Question 1 of 20 50 total questions
what is the effect of pursuit of higher education on the size of labour force?
A it makes labour force to be defective
B it brings higher wage rate
C it increases the size of labour force
D it reduces the size of labour force
A market in which a single price obtains for a product is known as
A a product market
B a capital price market
C an imperfect market
D a perfect market
which of the following is a condition necessary for a perfect market?
A the goods are heterogenous
B there is preferential treatment
C there is a large number of buyers and sellers
D buyers and sellers are easily influenced
One advantage of a sole proprietor is that
A it can be managed without conflicts
B the sole proprietor raises money from the public
C it makes an increase in the volume of business possible
D there is no limit to the number pf people who may bring in capital
which of these is true of a perfect competitor?
A P = AR < MR
B P > AR = MR
C P = MR < AR
D P = AR = MR
What accounts for the ‘U-shaped’ of the short run average cost (AC) curve?
A the law of variable proportions
B increasing returns to scale
C decreasing use of inputs
D change output during the production period
labour can be efficient when there are
A adequate tools to work with
B high level of employment
C limited vacancies
D government restrictions
A society that operates below the production possibility curve is using its productive resources
A optimally
B efficiently
C inefficiently
D maximally
which of the following sector is most capital intensive?
A insurance
B petroleum
C commerce
D tourism
who among the following is the intermediary between the producer and the retailer?
A agent
B wholesaler
C consumer
D distributor
The relationship between Marginal Product (MP) and Average Product (AP) is such that they are equal when
A average product is maximum
B Average product is minimum
C Marginal Product is maximum
D Marginal Product is increasing
A consumer maximizes his utility in consuming a good 'X' when
A Mux = Px
B Px > Mux
C price is falling
D Mux > Px
Government fixing of prices below the equilibrium point is aimed at protecting the
A sellers
B industries
C distributors
D consumers
The interaction of supply and demands for labour determines
A production
B income
C wage
D profits
If an increase in earning leads to more of of a commodity being demanded, the good is said to have
A positive income elasticity
B negative income elasticity
C positive cross elasticity
D negative cross elasticity
In the short-run commodity X and commodity Y are supplied jointly, which of the following is correct?
A An increase in demand for X will increase supply of Y
B An increase in demand for X will leave the supply of Y unchanged
C An increase in demand for Y will raise the price of X
D An increase in demand for X will cause less of Y to be produced
At a co-efficient of price elasticity of supply of 0.5, supply is
A perfectly inelastic
B inelastic
C perfectly elastic
D elastic
If a fall in price of one commodity leads to an increase supply of another commodity, both commodities have
A composite supply
B joint supply
C competitive supply
D short run supply
When the price of a commodity increases and the quantity demanded also increases, this is a case of
A exceptional demand
B derived demand
C competitive demand
D joint demand
The type of demand that exist between torchlight and battery is
A competitive demand
B complemetary demand
C composite demand
D joint demand
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