Economics (2016) | Study Mode

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Question 21
A
The price of the commodity
B
Availability of factors of production
C
The prices of factors of production
D
Income of the consumers
Explanation

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Correct option: D
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Question 22
A
Nigeria produces cocoa more cheaply than Ghana
B
Nigeria and Ghana produce at the same level
C
Ghana produces cocoa more than Nigeria
D
Nigeria produces more cocoa than Ghana
Explanation

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Correct option: D
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Question 23
A
Reviewing the land tenure system
B
Ensuring even distribution of farm inputs
C
Embarking on irrigation farming
D
Establishing agricultural marketing boards
Explanation

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Correct option: D
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Question 24
A
Unemployment
B
Unlimited resources
C
Scarcity of resources
D
Overpopulation
Explanation

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Correct option: C
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Question 25
A
2
B
0.5
C
1.5
D
1
Explanation

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Correct option: B
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Question 26
A
Taxes, Fees, licenses and fines
B
Personal income, disposable income and transfer earnings
C
Interest, dividends, profits and earnings
D
Grants, aids and borrowing
Explanation

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Correct option: B
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Question 27
A
The federal government
B
Private and individual organizations
C
The state government
D
The federal and state governments
Explanation

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Correct option: B
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Question 28
A
Galloping inflation
B
Imported inflation
C
Demand-pull inflation
D
Cost-push inflation
Explanation

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Correct option: C
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Question 29
A
Elastic
B
Unitary
C
Inelastic
D
Zero
Explanation

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Correct option: D
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Question 30
A
Ensuring equitable distribution of income
B
Liberalizing all sectors of the nation's economy
C
Encouraging the development of manufacturing sector
D
Achieving self-sufficiency in food production
Explanation

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Correct option: D

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