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Question 1 of 100
1. Question
________________is the term that describes the cost of one product in terms of forgone production/acquisition of others.
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Question 2 of 100
2. Question
An activity does not have a cost when
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Question 3 of 100
3. Question
Choices arise on account of ____
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Question 4 of 100
4. Question
 Economic is best defined as__________________________
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Question 5 of 100
5. Question
Economics may be described as___________________________
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Question 6 of 100
6. Question
From an economics point of view, an activity does not have cost when__________
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Question 7 of 100
7. Question
Opportunity cost is a term which describes
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Question 8 of 100
8. Question
Scarcity in economics means____________________________
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Question 9 of 100
9. Question
Which of these is the real cost of satisfying any want in the sense of the alternative; that has to be forgone
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Question 10 of 100
10. Question
Economic analyses and conclusions can be divided into
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Question 11 of 100
11. Question
Which of the following is NOT a measure of central tendency?
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Question 12 of 100
12. Question
Which of the following is NOT a measure of dispersion
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Question 13 of 100
13. Question
A normal good with close substitutes is likely to have its price elasticity of demand
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Question 14 of 100
14. Question
Demand for a factor of production is
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Question 15 of 100
15. Question
Given Demand function: Qd = 5P + 10;
Supply function: Q5 = 7P-5. If the price is at N5, the excess demand is
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Question 16 of 100
16. Question
If an increase in the price of a commodity leads to an increase in total revenue, then it follows that the demand for the commodity
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Question 17 of 100
17. Question
If the price of a commodity rises, the … . quantity demanded of the commodity remains the same, then the demand for the commodity is
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Question 18 of 100
18. Question
The impact of a change in the price of commodity A on the quantity demanded of commodity B is best explained using the concept of
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Question 19 of 100
19. Question
The change that is due to a movement from one supply curve to another along the same price is called
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Question 20 of 100
20. Question
When the supply of a commodity is fixed, its price elasticity of supply is said to be
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Question 21 of 100
21. Question
Given Demand function: Qd=5P+10; Supply function: Q5 = 7P-5. The equilibrium quantity is
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Question 22 of 100
22. Question
In market economies, resources are allocated through
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Question 23 of 100
23. Question
In the operation of market is in equilibrium at the point where
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Question 24 of 100
24. Question
The basic feature of a market economy is
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Question 25 of 100
25. Question
The following are the conditions that must be fulfilled for price determination EXCEPT
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Question 26 of 100
26. Question
The main function of price mechanism is to
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Question 27 of 100
27. Question
 When government intervenes in price- setting, the regulated price is usually
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Question 28 of 100
28. Question
A firm achieves least cost in production by substituting factors until
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Question 29 of 100
29. Question
A production possibility curve shows
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Question 30 of 100
30. Question
Aright ward shift in the production possibility frontier may be due to
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Question 31 of 100
31. Question
Direct payment incurred for producing a commodity is called
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Question 32 of 100
32. Question
Diseconomies of scale can be caused by the following except
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Question 33 of 100
33. Question
 Diseconomies of scale operates when
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Question 34 of 100
34. Question
Economic efficiency means
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Question 35 of 100
35. Question
External economies are
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Question 36 of 100
36. Question
If a firm doubles its output and its costs increase by 60%, the firm is experiencing
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Question 37 of 100
37. Question
In economics, production is complete when
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Question 38 of 100
38. Question
In the study of economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are
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Question 39 of 100
39. Question
Production that takes place within the production possibility curve is said to be
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Question 40 of 100
40. Question
The act of combing factor inputs in order to obtain specific output is known as
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Question 41 of 100
41. Question
The additional output obtained by using one more unit of a factor is called
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Question 42 of 100
42. Question
The amount of labour a producer hires relative to other factor input depends on the
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Question 43 of 100
43. Question
The concept of economic efficiency primarily refers to
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Question 44 of 100
44. Question
The law of diminishing returns often operates in the
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Question 45 of 100
45. Question
The main economic objective behind the production of goods and senders in an economy is to
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Question 46 of 100
46. Question
 The residual of production which accrues to the ownership of land after all other expenses have been met is called
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Question 47 of 100
47. Question
 Average fixed cost is
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Question 48 of 100
48. Question
Average fixed cost is a rectangular hyperbola
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Question 49 of 100
49. Question
 Long run cost is U-Shaped because of the operation of
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Question 50 of 100
50. Question
Marginal cost is the cost
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Question 51 of 100
51. Question
Which of the following is NOT part of the fixed cost of a firm
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Question 52 of 100
52. Question
Which of the following is used to describe a payment representing a surplus in excess of transfer earnings?
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Question 53 of 100
53. Question
A perfectly competitive firm produces the most profitable output where it’s
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Question 54 of 100
54. Question
Advertising is the main technique used for effecting in a monopolistic competition
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Question 55 of 100
55. Question
Output of a monopolist is usually determined at a point where
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Question 56 of 100
56. Question
Product homogeneity is one of the characteristics of
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Question 57 of 100
57. Question
Which of the following is compatible with a firm in a purely competitive market?
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Question 58 of 100
58. Question
The difference between gross national product and net national product is equal to
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Question 59 of 100
59. Question
The difference between the Gross Domestic Product and the Gross national product is the
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Question 60 of 100
60. Question
The multiplier is defined as
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Question 61 of 100
61. Question
A decrease in aggregate spending in an economy will ultimately lead to
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Question 62 of 100
62. Question
 Money serves well as a store of value in an environment devoid of
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Question 63 of 100
63. Question
The ability of deposit money banks to create money is mainly affected by
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Question 64 of 100
64. Question
 A document that shows the details of government revenue and expenditure in a years is called
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Question 65 of 100
65. Question
The basic fiscal relation that exists among the three tiers of government in Nigeria is
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Question 66 of 100
66. Question
The biggest source of government revenue in Nigeria is
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Question 67 of 100
67. Question
A major obstacle to economic development is
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Question 68 of 100
68. Question
A sustained increase in the per capita Income of a country over a period of time is called
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Question 69 of 100
69. Question
In recent years, Nigerian economy has been registering a spectacular growth in Sector in the last ten years.
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Question 70 of 100
70. Question
Nigeria, being a developing African country in the sub-Sahara, has put together a development blue-print called Vision 20:2020 which can ensure that the country becomes
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Question 71 of 100
71. Question
The major objective of economic growth is to
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Question 72 of 100
72. Question
The most common index used for measuring development is
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Question 73 of 100
73. Question
 Which is NOT a direct effort to increase agricultural production in Nigeria?
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Question 74 of 100
74. Question
Which of the following sectors of the economy is estimated to be the largest employer of labour in the country?
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Question 75 of 100
75. Question
Industries contribute to national economic development because they
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Question 76 of 100
76. Question
 Infant industries are
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Question 77 of 100
77. Question
The export-promotion strategy is aimed at producing
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Question 78 of 100
78. Question
Which of the following is NOT an advantage of localization of industries?
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Question 79 of 100
79. Question
The crucial factors which determines the location of petroleum refineries in Nigeria are availability of raw materials and
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Question 80 of 100
80. Question
The petroleum industry in Nigeria is
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Question 81 of 100
81. Question
In a limited liability company, the greatest risk is borne by
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Question 82 of 100
82. Question
In public company, shares are
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Question 83 of 100
83. Question
The advantage of the sole proprietorship is as follows:
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Question 84 of 100
84. Question
The maximum number of shareholders for a limited liability company is
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Question 85 of 100
85. Question
Population density refers to
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Question 86 of 100
86. Question
To calculate the annual natural growth rate of a country’s population, one has to know the country’s annual birth rate and
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Question 87 of 100
87. Question
Which of the following is not true of the theory of optimum population?
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Question 88 of 100
88. Question
Which of the following is the standard concept of measuring and analyzing population growth?
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Question 89 of 100
89. Question
Which of these would NOT increase the population of a country?
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Question 90 of 100
90. Question
An improvement in the Nigeria’s terms of trade should
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Question 91 of 100
91. Question
 By ‘trade by barter’, we mean
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Question 92 of 100
92. Question
Gains from trade depends on
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Question 93 of 100
93. Question
International and inter-regional trade differ primarily because
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Question 94 of 100
94. Question
Surplus in the balance of payments lead to
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Question 95 of 100
95. Question
The expression ‘Terms of Trade’ is used to described
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Question 96 of 100
96. Question
The quantity of a currency that exchanges for a unit of another currency is called its
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Question 97 of 100
97. Question
Under a system of freely floating exchange rates, an increase in the international value of a country’s currency will cause
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Question 98 of 100
98. Question
When a currency loses its value due to a! government action to fix the quantity of the currency that exchanges for another currency, there is
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Question 99 of 100
99. Question
Which of the following items in the Balance of Payments Account is an invisible transaction?
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Question 100 of 100
100. Question
A major trading problems facing ECOWAS is
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