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Question 1 of 50
1. Question
The production possibility curve can be used to explain the underlying concepts of
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Question 2 of 50
2. Question
The deregulation of telecommunication services in Nigeria is a characteristic of
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Question 3 of 50
3. Question
If the increase in the price of yams is used to estimate the inflation rate, this is an example of
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Question 4 of 50
4. Question
If the standard deviation of a given data is 8.2, find its variance
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Question 5 of 50
5. Question
Use the data below to answer questions
54,36,62,79, 83,36, 62,42, 62, and 42
Calculate the mean.
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Question 6 of 50
6. Question
Use the data below to answer questions
54,36,62,79, 83,36, 62,42, 62, and 42
What is the modal score?
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Question 7 of 50
7. Question
A major determinant of the demand for a luxury good is
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Question 8 of 50
8. Question
If 100 units and 120 units of commodity X
are supplied at N80 at different times, it means that there is
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Question 9 of 50
9. Question
If income rise’s from N2000 to N4000 and quantity demanded increases from 80 units to 120 units, find the income elasticity of demand
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Question 10 of 50
10. Question
If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is
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Question 11 of 50
11. Question
As long as marginal utility is positive, total utility must be
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Question 12 of 50
12. Question
Diminishing marginal utility implies that
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Question 13 of 50
13. Question
The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer
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Question 14 of 50
14. Question
An upward movement along the same supply curve results in
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Question 15 of 50
15. Question
Use the information below to answer questions
Given that Q = 20 – 4P and Q = 6P + 12.
Determine the equilibrium quantity
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Question 16 of 50
16. Question
Use the information below to answer questions
Given that Q = 20 – 4P and Q = 6P + 12.
If price is increased to N3. how much is the excess supply?
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Question 17 of 50
17. Question
One of the factors affecting the supply of manufactured goods is
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Question 18 of 50
18. Question
Individual markets differ from each other according to
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Question 19 of 50
19. Question
In the diagram above there is an excess
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Question 20 of 50
20. Question
To protect fanners during a bumper harvest, the government usually
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Question 21 of 50
21. Question
The use of modem weaving machines in the production of local fabric will result in
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Question 22 of 50
22. Question
In a perfectly competitive condition, a firm uses 10 units of labour at N 25 and 11 units at N 36, what is the marginal cost of labour?
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Question 23 of 50
23. Question
From the graph above, point M shows that MC
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Question 24 of 50
24. Question
The characteristic of entry and exit ensures that firms
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Question 25 of 50
25. Question
Which of the following producers is closest to being a monopolist?
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Question 26 of 50
26. Question
The output approach to measuring national income is based on the computation of
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Question 27 of 50
27. Question
An example of injection into the circular flow of income is
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Question 28 of 50
28. Question
The theoretical relationship between money supply and prices is weakened by changes in the
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Question 29 of 50
29. Question
The high rate of inflation in Nigeria can be attributed to
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Question 30 of 50
30. Question
If the required reserves of a bank is 20% and N= 10000 is paid into its demand deposit account, what is the excess reserves?
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Question 31 of 50
31. Question
Contractionary monetary’ policy is used to
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Question 32 of 50
32. Question
The use of government revenue and expenditure to achieve set objectives is known as
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Question 33 of 50
33. Question
An example of an indirect tax is
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Question 34 of 50
34. Question
A good indicator of economic development is an increase in
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Question 35 of 50
35. Question
Economic growth takes place when there is an increase in
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Question 36 of 50
36. Question
One of the effects of instability in farmer’s income in Nigeria is
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Question 37 of 50
37. Question
A major impediment to the development of agriculture in Nigeria is
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Question 38 of 50
38. Question
A major consideration in locating a cement factory is the availability of
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Question 39 of 50
39. Question
The export – promotion strategy is aimed at producing
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Question 40 of 50
40. Question
The activities in the oil and gas industry arc classified into
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Question 41 of 50
41. Question
The economic policy of privatization came up was a result of the poor performance of
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Question 42 of 50
42. Question
Joint – stock companies can raise funds from
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Question 43 of 50
43. Question
The active population of a country’ determines the size of its
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Question 44 of 50
44. Question
From the shaded area of the diagram above, an appropriate population policy will be to
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Question 45 of 50
45. Question
The population of a country will
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Question 46 of 50
46. Question
The OPEC marketing policy of fixing minimum price allows members to
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Question 47 of 50
47. Question
A major trading problem facing ECOWAS is
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Question 48 of 50
48. Question
A high rent on land will affect the cost of producing maize
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Question 49 of 50
49. Question
If the active population is 50 million and unemployed is 5 million, what is the unemployment rate?
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Question 50 of 50
50. Question
A classroom teacher is promoted to the rank of a principal. This is an example of
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