Question 1 of 16 36 total questions
All the following are the economic reasons for establishing public enterprises except the provision of ,
A An avenue for expressing national prestige
B Services at a cheaper cost
C Socially necessary facilities
D Services which are natural monopolies
E Employment opportunities
The Ownership of a Public Limited Company is made up of
A Two to twenty persons
B A minimum of seven shareholders
C A minimum of fifty and maximum of one hundred shareholders
D Two to fifty shareholders
E A maximum of fifty shareholders
In production, factory buildings are regarded as
A Variable cost
B Average costs
C Marginal costs
D Total cost
E Fixed costs
Diminishing return occurs in short run when there is a reduction in the
A Average product of the fixed factor
B Total product of the variable factor
C Total product of the fixed factor
D Marginal product of the variable factor
E Marginal product of the fixed factor
The process that leads to an agreement on the condition of service between employer and employee is termed
A Salary negotiation
B Arbitration
C Collective bargaining
D Conciliation
E Reconciliation
Rents and interest are rewards to
A Labour and capital respectively
B Land only
C Capital only
D Labour and land respectively
E Land and capital respectively
Decreasing returns to scale implies ta if all factors of production are doubled, output will be
A More than doubled
B Less than doubled
C Doubled
D Unchanged
E Trebled
The natural growth rate of a population is the
A Death rate plus net immigration
B Rate of migration divided by birth rate
C Birth rate minus death rate
D Sum of birth rate and net immigration rate
E Sum of birth rate and death rate
Which of the following correctly illustrates the chain of distribution?
A Manufacturer -> wholesaler -> retailer consumer
B Consumer -> retailer -> wholesaler -> manufacturer
C Wholesaler -> manufacturer -> retailer -> consumer
D Distributor -> consumer -> wholesaler -> manufacturer
E Producer -> manufacturer -> wholesaler -> retailer
Localization of industries is
A the industrialization of a country
B the concentration of the firm of an industry in a particular area
C the location of a firm at a particular locality
D the economic development of a locality
E governement intervention in the location of industries
Farm produce are graded, packed and distributed by
A purchasing co=operatives
B agricultural co-operative banks
C consumer co-operative society
D marketing co-operatives
E wholesale co-operatives
Subsistence agriculture means
A cultivation for external use
B cultivation for local industries
C farming for the urban dwellers
D cultivation for household consumption
E cultivation for foreign currency
MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the
A marginal utility equation
B equation for consumer dis-equulibruim
C utility maximization equation
D equation for total utility
E equation for price elasticity
If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are
A complementary
B in joint demand
C luxuries
D in composite demand
E substitutes
If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is
A 0.025
B 0.24
C 0.22
D 0.25
E 0.23
The ranking of a consumer’s need in order of importance is termed
A An opportunity cost
B Economies of scale
C A scale of preference
D The making of choice
E Direct production
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