Question 1 of 20 4,545 total questions
The circular flow of income defines the?
A relationship between ends and means in the economic system
B allocation of income to various members of the household
C flow of goods, services amd money among the various micro-sectors of the economy
D micro-economic relationships in economic analysis
Opportunity cost is an economic concept which describes the?
A monetary equivalent of the utility of a commodity
B amount of time or money invested on a commodity
C sacrifice made for the satisfaction of a want
D cost of retaining an optimum level of production of commodities
The basic economic problems of the society include?
A what to produce, how and for whom
B how to produce and sell
C scarcity, when to produce and how
D scarcity, for whom to produce and where
Which of the following is not a reason why statutory are run only by the government?
A The duplication of some services will lead to resource wastage
B all corporation provides services which individuals cannot provide
C Essential services must be provided irrespective of the economic system adopted
D some corporations require large financial capital which may not be easy to acquire by individuals
E There is need to protect consumers from exploitation
One-man business is popular in West Africa because of all the following , except the
A ease of entry
B small capital required
C limited enterpreneur skills needed
D ease of decision making
E tendency to become joint-stock companies
Division of labour gives rise to
A the exchange of goods and services
B the use of barter system
C the production of limited goods
D unemployment
E delay in production
Which of the following is not a middleman in the distribution channel? The
A wholesaler
B distributor
C agent
D cosumer
E retailer
An economic system in which the state owns and controls the means of production is known as
A free enterprise
B socialist economy
C mixed economy
D capitalist economy
E welafare company
A scale of preference is a list
A of consumer's wants arrange in order of importance
B thaqt helps the individual to make rational choice
C that enables the consumer to make a wise decision about his choice
D that is necessary because human beigns are faced with competitive wants
E os all satisfied wants arrange in order of magnitude
A firm's compulsory cost whether it is in production or not , is referred to as its
A prime cost
B variable cost
C marginal cost
D fixed cost
E average cost
Capital as a factor of production is important because
A it enables us to carry out task which can not be done by human effort only
B most tasks can be done with bare hands
C people can work without capital
D without capital all the factors are useless
E it provides money which is essnetial for the growth of business
Land is a most significant factor in terms of contribution to the economy because
A it enables us to build industries
B we build houses on it
C all our highways are constructed on it
D we get a lot of fishes from it
E vital resources from it enrich the economy
Which of the following is not a source of finance for a one-man business?
A money lenders
B inheritance
C loans from insurance companies
D loans from banks
E Sales of shares
If price falls below the equilibrium
A Demand will equal supply
B Demand will be greater than supply
C Supply will be greater than demand
D Price will become indeterminate
E Quantity supplied will be zero
The main objective of production by entrepreneur is to
A equate marginal revenue with marginal cost
B provide employment opportunities
C equate total revenue with total cost
D equate average revenue with average cost
E acumulate wealth for the nation
The price system is
A the market price of commodities
B a market where a single price rules
C a system of price allocation to the products of the same firm
D a system of resource allocation through supply and demand interaction
E a system which the market price is determined only through haggling
A market equilibrium exist when
A demand and supply are equal
B the market is large
C the price is fluctuating
D no buyer goes home empty-handed
E no seller has an unsold stock
A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as
A joint supply
B derived demand
C competitive demand
D competitive supply
E composite demand
The growth of the population is the ?
A annual increase in population
B total population of a country at a given time
C addition to the total population over a given period
D increase in the working population over a given period
E percentage increase in population in a given year
the occupational distribution of population in most West African countries shows the highest concentration in
A agriculture and aalied industries
B mining and manufacturing
C the distributive trade
D commerce and industries
E mining and services
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