amount by which government expenditures exceed revenues during a particular year is the:
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Question 16 of 25
16. Question
The value of money varies
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Question 17 of 25
17. Question
If actual reserves in the banking system are ₦40,000, excess reserves are ₦10,000, and checkable deposits are ₦240,000, then the legal reserve requirement is:
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Question 18 of 25
18. Question
The discount rate is the interest:
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Question 19 of 25
19. Question
The basic formula for the price elasticity of demand coefficient is:
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Question 20 of 25
20. Question
If a firm can sell 3,000 units of product A at $10 per unit and 5,000 at $8, then:
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Question 21 of 25
21. Question
Assume a household would consume ₦100 worth of goods and services per week if its weekly income were zero and would spend an additional ₦80 per week for each 100 of additional income, if C represents consumption and Y income, the equation that summarizes this relationship is:
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Question 22 of 25
22. Question
For a bicycle company, an economist predicted that, other things being equal, a rise in consumer incomes will increase the demand for bicycles. This prediction is based on the assumption that:
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Question 23 of 25
23. Question
A demand curve which is parallelto the horizontal axis is:
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Question 24 of 25
24. Question
Allocative efficiency occurs only at that output where:
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Question 25 of 25
25. Question
The primary problem of economics is
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