Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.
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Question 201:
A rise in the market price of fixed interest securities is an indication that the
Options:
A) supply of money has decreased
B) liquidity preference has increased
C) market rate of interest has risen
D) market rate of interest has fallen
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The correct answer is D .
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Question 202:
A major disadvantage of localization of industry is
Options:
A) the risk of structural unemployment
B) over-utilization of installed industrial capacity
C) the risk of seasonal unemployment
D) under-utilization of installed industrial capacity
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The correct answer is A .
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Question 203: Import substitution industrialization refers to?
Options:
A) the concentration of industries for even regional development
B) setting up of industries for even development
C) a situation in which local industries are set up to produce goods formerly imported
D) the banning of imports which are subtitutes for domestically produce goods
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The correct answer is C .
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Question 204: A normal supply curve is usually positively sloped because the relationship between
Options:
A) price and supply is positive
B) demand and price is positive
C) supply and price is negative
D) price and demand is negative
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The correct answer is A .
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Question 205: Petroleum 'glut' in international trade means
Options:
A) a fall in petroleum production
B) an over supply of petroleum
C) a higher petroleum price offered by the buyer
D) a higher petroleum price demanded by the seller
E) higher prices for the consumtion of petroleum
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The correct answer is B .
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Question 206: Because most of her crude oil is exported, the foreign exchange earnings and the forward linkage effects Nigeria realize from her oil production are?
Options:
A) both high
B) respectively high and low
C) respectively low and high
D) both low
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The correct answer is B .
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Question 207: The marginal productivity theory applies in a
Options:
A) unionized labour market
B) perfectly competitive market
C) monopsonistic market only
D) monopolistic market only
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The correct answer is D .
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Question 208: One of the economic problems of Nigeria today arises from?
Options:
A) the over utilization of human and natural resources
B) unavailability of mineral resources
C) inadequate manpower resources
D) the under-utilization of human and natural resources
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The correct answer is D .
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Question 209:
Public corporation is financed with
Options:
A) Capital raised from shareholders
B) Tax payer's money
C) Capital raised from stock exchange
D) Capital contributed by owners
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The correct answer is B .
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Question 210: A firm achieves least cost in production by substituting factors until
Options:
A) their factor prices are equal
B) their marginal-physical products are each equal to their factor prices
C) their marginal-physical products are each zero
D) the ratio of their marginal-physical products equals the ratio of their prices
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The correct answer is C .