Question 1 of 20 1,723 total questions
The cost incurred by using both fixed and variable factors in production is called
A marginal cost
B fixed cost
C total cost
D average cost
Performance of one task in a production process is known as
A specialization
B standardization
C division of labour
D segmentation
Population growth can be controlled by all the following except
A legalizing abortion
B incentives on immigration
C family planning
D limiting number of children per family
In a country with ageing population , the total population
A comprises young school leavers only
B comprises mainly women
C is increasing at a low rate
D has reached the optimum level
The dispersal of people in a country is called
A mobility of people
B geographical distribution
C occupational distribution
D state distribution
In which of the following economic system is the consumer referred to as the king?
A Capitalist economy
B socialist economy
C communist economy
D Mixed economy
The difference between the highest and lowest in a set of data is
A range
B median
C variance
D mode
Which of the following is the function of an entrepreneur?
A Avoidance of risks
B decision making
C employment control
D Organizing unions
Reward for entrepreneurship is
A rent
B wages
C interest
D profit
Quasi-rent refers to
A payment made on aquisition of a firm's premises
B payment made for the procurement of tools and equipments
C returns on investment
D payments made on any factors of production that is temporaly fixed in supply
The economic system in which resource are privately owned dis known as
A Capitalism
B Socialism
C communism
D unitarism
Economic problems arises because
A resource are scarce relative to wants
B man is insatiable
C money is scarce
D man engages in too many economic activities
Which of the following countries is not a member of the Economic Community of West African States (ECOWAS)?
A Ghana
B The Gambia
C Cameroun
D Guinea Bissau
West African countries have low level of economic development due to
A under-population
B inadequate labour
C failure to plan
D ineffective plan implementation
Balance of payment deficit implies that a country is
A importing more than she is exporting
B consumed less than she is producing
C living below her means
D more productive than others
One major export crop in West Africa is
A rice
B maize
C palm kernel
D cocoa
The Organization of Petroleum Exporting Countries (OPEC) is a
A cartel
B duopoly
C monopoly
D monopsony
Small enterprises finds it difficult to expand due to
A inadequate capital
B lack of skilled manpower
C the high level of technology required for expansion
D their inability to provide after-sale services
The primary objectives of the Nigerian Industrial Development Banks(NIDB) is the provision of loans to
A farmers
B manufacturers
C setate agents
D transporters
Mono-product economies are those that produce
A only intermediate products
B petroleum products
C agricultural products
D one main commodity
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