Question 1 of 20 49 total questions
The term demand for money means
A desire to borrow money from people
B desire of an individual to invest all his money in projects
C willingness of people to hold money
D wilingness of people to keep all their resources in assets
Acceptability, durability, homogeneity and portability are all attributes of good
A markets
B money
C banks
D government
The direct exchange of one goods for another without the use of money is known as
A foreign exchange
B exchange rate
C expenditure rate
D barter
The profit of the producers can be calculated as the
A total cost less total revenue
B average revenue less average cost
C total revenue less total cost
D marginal revenue less marginal cost
information about new goods is passed on to buyers through
A advertising
B retail trade
C the manufacturer
D wholesale trade
In which of the following business units are the owners mostly customers?
A co-operatives
B limited liability companies
C partnerships
D public corporations
Wholesalers are often criticized because they
A help to break the bulk
B finance producers
C increase prices
D provide after-sales services
One-man business are 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 tendency to become joint-stock compsnies
The transfer of ownership of a public enterprise to individuals and firms is called
A commercialization
B nationalization
C privatization
D restructuring
If elasticity of demand for a commodity is less than one, demand is
A unitary elastic
B inelastic
C infinetelt elastic
D zero elastic
one of the factors determining price elasticity of demand for a commodity is the
A availability of close substitutes
B number of producers
C government policy
D price of other commodities
If the government fixed a price of a commodity above equilibrium price, the quantity supplied will be
A less than quantity demanded
B equal to the qauntity demanded
C greater than quantity demanded
D equal to zero
At the equilibrium price, quantity demanded is
A greater than quantity supplied
B equal to quantity supplied
C less than quantity supplied
D equal to excess supply
amount of goods offered to the market at respective prices and presented in a table is called
A price schedule
B supply schedule
C scale of preference
D demand schedule
The desire for goods without the ability to pay is called
A choice
B effective demand
C joint demand
D wants
Price control refers to
A the way of making more goods available in the market
B a policy of ensuring stable price in the market
C a general reduction in the price level
D effective working of the forces of demand and supply
To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its
A marginal utility
B total utility
C average utility
D variable utility
a factor that has slowed down the rate of industrial development in West Africa is
A inadequate technology
B increasing rate of manpower production
C increased demand for local goods
D intervention of the government in business activities
A group of firm producing similar commodities for the same market constitute
A a cartel
B an industry
C a co-operative
D wholesaler
Age distribution is important because it helps the government to
A check rural-urban drift
B determines the number of foreigners
C determines the number of factories
D undertake effective planning
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