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Inflation is best described as ___.
Correct answer: Option B — A persistent rise in the general price level
Inflation is a persistent rise in the general price level of goods and services in an economy over time.
Elasticity of demand for salt is likely to be ___.
Correct answer: Option B — Inelastic
Salt is a necessity with no close substitutes, so demand does not change much with price. Its elasticity is inelastic.
Gross Domestic Product (GDP) measures ___.
Correct answer: Option B — The total value of goods and services produced within a country
GDP is the monetary value of all finished goods and services produced within a country's borders in a specific period.
The law of demand states that, all other things being equal, as price increases, quantity demanded ___.
Correct answer: Option B — Decreases
The law of demand shows an inverse relationship: as price rises, consumers buy less. Quantity demanded decreases.
Which institution is responsible for issuing currency in Nigeria?
Correct answer: Option B — Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) is the apex bank and sole authority responsible for issuing the Naira currency.
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