Question 1 of 20 47 total questions
Cheques are not money because
A there use is confined to business hours
B there are few banks in the rural areas
C they are not generally acceptable as a medium of exchange
D they are not issued by government
Which of the following is a problem of trade by barter?
A exchange rate determination
B hoarding
C how to produce
D what to produce
Census figure of most countries in West Africa is inaccurate because of
A low cost of enumeration
B low per capita income
C high degree of illiteracy
D high level of civilization
Which of the following is not likely to be an effect of a growing population?
A rise in demand
B unemployment
C fall in standard of living
D high per capita income
One of the criticisms of population increase is that it result in
A a rise in people's standard of living
B low level of illiteracy
C low level of taxation
D increase in government expenditure
Malthus population theory stated that
A Higher death rate may lead to low productivity
B Population may outgrow the means of subsistence
C people will always decide to have children
D migration may leave some parts of the world barren
Which of the following statements about population is correct?
A Optimum population whenever achieved does not change
B Under-population implies that available resources are not use to full capacity
C Over-population leads to a higher per capital output
D Optimum population leads to overcrowding of cities
A commodity is said to have derived demand when it
A has a joint demand with another commodity
B is demanded by the rich only
C is demanded for immediate consumption
D is demanded because of what it can help to produce
An increase in the demand for butter reduces the demand for margarine, this type of demand is called
A competitive demand
B elastic demand
C derived demand
D composite demand
When elasticity is zero the demand curve is
A perfectly elastic
B Perfectly inelastic
C concave
D downward sloping
The National Electrical Power Authority (NEPA) in Nigeria is a
A Public Limited Company
B private limited company
C private authority
D public corporation
A limited liability company is owned by the
A president of the country
B workers
C general manager
D shareholders
small firms are important for the development of a country because
A the prices of their products are usually high
B they render personalized services to the consumers
C they usually produce goods for the elites
D they do not normally provide after sales services
The main objective of setting up private businesses is to
A protect the interest of the government
B maximize profits
C provide infrastructure
D promote exports
The location of timber and plywood industries in West Africa is mainly influenced by the availability of
A transport
B water
C raw materials
D labour supply
The cost which firm will incur whether it is in production or not, is referred to as
A average cost
B variable cost
C opportunity cost
D fixed cost
Economist speaks about ‘opportunity cost’ when a consumer
A he has the change to minimize cost
B has to forgo one thing in order to have another
C can equate his fix costs with his variable costs
D is able to save part of his income
Localization of industry refers to the
A conentration of the firms of an industry in a particular area
B siting of industries in rural areas
C even spread of industries
D governement policy of influencing
Despite the benefits large firms enjoy, it could be limited by the
A a desire to make maximum profit
B introduction of efficient transport system
C growth of specialization
D extent of the market
Which of the following is an advantage of division of labour?
A production of specialized goods
B employment of experts
C monotony of work
D Greater use of machinery
Next
Question Navigator
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
