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If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?
Agreater than the equilibrium supply
Bsmaller than the equilibrium supply
Cthe same as the equilibrium supply
Da determinant of the market forces of equilibrium
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Question 1802
jamb1993
If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the?
Amarginal revenue of the enterprise
Bmarginal revenue product of labour in the enterprise
Caverage revenue of the enterprise
Dmarginal cost of production
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Question 1803
jamb1993
If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be?
Aless than zero
Bdecreasing
Cconstant
Dincreasing
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Question 1804
jamb1993
A firm faces diminishing returns when its?
Atotal output diminishes
Baverage output diminishes
Cmarginal output diminishes
Dmarginal revenue diminishes
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Question 1805
jamb1993
In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its?
Alowest point
Bmiddle point
Cmaximum point
Ddownward slopping section
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Question 1806
jamb1993
If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be?
A6.00 tonnes
B5.68 tonnes
C0.60 ton
D0.57 ton
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Question 1807
jamb1993
An accurate census is important to a country because it helps?
Ain solving unemployment problem
Bto ensure equitable population redistribution relative to natural resources
Cin deciding on the creation of more local government
Din providing a second basis for formulating development policy
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Question 1808
jamb1993
Which of the following factors is NOT responsible for the rural/urban drift in Nigeria?
AThe infrastructural facilities in cities
BDeclining fertility of rural farmlands
CRural electrification programme
DHigher living standards in urban areas
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Question 1809
jamb1993
The working population refers to?
Aa population where the average age is falling
Bthe population within the '0 -14'age bracket
Cthe economically active segment of the population
Dthe dependent population
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Question 1810
jamb1993
A system in which the means of production is held in trust for the people by government is known as a?
Asocialist economy
Bcapitalist economy
Csubsistence economy
Dmixed economy
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Question 1811
jamb1993
The main function of the price system is to?
Adistribute resources equally among competing ends
Bensure efficient allocation of resources in the economic system
Callocate goods and services equally
Dminimize cheating
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Question 1812
jamb1993
It is impossible to satisfy all human wants because?
Aareas of fertile land are very limited
Boceans and seas limit land space for farming
Cresources are not equitably distributed
Davailable resources are limited
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Question 1813
waec1992
Land is often different from other factors of production because it
Ais a free gift of nature
Bconstitutes one-third of the entire world
Chas different grades
Dis owned bt individuals
Eis owned by government
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Question 1814
waec1992
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
Abudget deficit
Bbalanced budget
Cbudget surplus
Dbudget statement
Eunfavourable budget
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Question 1815
waec1992
The situation where government revenue in a fiscal year is less than its expenditure is referred to as
Abudget deficit
Bbalanced budget
Cbudget surplus
Dbudget statement
Eunfavourable budget
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Question 1816
waec1992
indirect tax are taxes which
Aare levied on the income and profit of the individuals and firms
Balways affects the producer only
Care bassed on the progressive principles
Dare based on the regressive principles
Eare levied on goods and services purchased by individuals and firms
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Question 1817
waec1992
inflation caused by increase in demand is known as
Acost-push inflation
Bhyper-inflation
Cdemand-pull inflation
Dcreeping inflation
Erunaway inflation
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Question 1818
waec1992
which of the following is not the function of a commercial bank
Aaccepting deposits from the publicv
Bserving as banker to the government
Clending to the public
Dsafekeeping of valuables
Eundertaking foreign exchange transaction of customers
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Question 1819
waec1992
Money supply is the
Acurrency available in the banks
Bcurrency in circulation and time deposits
Ccurrency in circulation and saving deposits
Dcurrency in circulation and demand deposits
Emoney scarcity
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Question 1820
waec1992
when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as
