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If two bags of rice were sold for N1,250 a mouth ago and two weeks later, the same amount was used to procure one bag. This simply means that the value of money is
Aconstant
Bdecreasing
Cfluctuating
Dincreasing
Eproportional
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Question 1142
neco2005
An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.
Aconstruction
Bconversion
Cmanufacturing
Dmining
Eprocessing
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Question 1143
neco2005
Production is said to be complete when goods and services gets to the
Aconsumers
Bdistributors
Cretailers
Dwarehouses
Ewholesalers
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Question 1144
neco2005
When an increase in the price of a commodity lead to a fall In the demand for aNOTher, the demand for the two commodities are said to be
Aabnormal
Bcompetitive
Ccomposite
Dderived
Ejoint
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Question 1145
neco2005
Economic problem arises as a result of
Achoice
Bmoney cost
Copportunity cost
Dscarcity
Escale of preference
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Question 1146
neco2005
The trade-off between two commodities along the Production Possibility Curve (PPC) shows
Aopportunity cost principle
Bscarcity principle
Ctransferable output
Dunattainable combination
Eunder utilization of resources
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Question 1147
neco2005
Which of the following is NOT a function of marketing boards in Nigeria?
AFixing of prices for farm produce
BGrading of farm produce
CImportation of farm produce
DMarketing of farm produce
EPrice stabilization
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Question 1148
neco2005
The following can be used to improve a country’s balance of payment EXCEPT
Aanti-dumping policies
Bdecreasing taxation on personal income
Cgranting subsidies to export producers
Dincreasing import duties
Eremoving export duties
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Question 1149
neco2005
The variance of a given set of numbers is defined as the
Aabsolute value of the standard deviation
Bsquare of the standard deviation
Csquare root of the standard deviation
Dsquare of the mean deviation
Esquare root of the mean deviation
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Question 1150
neco2005
When the total product starts falling, then the marginal product is
Aconstant
Bincreasing
Cmaximum
Dnegative
Ezero
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Question 1151
neco2005
The formular (N + 1)/2 is used to determine the
Amean
Bmedian
Cmode
Dstandard deviation
Emean deviation
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Question 1152
neco2005
The recent revolution of Cassava from ordinary food crop to export crop will lead to
Adecrease in price of cassava flour
Bdecrease In production of cassava
Cdecrease In production of local starch
Dincrease In production of other crops
Eincrease in the prices of cassava products
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Question 1153
neco2005
If the standard deviation of a set of numbers is 3.6, what is the variance?
A12.49
B12.69
C12.9
D12.96
E12.98
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Question 1154
neco2005
The following determine the level of consumption EXCEPT
Aexpectation of price changes
Blevel of income
Csavings
Dthe rate of taxes paid
Ethe political climate
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Question 1155
neco2005
The following will occur when maximum price is fixed below the free market price EXCEPT that
Ablack market will be encouraged
Bexcess demand will occur
Cexcess supply will occur
Drationing of commodities will occur
Escarcity of goods will occur
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Question 1156
neco2005
Which of the following is NOT an objective of Economic planning?
AAchieving economic self reliance
BAchieving economic growth
CCreating employment
DEquitable allocation of resources
EWidening the income gap
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Question 1157
neco2005
The problem of “how to produce” in any economy is solved by
Aadopting the least cost method of production
Bcombining capital and labour intensive methods of production
Cemploying the services of a manager
Dusing capital intensive method of production
Eusing labour intensive method of production
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Question 1158
neco2005
A major characteristics of a firm operating at a long-run equilibrium position is that
Aall costs can be varied
Baverage variable cost is fixed
Cfixed cost can not be changed
Dmarginal cost is fixed
Eonly variable cost changes
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Question 1159
neco2005
Which of the following is NOT included in-measuring the National income through the income approach?
AAllowance given to an aged mother by a civil servant
BIncome earned by a bricklayer
CProfit earned by Nigerian bottling company plc
Dprofit earned by NITEL plc
ESalary earned by a doctor
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Question 1160
neco2005
The following are problems of development planning in Nigeria EXCEPT
