Question 1 of 20 1,723 total questions
division of labour is limited by
A the size of the market
B the productivity of capital
C cost of production
D the factors of production
As a firm expand s , it enjoys some advantages called
A variable proportion
B diminishing marginal returns
C internal economies of scales
D decreasing returns to scale
The concept of opportunity cost is important to the firm because it
A determines the price of the firms products
B increases the level of output of the firm
C leads to maximum satisfaction of the consumers
D guides firms in allocating scarce resources
An economic goods is described as a good which
A yields utility and commands a price
B is useful and occupies a space
C is in high demand and transferable
D has unlimited supply
Mixed economy refers to a system in which the means of production are controlled by
A private enterprises and the government
B private indidviduals
C the government only
D the workers and businessmen
In a capitalist system, the means of production is owned and controlled by
A the government
B politicians
C private indidviduals
D the workers
A carpenter's consumer goods includes 1. a kilogram of rice II. 3 pairs of shoes III. 4 pairs of socks IV. 3 screw drivers
A I and IV only
B I,II,III and IV
C I, II and IV only
D I, II and III and III
The three broad categories of productions are
A direct, secondary and extractive
B primary, tertiary and direct
C primary, secondary and tertiary
D secondary , primary and direct
The reward for land as a factor of production is
A interest
B rent
C dividends
D wages
Which of the following is an economic activity?
A attending a town's meeting
B a visit to the stadium
C payment of school fees
D arresting a petty thief
The Organization of Petroleum Exporting Countries (OPEC) is an example of a
A perfect competition
B monopsony
C duopoly
D cartel
It is necessary to estimate the national income of of a country because it
A indicates the overrall performance of the economy
B ensure equitable distribution of wealth
C assits investors in identifying profitable ventures
D enables governments to conserve national resources
In a socialist economy, the means of productions owned and controlled by the
A state
B rich
C entreprenuer
D traders
A major problem facing the Economic Community of West African States (ECOWAS) as an economic integration , is the
A increasing population
B willingness of members to co-operate
C geographical contiguity
D weal trade relation
budget deficit can be financed by
A reducing the level of taxation
B printing more money
C lending to financial institution
D employing more workers
Public expenditure on on education and health is known as expenditure on
A general services
B social services
C commercial services
D economic services
The tax whose rate increase as the level of income increases is known as
A regressive tax
B proportional tax
C progressive tax
D company tax
Which of the following is a direct tax?
A import duties
B purchase tax
C export duties
D personal income tax
Government of West African countries levy taxes to
A prevent prices from falling
B make people richer
C limit the number of banks
D finance government projects
The most common index for measuring developments is
A the level of illiteracy
B the per capita income
C nutritional level
D population growth rate
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