Question 1 of 20 4,545 total questions
Joint ventures are partnerships involving
A the poor and the rich
B employers and workers
C government and private investors
D multinationals and individuals
one main benefit of partnership is
A the possibility of raising funds on the stock exchange
B the possibility of attracting twenty one or more members
C that members can specialize in various functions
D that it enjoys its own separate legal entity
The market structure in which the operation are many and none of them can influence the price is
A imperfect market
B perfect market
C oligopolistic
D stock market
For both the monopolist and the perfectly competitive firm , profit maximizing output occurs at the point where the
A marginal cost curves cuts the marginal revenue curve from below
B marginal revenue curve cuts the marginal output from above
C marginal cost curve intersect the X-axis
D marginal revenue curve intersects the Y-axis
When a change in price does not affect the quantity demanded of a commodity , the price elasticity of demand is
A fairly inelastic
B infinitely elastic
C perfectly inelastic
D unitary elastic
Demand for inferior goods is an example of
A expansion of demand
B contraction of demand
C individual demand
D abnormal demand
The gap between demand and supply curve below the equilibrium price indicates
A excess demand
B excess supply
C equilibrium quantity
D equilibrium price
The distribution of goods is said to be completed when it reaches the
A wholesalers
B consumers
C retailers
D manufacturers
One of the problems associated with the middlemen in the distribution of goods is that he
A buys in large quantities
B hoards goods
C grants credit to the retailers
D sells varieties of goods
A major effect of ageing population is
A reduced labour force
B rise in price of commodities
C reduced infrastructures
D neglect of agriculture
Natural growth rate is
A birth rate less death rate
B death rate less migration
C death rate plus birth rate
D birth rate plus migration
An entrepreneur is likely to make more profits when
A expenditure is more than revenue
B competitors charge lower prices
C costs per unit output falls
D quantity of output reduces
division of labour is limited by
A the size of the market
B the productivity of capital
C cost of production
D the factors of production
As a firm expand s , it enjoys some advantages called
A variable proportion
B diminishing marginal returns
C internal economies of scales
D decreasing returns to scale
The concept of opportunity cost is important to the firm because it
A determines the price of the firms products
B increases the level of output of the firm
C leads to maximum satisfaction of the consumers
D guides firms in allocating scarce resources
An economic goods is described as a good which
A yields utility and commands a price
B is useful and occupies a space
C is in high demand and transferable
D has unlimited supply
Mixed economy refers to a system in which the means of production are controlled by
A private enterprises and the government
B private indidviduals
C the government only
D the workers and businessmen
In a capitalist system, the means of production is owned and controlled by
A the government
B politicians
C private indidviduals
D the workers
A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers
A I and IV only
B I,II,III and IV
C I, II and IV only
D I, II and III and III
The three broad categories of productions are
A direct, secondary and extractive
B primary, tertiary and direct
C primary, secondary and tertiary
D secondary , primary and direct
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