Question 1 of 20 50 total questions
The Nigeria Bank for Commerce and Industry is?
A a commercial Bank
B a developmment bank
C an industrial bank
D a merchant bank
Which of the following advantages of localization of industries may also be a disadvantage?
A External economies
B Concentration of industries and of people
C Development of organized markets
D Reduced costs of research
Which of the following is an external economy derived by a firm?
A Low cost opportunities enjoyed by being in a place where other producers concentrate
B Technical economics enjoyed by varying the factors of production
C Economics of management by putting administrators where the are most efficient
D marketing advantages attained through preferential treatment in the purchase and distribution of produce
One of the advantages of a partnership over a sole proprietorship is that?
A it is the most popular form of business organization
B the patern can easy withdraw from business
C it makes an increase in the capital of the business possible
D there is no limit to the number of people who may bring in capital
Which of the following is a characteristic of private limited liability company?
A its shares can be sold to the public
B the number of shareholders ranges from fifty to one hundred
C all shareholders have equal powers and responsibilities
D the number of shareholders ranges from two to fifty
In a public company, shares are?
A sold to one person only
B distributed freely
C advertised to members of the public for subscription
D disposed by the Chief Executive
The most important advantage of co-operative societies is?
A their high degree of democracy
B the increase inthe cost of marketing
C that member are encouraged to save money
D the possibility of raising loans for the members
In the normal channels of distribution the breaking of bulk is performed by the
A producer
B wholesaler
C retailer
D consumer
A monopolist will practice price discrimination in two markets if?
A the cost of separating the markets is large
B the markets have different elasticities of demand
C there is free flow of information in the two markets
D there is a patent of the commodity
A producer sustains a loss in the short run if
A marfinal revenue is less than price
B price is less than average cost
C average variable cost is less than average cost
D marginal cost is less than marginal revenue
One major difference between monopoly and perfect competition is that?
A the perfect competitor is a price taker while the monopolist determines his own output
B homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
C sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
D there is free entry and exist in perfect competition but no free exist in monopoly
Which of the following is an important function of prices in a market economy?
A Ensuring that resources are used in the most efficient manner
B Ensuring an equitable distribution of goods and services
C Ensuring that all industries are perfectly competitive in the long run
D Equating level of purchases with level of needs
The revenue accruing to the seller of commodity X as a result of a fall in price will
A increase `
B fall
C first fall but will increase later
D remain unchanged
Use the table below to answer question 17 and 18.
The main function of price mechanism is to?
A limit consumer demand
B enable producers make profit
C allocate scarce resources among competing ends
D ensure consumer sovereignty
Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?
A induce greater demand for beef
B induce greater demand for fish
C induce lower demand for fish
D equate demands for beef and fish
In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The
A individual's money income
B price of subtitutes
C price of complementary goods
D price of the commodity under consideration
Which of the following statements describes a mixed economy?
A The government and the private sector interact in solving the basic economic problems
B The invisible hand solves the basic economic problems
C The government produces and distributes all goods and services
D Society answers the 'what', 'how', and 'for whom' questions only through the market system
What fundamentally determines how much a consumer spends in a producer's shop?
A Individual's propensity to consume
B level of his taxation
C level of his income
D Individual's taste or fashion
Population density refers to?
A densely populated urban centres
B the total area divided by the total population
C densely populated rural areas
D the total population divided by the total area
Next
Question Navigator
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
