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Question and Solution 1 of 50
1. Question
1. In Economics, human wants are usually described as
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Question and Solution 2 of 50
2. Question
2. A consumer’s sales of preference is an arrangement of his
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Question and Solution 3 of 50
3. Question
3. A typical features of the market economy is that
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Question and Solution 4 of 50
4. Question
4. In a free market system, trading can only take place when the
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Question and Solution 5 of 50
5. Question
5. Given 0.25, 1.25, 1.80, 1.10, 1.10, 10.20, 10.15, and 1.55 determine the range
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Question and Solution 6 of 50
6. Question
6. Which of the following is a set measure of dispersion?
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Question and Solution 7 of 50
7. Question
7. The main determinant of a change in the quantity of a commodity demanded is the
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Question and Solution 8 of 50
8. Question
8. The determinants of elasticity include
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Question and Solution 9 of 50
9. Question
9.
In the table above, the income elasticity of clothing is
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Question and Solution 10 of 50
10. Question
10.
The graph above illustrates
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Question and Solution 11 of 50
11. Question
11. When the marginal utility of a commodity is zero, the total utility is
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Question and Solution 12 of 50
12. Question
12. Given the supply function P= 1/2 (Qs+10) when p = N10 what is Qs?
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Question and Solution 13 of 50
13. Question
13. The most important determinant in then the supply of agricultural products is
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Question and Solution 14 of 50
14. Question
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Question and Solution 15 of 50
15. Question
15. Given thatQd=10-2p while Qs=5-3p, if p =N1 determine the equilibrium quantity
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Question and Solution 16 of 50
16. Question
16. One of the functions of the price system is that it
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Question and Solution 17 of 50
17. Question
17.
A combination of factors responsible for a shift from D0 D0 to D1 D1 are
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Question and Solution 18 of 50
18. Question
18. Given that Qd = 40-2p and Qs = 6P + 24, calculate the equilibrium price
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Question and Solution 19 of 50
19. Question
19.
When the price is set below equilibrium, this will lead to
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Question and Solution 20 of 50
20. Question
20. Price mechanism determines the prices of commodities through
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Question and Solution 21 of 50
21. Question
21. Fixing price above equilibrium will cause
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Question and Solution 22 of 50
22. Question
22. An important function of the price system is to.
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Question and Solution 23 of 50
23. Question
23.
Commodities I and If are in
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Question and Solution 24 of 50
24. Question
24.
The supply of commodity II increasing from S1S1 to S2S2
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Question and Solution 25 of 50
25. Question
25. Above full employment level, an expansionary monetary policy will lead to
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Question and Solution 26 of 50
26. Question
26. If Government increases its expenditure on public works, the desired effects is
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Question and Solution 27 of 50
27. Question
27. An institution that regulates trade relations among members is the
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Question and Solution 28 of 50
28. Question
28.
From the table above, find the value of X
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Question and Solution 29 of 50
29. Question
29. As a firm increases its output, the average fixed cost
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Question and Solution 30 of 50
30. Question
30. In the short run, a firm’s marginal cost curve above the point of shut-down is it’s
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Question and Solution 31 of 50
31. Question
31. An industry’s supply curve is more likely to be elastic when firms are
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Question and Solution 32 of 50
32. Question
32. One of the characteristics of monopolistic competition is that
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Question and Solution 33 of 50
33. Question
33. The producer in a perfectly competitive market is faced with a demand curve whose elasticity is
Hint:
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Question and Solution 34 of 50
34. Question
34. Government capacity to raise tax revenue in Nigeria is being hampered by
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Question and Solution 35 of 50
35. Question
35. From the table below determine the price index taking 1991 as the base year
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Question and Solution 36 of 50
36. Question
36. Bank consolidation policy in Nigeria is a measure to increase
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Question and Solution 37 of 50
37. Question
37. In Nigeria, the huge public debt is as a result
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Question and Solution 38 of 50
38. Question
38. Economic growth can be accelerated through
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Question and Solution 39 of 50
39. Question
39. Fixing the prices of agricultural products can be a problem because of
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Question and Solution 40 of 50
40. Question
40. Legal entity means
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Question and Solution 41 of 50
41. Question
41. One of the reasons why Nigeria is a mono-economy is because of her
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Question and Solution 42 of 50
42. Question
42. A characteristic common to partnership and sole proprietorship is
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Question and Solution 43 of 50
43. Question
42. A characteristic common to partnership and sole proprietorship is
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Question and Solution 44 of 50
44. Question
44. Population growth is determined by
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Question and Solution 45 of 50
45. Question
45. The export — promotion strategy is aimed at producing
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Question and Solution 46 of 50
46. Question
46. The government of Nigeria can conserve foreign exchange by
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Question and Solution 47 of 50
47. Question
47. One of the major goals of OPEC is to
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Question and Solution 48 of 50
48. Question
48. The money paid per hour for work done is
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Question and Solution 49 of 50
49. Question
49.
The transfer of public shareholding in corporations to private enterprises isCorrectIncorrect -
Question and Solution 50 of 50
50. Question
50.
From the table below, the unemployment rate is
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