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Question 1 of 25
1. Question
In the short run, all of the following are applicable except
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Question 2 of 25
2. Question
The sum of MPS and MPC is
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Question 3 of 25
3. Question
For a perfectly competitive market, the shape of the ________ is horizontal while the _________ is downward sloping
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Question 4 of 25
4. Question
Demand for money is
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Question 5 of 25
5. Question
If the cross elasticity of demand between X and Y is zero, then
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Question 6 of 25
6. Question
Which of the following correctly defines inflation?
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Question 7 of 25
7. Question
If a market for good X is in disequilibrium, which of the following statements is true about the quantity of X that is actually exchanged?
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Question 8 of 25
8. Question
How can we eliminate a surplus in a commodity market?
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Question 9 of 25
9. Question
Identify one among the following which is NOT part of the objectives or functions of the African Development Bank (ADB)
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Question 10 of 25
10. Question
When the product of any one firm in an industry is not perceived by consumers as a perfect substitute for the product of any other firm in the same industry, we have
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Question 11 of 25
11. Question
In which of the following situations do we have a free good?
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Question 12 of 25
12. Question
In economics, a commodity is said to have an opportunity cost because
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Question 13 of 25
13. Question
One among the following options is not correct
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Question 14 of 25
14. Question
A country’s aggregate consumption was ₦20 million when its GDP was ₦100 million. Following an increase in GDP to ₦120million, consumption increased to ₦25million. The marginal propensity to consume is given as
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Question 15 of 25
15. Question
Which of the following is not a measure for controlling inflation by the central bank?
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Question 16 of 25
16. Question
A 50% increase in the quantity demanded of a commodity, following a 100% decrease in its price, shows that the commodity has
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Question 17 of 25
17. Question
As total utility is increasing, marginal utility is
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Question 18 of 25
18. Question
Which of the following will benefit a producer who wants to maximize profit?
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Question 19 of 25
19. Question
Which of the following statements is true?
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Question 20 of 25
20. Question
Based on the fact that demand curve shows the maximum price at which consumers will buy, it then shows
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Question 21 of 25
21. Question
Money that a government required to be accepted in settlement of debts is
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Question 22 of 25
22. Question
Which of the following is one of the responsibilities of the Central Bank of Nigeria?
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Question 23 of 25
23. Question
The law of comparative cost and absolute cost advantage are not the same in that;
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Question 24 of 25
24. Question
When demand for a product is price inelastic, the following can happen
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Question 25 of 25
25. Question
Disposable income means;
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