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Question 1 of 20
1. Question
Economics problems arise mainly as a result of;
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Question 2 of 20
2. Question
The three(3) major agents of an economic system are the:
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Question 3 of 20
3. Question
When the government chooses to use resources to build a school, these resources are no longer available to build a highway. This choice illustrates the concept of:
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Question 4 of 20
4. Question
The following can lead to change in supply, except;
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Question 5 of 20
5. Question
Zero price elastic demand of a commodity means that
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Question 6 of 20
6. Question
If an oligopolist incurs losses in the short run, then in the long run
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Question 7 of 20
7. Question
A firm maximizes its total profits when
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Question 8 of 20
8. Question
Perfect price elastic supply means
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Question 9 of 20
9. Question
The demand curve facing the pure monopolist is
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Question 10 of 20
10. Question
When disequilibrium between supply and demand has tendencies to be restored to another equilibrium point over a definite path of a time frame, the equilibrium is regarded as;
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Question 11 of 20
11. Question
Consumers are referred to as “the king” in which of these economic systems?
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Question 12 of 20
12. Question
The real cost of a commodity is:
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Question 13 of 20
13. Question
The law of diminishing returns begins to operate when the
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Question 14 of 20
14. Question
A firm’s declining long run average cost curve over some ranges of output can be explained by
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Question 15 of 20
15. Question
All of the following are true about Total Product, Marginal product and Average product except one:
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Question 16 of 20
16. Question
Average cost is equal to Marginal cost when:
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Question 17 of 20
17. Question
The best measure of economic well-being in any economy is:
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Question 18 of 20
18. Question
All these are exampleof bases in using GDP or GNP to measure economic well-being except
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Question 19 of 20
19. Question
The difference between economic growth and economic development is that the latter deals with;
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Question 20 of 20
20. Question
Suppose the Consumer Price Index (CPI) in 1989 is 124.0 and the CPI in 2990 is 130.7 the CPI expressed as a percentage is
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