Question 1 of 20 4,545 total questions
Average Variable Cost (AVC) curve
A is U-shaped
B rises from left to right
C Slopes upwards
D is horizontal to the X-axis
An association of workers in a particular industry, firm or line of job is called
A Trade union
B Trade association
C Chamber of commerce
D Assembly of workers
An industry can best be described as
A a place where goods are processed
B a place where different firms produced different goods
C an aggregation of indidvidual firms producing similar commodities
D the concentration of various firm in the same locality
The movement along the same curve is a
A change in demand
B change in quantity demanded
C shift in demand
D market demand
Wages are to some extent, determined by the
A Marginal utility of labour
B average utility of labour
C marginal productivity of labour
D total output of labour
Net migration is the difference between
A population and census
B immigrants and emigrants
C per capita income and population
D internal and external migration
Hassan , an economic teacher in Lagos, resigned his appointment and took yup another job as a banker . The The concept here involves
A occupational mobility of labour
B horozontal mobility of labour
C vertical mobility of labour
D geographical mobility of labour
one economic implication of over-population is that it
A leads to low demand s of goods
B reduce balance of payment difficulties
C leads to a fall in per capital income
D reduce pressure on the available social facilities
census of population is usually conducted every
A 20 years
B 15 years
C 10 years
D 7 years
Majority of West African labour force is engaged in
A industrial production
B agricultural production
C mining industry
D construction industry
The supply of labour can be influenced by the
A size of the population
B stage of economic development
C size of the country
D extent of the market
which of the following is a function of the retailer?
A provision of storage facilities
B financing manufacturers
C stocking variety of goods
D advertisement of goods
The consumers co-operative society is owned by
A a management committee
B members of the society
C debenture holders
D the government
The maximum amount of money a company is allowed to raise by issuing shares to the public is called
A paid-up capital
B fixed capital
C working capital
D authorized capital
One important feature of sole proprietorship is that
A it is limited liability business
B the business is owned by shareholders
C one person bears all the risks
D it is a legal entity
Public enterprises are established mainly to
A provide basic amenities for the people
B make goods available in the market
C make profit for the government
D compete with foreigners in the industrial sector
Dividing total variable cost by quantity of output gives
A Total cost (TC)
B Total Fixed Cost (TFC)
C Variable cost (VC)
D Average Variable Cost (AVC)
One of the internal economies of large scale production is
A administrative economies
B market economies
C regional economies
D horizontal economies
In production , the formula total product/number of men employed is used to calculate
A total product
B average product
C marginal product
D fixed product
The quantity supplied of a book per week is represented by the function: Qs + 70 + 1/2 P, At a price of N8.00, the quantity supplied is
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