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Question 1 of 15
1. Question
Indicate the correct option in each of the following question
Development outside a given firm which reduce the firm’s costs are called
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Question 2 of 15
2. Question
Indicate the correct option in each of the following questions
 If X represents the factors of production and Y represents the price factor, which of the following sets of association is correct?
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Question 3 of 15
3. Question
If at 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1500 kg were purchased, the resultant point elasticity of demand is
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Question 4 of 15
4. Question
A situation in which all inputs are doubled and output is known as
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Question 5 of 15
5. Question
Economic goods are termed scarce goods when they
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Question 6 of 15
6. Question
Which of the following situations will give rise to economic problems
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Question 7 of 15
7. Question
Population(million )Â Â Â Â Â Â Â Â Food production(million tone)
50Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 220
70Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 210
90Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 225
100Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 275
100Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 275
In the table above, what is the optimum population in million?
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Question 8 of 15
8. Question
An accurate census is important to a country because it helps
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Question 9 of 15
9. Question
Circular flow of income defines the
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Question 10 of 15
10. Question
In the long run, all factor production are
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Question 11 of 15
11. Question
The advantage which firms obtain directly from expanding. Their operations are referred to
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Question 12 of 15
12. Question
The effect of changes in the condition of demand schedule with the price constant a
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Question 13 of 15
13. Question
If a demand curve that intersects a price inelastic supply curve shifts rightward, then
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Question 14 of 15
14. Question
The average product of labour in a given period is obtained by dividing the
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Question 15 of 15
15. Question
If the cost of production for a firm continues to increase as its output rises, the firm is said to be experiencing
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