economics

Whatever form an economic system may take, the choice is essential for members of the community because resources are?

A. scarce B. unlimited C. free D. many Correct Answer: Option A A. scarce Explanation The basic problem of every…

6 years ago

Given two substitute goods (X and Y) with demand and supply function; Qd = 7p – 12; Qs = 4p + 9. Find the magnitude of excess demand when p = ₦18

A. 303 B. 30 C. 114 D. 33 Correct Answer: Option D D. 33 Explanation To find quantity demanded when…

6 years ago

The basic and essential economic problems in a community are related to choice and?

A. Freedom B. Scarcity C. Social class D. Politics Correct Answer: Option B B. Scarcity Explanation Every society is faced…

6 years ago

The birth rate in 1976 for a certain country with a population of 10m was 8.0. This means that in 1976?

A. there were 80,000 live births in the country B. there were 6,400 live births in the country C. there…

6 years ago

External economies arise essentially from?

A. a firm's individual policies B. localization of industry C. government economic policy D. free transferability of shares Correct Answer:…

6 years ago

The basic principle underlying location of industry is the tendency for production of a commodity to be located on the basis of?

A. division of labour B. employment trends C. relative costs and benefits D. immobility of skilled labour Correct Answer: Option…

6 years ago

Most of the National debts are “dead weight” in the sense that is?

A. bound to increase from year to year B. accumulated as a result of past capital investment C. the responsibility…

6 years ago

When a member’s currency is declared “scarce”, it is the duty of the IMF to?

A. suspend the member state indefinitely B. ban all exports from that state C. suspend dealings in that currency for…

6 years ago

The oil boom between 1970 – 1980 caused the oil sector to become?

A. the main source of government B. management of spillage and pollution C. protection to the local operators in the…

6 years ago