Question 1 of 20 140 total questions
Economist speaks about ‘opportunity cost’ when a consumer
A he has the change to minimize cost
B has to forgo one thing in order to have another
C can equate his fix costs with his variable costs
D is able to save part of his income
Localization of industry refers to the
A conentration of the firms of an industry in a particular area
B siting of industries in rural areas
C even spread of industries
D governement policy of influencing
Despite the benefits large firms enjoy, it could be limited by the
A a desire to make maximum profit
B introduction of efficient transport system
C growth of specialization
D extent of the market
Which of the following is an advantage of division of labour?
A production of specialized goods
B employment of experts
C monotony of work
D Greater use of machinery
One of the advantages of large scale production is that
A there is a rise in the cost of administration
B consumers sacrtifice their indidvidual tatstes
C the firm can use labour-saving machinery
D the demand for a firm's product becomes localized
Land is a factor of production because it
A is a free gift of nature
B contains valuable mineral resources
C assits in the creation of utility
D is owned by individuals and governments
Which of the following is a reward to a factor of production?
A interest
B donation
C gifts
D subsidy
Warehouse facilities in the distribution and marketing of products are provided by
A manufacturer
B wholesaler
C retailer
D advertisers
Subsistence production means that goods and services are
A produced for consumption only
B sold to others
C sold in the country
D produced for the market
The most frequent occurring value in a given data is the
A mode
B median
C mean
D range
Economics is best described as the study of
A the wealth of nations
B how man consume his products
C how man provides for his everyday needs
D the distribution of wealth
If goods P and Q are purchased by a consumer, a fall in the price P with the price Q unchanged will cause the budget line to
A shift parallel inwards
B rotate outwards away from the origin
C rotate inwards towards the origin.
D shift parallel outwards
In the diagrams, the opportunity cost of a unit of cotton in terms of cocoa is
A 4 for Ghana; 2 for Nigeria
B 20 for Ghana; 60 for Nigeria
C 1/4 for Ghana; 1/2 for Nigeria
D 5 for Ghana; 30 for Nigeria
In the diagram above, what is the excess demand at the price of N60
In the pie chart below, the percentage for children is equivalent to
A 288 o
B 720 o
C 90 o
D 144 o
In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is
As a country gets more developed, the percentage of labour engaged in agriculture tends to?
A remain constant
B decrease steadily
C switch over to trading
D increase steadily
The major purpose of African Development Bank is to?
A provide loans for trade development
B provide loans for infrastructural development
C provide loans for develpment banks in distress
D educate peasant farmers in new techniques
One of the problems arising from the localization of industries is?
A high prices of output
B the exportation of output
C the scarcity of foreign exchange
D structural unemployment
The present privatization policy in Nigeria is aimed at?
A reducing income inequality
B reducing the prices of goods and services
C poverty alleviation
D increasing efficiency in production
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