Question 1 of 20 87 total questions
Localization of industries refers to the?
A tendency to concentrate industries in particular areas
B sitting of industries in certain areas
C deliberate policy of influencing location of industries generally
D zoning of industries
Under partnership, investors who have no desires to be actively involved in the day-to-day management of such organization, are called?
A stockholders
B sleeping partners
C part-time investors
D ordinary partners
The most important limitation on the partner as a form of business enterprise is the?
A implication for partners'liability
B legal limitation placed on the number of partners
C difficulties arising from having two co-ordinate heads of a firm
D fact that each partner regardless of the capital he contributes, must have the same voting rights
In a public company, enterpreneurial functions are performed by the?
A workers
B shareholders
C general manager
D board of directors
The additional revenue obtained by using one more unit of a factor is called?
A average product
B marginal product
C diminishing returns
D marginal revenue product
Price leadership is?
A a form of tacit collusion
B used to explain price rigidity
C illegal in nigeria
D a form of overt collusion
In the short run, the monopolistic competitors?
A always makes profit
B always incurs a loss
C always breaks -even
D may close down
Which of the following is TRUE at the quantity of output where Average Cost (AC) per unit has reached its minimum level?
A AVC=FC
B MC=AVC
C MC=AC
D AC=AFC
If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?
A not decrease in number
B keep output at the same level but make losses
C reduce production
D intensity the advertisement of their products
Total revenue is always equal to?
A marginal revenue multiplied by the quantity sold
B average revenue plus marginal revenue
C marginal revenue multiplied by marginal cost
D average revenue multiplied by the quantity sold
One of the characteristics of an imperfect market is?
A a large number of buyers and sellers
B a lack of homogeneity of products
C an adequate awareness of market conditions by buyers and sellers
D the availability of substitutes
One factor which influences the slope of a non-linear demand curve for a commodity is the?
A price of the commodity
B quantity of the commodity demanded
C availability of substitutes
D available of complements
Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?
A Both the price and the quantity fall
B The price rise and the quantity falls
C The price falls and the quantity rises
D Both the price and the quantity rise
If goods were free, a rational consumer would consume?
A an infinite amount of each good
B the amount where marginal utility became zero
C the same amount as when each good had a price
D the amount where marginal utility was the highest
A commodity is said to have a derived demand when the commodity
A and another have joint demand
B is demanded because of what it can help to produce
C is demanded for different purposes
D has inelastic demand
The output at which total revenue equals total cost is known as?
A profit-maximizing output
B break even level output
C loss-minizing output
D least-cost output
Total fixed cost measures the cost of?
A all plant and machinery
B all assets where quantity cannot be varied in the short run
C all assets upon which the firm has control
D prooerty owned by the firm
The assumption of profit maximization implies profit?
A is the most important consideration of the firm
B is the sole consideration of the firm
C assumes an insatiable propotion in the instinct of management
D is made in other to break-even
The law of Diminishing Returns begins to operate when?
A total product begins to rise
B total product begins to fall
C marginal product begins to fall
D marginal product begins to rise
Which of the following BEST describes the production function?
A it indicates best output to produce
B it relates naira inputs to naira output
C it relates physical outputs to physical inputs
D it indicates the best way to combine factors to produce given output
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