Question 1 of 20 1,723 total questions
A certain amount of money is needed for everyday expenditure like buying of goods, transportation and others. This is
A transaction demand for money
B precautionary demand for money
C derived demand for money
D speculative demand for money
The most important quality of money is that it must be
A relatively scarce
B generally acceptable
C portable
D durable
To promote the development of agricultural sector, government of West African countries should
A encourage rural-urban drift
B discourage foreign investment in agriculture
C support the marketing of farm produce
D reduce tarrif of food imports
An example of a producer goods is a
A tin of milk
B hammer
C loaf of bread
D shirt
A negative effect of the presence of a large number of middlemen in the distributive network is
A greater variety of goods
B greater quality of goods
C lower price of goods
D higher price of goods
which of the following is a middleman in the chain of distribution?
A An entrepreneur
B a producer
C a banker
D a retailer
the return of investment that is just sufficient to satisfy the owner of a business is called?
A economic profit
B business profit
C normal profit
D excess profit
The main objective of privatizing a government business is to
A create additional employment
B increase expenditure
C source for new funds
D increase the level of efficiency
The practice whereby a business is owned by two or more independent firms is termed
A indigenization
B joint venture
C commercialization
D foreign investment
when a firm is nationalized ,
A former owners are removed without compensation
B it has the right o draw on state funds for capital investment
C it must break even within a specific period
D workers take control of the firm
which of the following is a characteristics of monopoly
A many sellers
B Homogenous commodity
C a single seller
D Perfect knowledge
Patents are examples of
A natural barriers to entry
B legal barriers to entry
C illegal barriers to entry
D unnatural barriers to entry
in a situation where demand is perfectly elastic , imposition of tax on a commodity to raise its price will result in
A consumers increasing their demand for the product
B consumers' demand for the product remaining unchanged
C consumers shifting completely to substitute products
D suppliers increasing the supply of the product
If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be
A inferior goods
B substitutes
C complements
D free goods
The demand for beans in bags is given by the function Q - 36 + 0.4P = 0.
Where P is price in naira and Q is quantity.
Find Q when P = 20 naira.
A 12 bags
B 24 bags
C 28 bags
D 30 bags
The lower the price of a commodity, the greater the quantity demanded. This is based on the assumption that the consumers’
A income is diminished
B income remains the same
C utility is diminished
D population is high
Given that TR is total revenue, then TRn -TR (n-1) can be used to find the
A marginal revenue
B marginal cost
C average cost
D average revenue
Revenue is the
A total profit made after sales
B amount spent on purchase
C amount of goods produced
D total money realized from sales
What must be added to variable cost to give total cost?
A average total cost
B average variable cost
C fixed cost
D marginal cost
When population is classified according to professions, it is called
A geographical distribution of population
B age distribution of population
C sex distribution of population
D occupational distribution of population
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