Question 1 of 20 1,723 total questions
which of the following is necessary for the survival of small firms in West Africa?
A acess to loand for development
B inadequate collaterals for bank loans
C government assistants in form of loans and tax holidays
D high transportation cost
which of the following could be used to measure the efficiency of labour?
A education and training
B rate of inflation
C level of unemployment
D input-output ratio
West African countries experience rapid population growth due to
A existence of birth control clinics
B early marriages
C adequate sex education in schools
D late marriages
The term underpopulation refers to a situation where the population is
A disperesed over the country
B small in relation to available resources
C greater than the available resources
D concentrated in a few areas
The market supply curve slopes upwards from left to right indicating that
A at a lower price more is supplied
B two commodities can be supplied at the same time
C at a lower price, less is supplied
D producers pay high taxes
Marginal cost can be derived from the
A total product
B total revenue
C total cost
D average fixed cost
when the total products is at its maximum marginal products is
A increasing
B positive
C negative
D zero
The additional satisfaction derived from the consumption of one or more unit of a good is called
A marginal products
B marginal utility
C marginal revenue
D marginal cost
which of the following is an advantage of localization of industry?
A development of subsidiary firms
B creation of paralell markets
C developments of slums
D attraction of foreign capitals
Division of labour leads to
A improved craftsmanship
B the production of standardized goods
C increase in the cost of goods
D trade by barter
A major limiting factor of mass production is
A efficient management
B adequate labour supply
C small size of the market
D adequate supply of raw materials
one major function of the entrepreneur is
A bearing of risks
B maximizing profits
C taking charge of day to day managment
D determinig the selling price of his products
Which of the following factors of production consists of man made goods?
A land
B labour
C capital
D entreprennuer
The reward for labour is
A wage
B profit
C rent
D dividend
The problem of scarcity is reduced by
A controlling consumption of goods and services
B producing everything needed by the consumers
C ensuring efficient allocation of resources
D restricting consumer choice and tatste
which of the following is not an advantage of tubular presentation of data?
A enables easy location of required figures
B makes for easy comaprison of figures
C occupy more space than mathematical equations
D showa wether the figures are increasing or decreasing
The major agents of economics system are
A consumer, workers and producers
B markets, telecommunication and banks
C schools, hospitals and universisties
D indidviduals , firms and government
Economic as a field of study is a
A pure science
B polititcal science
C social science
D physical science
An economic system in which the state owns and controls the means of production is known as
A socialist economy
B Mixed economy
C Capitalist economy
D welfare economy
Gross Domestic Product (GDP) at market price plus net factor income from abroad gives
A gross capital formation
B net capital formation
C disposable income
D gross national product
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