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Question 1 of 25
1. Question
The total population within age group 61 years and above is
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Question 2 of 25
2. Question
The total population who are children is
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Question 3 of 25
3. Question
The total active population in the country is,
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Question 4 of 25
4. Question
An economic system can be defined as an
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Question 5 of 25
5. Question
The following are features of a free market economy except
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Question 6 of 25
6. Question
In a capitalist society, production and consumption are, regulated by the
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Question 7 of 25
7. Question
The following are advantages of socialism except
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Question 8 of 25
8. Question
Marginal Product (MP) is best defined as
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Question 9 of 25
9. Question
Which of the following is NOT a limitation to division of labour and specialization?
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Question 10 of 25
10. Question
The following are the advantages of internal economics of large scale production except
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Question 11 of 25
11. Question
The basic concepts of Economics are
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Question 12 of 25
12. Question
In Economics human wants are usually described as
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Question 13 of 25
13. Question
Basic economic problems of society include the following except:
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Question 14 of 25
14. Question
The value of money is measured in terms of Price Index (P.I) as follows:
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Question 15 of 25
15. Question
Marginal propensity to consumer (MPC) is calculated using one of the following formulae:
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Question 16 of 25
16. Question
Which of the following is TRUE of Marginal cost?
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Question 17 of 25
17. Question
Which of the following items is NOT a variable cost?
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Question 18 of 25
18. Question
Which of the following is not true of a market demand schedule?
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Question 19 of 25
19. Question
Cross elasticity of demand can be measured using one of the following formulae
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Question 20 of 25
20. Question
Use the table below to answer the question below.
At price ₦50; there is an excess supply of
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Question 21 of 25
21. Question
Use the table below to answer the question below.
Excess demand arises at prices
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Question 22 of 25
22. Question
Use the table below to answer the question below.
The equilibrium price is
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Question 23 of 25
23. Question
Supply is said to be inelastic when the coefficient of elasticity of supply is
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Question 24 of 25
24. Question
Price legislation can b defined as
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Question 25 of 25
25. Question
Utility maximization occurs when one of the following conditions is attained
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