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Eindividual wants are equal to the resources available
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Question 1782
waec1993
Economics is the study of how to
Achoose between alternatives, given limited resources
Bregulate the money that is in circulation in a country
Cbe prudent in the use of available resources
Dimprove the standard of living of the society at large
Earrange our needs in order of usefulness before satisfying them
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Question 1783
jamb1993
How many units of good X is produced for 8 units of commodity Y?
A80
B40
C20
DO
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Question 1784
jamb1993
The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the
AProduction indicator
BMaximum production curve
CProduction possibility curve
DTotal output curve
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Question 1785
jamb1993
What type of unemployment is revealed by the dotted lines on the graph?
Africtional unemployment
BCyclical unemployment
CCircular unemployment
DUnderemployment
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Question 1786
jamb1993
Using the table calculate the net income
AN58m
BN54m
CN50m
DN46m
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Question 1787
jamb1993
From the diagram above, a shift in the demand curve from DoDo to D1D1 implies
Aa rise in the demand for the commodity
Ba fluctuation in the demand for the commodity
Ca fall in the demand for the commodity
Dan equilibrrium in the demand for the commodity
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Question 1788
jamb1993
In the diagram above, what is the lowest possible price the monopolist could charge and still break even without there being excess demand?
APd
BP2
CP3
DP4
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Question 1789
jamb1993
In the diagram, the marginal propensity to consume (MPC) is equal to
A\(\frac{RP}{TP}\)
B\(\frac{TP}{RP}\)
C\(\frac{RT}{RP}\)
D\(\frac{RT}{TP}\)
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Question 1790
jamb1993
Determine the marginal revenue if the total revenue is 80.00
A6.00
B12.00
C14.00
D18.00
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Question 1791
jamb1993
Given an output of 3 units, the average is
AN16.00
BN18.00
C20.00
D24.00
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Question 1792
jamb1993
The international Bank for Reconstruction and Development is important to developing countries because it?
Agives loans to member countries for legal proceedings
Boffers grants and aid for defence
Coffers loans to member countries for socio-economics activities
Doffers grants and aid to finance luxury projects
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Question 1793
jamb1993
Tariff on imports are meant to?
Aprevent a foreign goods
Bdiscourage exports
Cencourage exports
Dincrease the level of external dependency
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Question 1794
jamb1993
From which of the following does Nigeria derive trade concessions?
AIMF
BWorld Bank
CADB
DEEC
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Question 1795
jamb1993
Devaluation is effective when?
Ademand for imports is price inelastic
Bdemand for imports is neutral
Cproduction for export is low
Ddemand for exports is price elastic
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Question 1796
jamb1993
Comparative advantage implies that a country will specialize in producing the commodity?
Awith the highest opprotunity cost
Bfor which output per worker is lower than in other countries
Cwith the lowest opportunity cost
Dfor which output per worker is the same with those of other countries
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Question 1797
jamb1993
Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.
ii A large market industries producing under condition of decreasing cost.
iii Competition for home based monopoly firms
Ai and ii only
Bi and iii only
Cii and iii only
Di,ii and iii
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Question 1798
jamb1993
Below equilibrium, the gap between aggregate demand and the full employment level of income is called the?
Ainflationary gap
Bincome gap
Cunemployment gap
Ddeflationary gap
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Question 1799
jamb1993
The GDP of Nigeria will be greater than her GNP if?
Athe value of goods and services to Nigeria is greater than the value of those from Nigeria
Bconsumption is greater than investment
Cgovernment expenditures are greater than the foreign aid received
Dthe value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
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Question 1800
jamb1993
The best index for international comparison of standards of living is the?
