Question 1 of 20 4,545 total questions
Farmers' income may fall if they produce more cash crops for export because?
A foreign demand is inelastic
B the price of the crops will rise
C of domestic currency depreciation
D of export duties
The type of business finance that entitles the holder to a fixed rate of dividend is?
A perferred stock
B common stock
C debenture
D bank loan
The main reason for the current programme of privatization and commercialization of public enterprises in Nigeria is to?
A reduce public expenditure
B encourage efficiency in the performance of such enterprises
C reduce the number of public enterprises
D raise the prices of goods and services produced by the enterprises
The main handicap of sole proprietorship is?
A limited liability
B lack of technical know-how
C low profit margin
D inadequate capital
An important function of the retailer is to?
A grant credit to the wholesaler
B break bulk and sell products in small units
C reduce cost of distribution
D generate demand for products through advertisement
A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in?
A pure competition only
B pure monopoly only
C monopolistic competition only
D any type of market
The demand curve for a normal good will shift to the left if?
A the incomes of consumers rise
B the price of the goods rises
C the price of complementary goods rises
D advertising expenditure on complementary goods increase
If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a?
A fall in both quantity of demand and total revenue
B fall in the quantity demanded and rise in total revenue
C fall in the quantity demanded and rise in marginal revenue
D rise in both the quantity demanded and the marginal revenue
The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the?
A role of supply and demand
B role of material incentive
C existence of buyers and sellers
D role of money
The U-shape of the long run average cost curve can be explained by the?
A law of increasing returns
B law of constant returns
C law of diminishing returns
D concepts of economies and diseconomies of scale
The higher the price of capital relative to the price of labour, the more production techniques should be?
A labour-intensive
B capital-intensive
C fixed
D technology-intensive
BY definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation?
A VC =TC + FC
B VC = TC - FC
C VC = TC/FC
D VC = (TC)(FC)
The migration of young people from rural to urban areas in Nigeria should help to raise the?
A standard of living in the urban areas
B total productivity of labour in the rural areas
C marginal productivity of labour in the rural areas
D marginal productivity of labour in the urban areas
the major objective of current campaign for family planning in Nigeria is to?
A reduce the death rate
B limit the number of women a man can marry
C keep the population growth rate constant
D raise the standard of living of the population
Which of the following is applicable in a wholly capitalist economy?
A There is government intervention in price determination
B Consumer sovereignty does not exist
C The price mechanism allocates resources
D Households cannot freely decide what to spend on goods and services
For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the?
A amount of X it could not produced
B amount of Y it produced
C total amount of Y it could have produced
D extra amount of Y it could have produced
Scale of preference refers to?
A consumers preference for luxury goods
B the household monthly income
C list of goods and servicesin order of priority
D budget perparation without paying due regard to priority
Which of the following situations can give rise to economic problems?
A Unlimited human wants
B Wants of varying important
C Limited means available for satisfying wants
D Means used in different ways
Which of the following is not an argument for locating industries in rural areas?
A Rural areas supply agricultural raw materials
B the pace of development of rural areas will be quicken
C Employment will be for rural inhabitants
D capital is easily available in rural areas
E Rural-urban migration will decrease
Palm oil industry in located in Bendel State because the state
A imports raw materials for the industry
B has a poor soil which is unsuitable for other crops
C is a palm-tree growing area
D government does not engage in the growing of other crops
E has the highest demands for apl oil in Nigeria
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