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Economics Past Questions and Answers

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Economics Questions

Question 1096:

For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the?

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A Amount of X it could not produced
B Amount of Y it produced
C Total amount of Y it could have produced
D Extra amount of Y it could have produced

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Question 1097:

Which of the following is applicable in a wholly capitalist economy?

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A There is government intervention in price determination
B Consumer sovereignty does not exist
C The price mechanism allocates resources
D Households cannot freely decide what to spend on goods and services

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Question 1098:

the major objective of current campaign for family planning in Nigeria is to?

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A Reduce the death rate
B Limit the number of women a man can marry
C Keep the population growth rate constant
D Raise the standard of living of the population

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Question 1099:

The migration of young people from rural to urban areas in Nigeria should help to raise the?

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A Standard of living in the urban areas
B Total productivity of labour in the rural areas
C Marginal productivity of labour in the rural areas
D Marginal productivity of labour in the urban areas

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Question 1100:

BY definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation?

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A VC =TC + FC
B VC = TC - FC
C VC = TC/FC
D VC = (TC)(FC)

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