Question 1 of 20 1,723 total questions
Basic extractive activities are classified as
A manufacturing production
B tertiary production
C secondary production
D primary production
economy problems arises mainly as a result of
A inaccurate statistical data in West Africa
B excessive wastage of available resources
C lack of foresight on the part of resource users
D limitation in the availability of resouces
Scarcity implies that
A goods cannot be produced efficiently
B human wants are unlimited
C goods and services are limited in supply
D commodities are evenly distributed within the economy
West African economy can best be described as
A agricultural
B backward
C developed
D industrialized
Gross National Product (GNP) less depreciation is known as
A Gross Domestic Products
B Gross National Income
C Fixed National Income
D Net National Income
in order to boost agriculture, West African countries should pay more attention to
A shifting cultivation
B animal husbandry
C seed multiplication
D mechanization
The most common form of business enterprise in West Africa is the
A Sole proprietorship
B Co-operative
C Partnership
D joint stock company
Infant industries are industries that
A deals in the production of infant books
B are in their earlier stage of production
C produce dresses for infants
D are well established
The reward for capital is
A interest
B rent
C risk premium
D premium
When a pen and a book is demanded together, the demand is said to be
A composite
B competitive
C joint
D derived
which of the following is an indirect tax
A income tax
B company tax
C profit tax
D sales tax
The quantity demanded of a commodity is influenced only by changes
A tastes
B weather
C price of the commodity
D Price of other commodities
which of the following combination of qualities ensures a good tax system?
A Deflationary equity, certainty and convinience
B Economy convinience, certainty and equity
C Economy, deflationary, inflationary and certainty
D Economy, convinience, certainty and inflationary
balance of trade is define as the relationship between
A invisible imports and exports
B visible and invisible exports
C imports and exports of services
D visible exports and visible imports
In ordinary partnership, the risks are
A borne by the workers
B borne by the creditors
C shared among the partners
D undertaken by the active partners
Provision of services is classified under
A primary production
B secondary production
C tertiary production
D production possibilities
Commodity market can best be described as a market in which
A goods are sold
B labour is sold and bought
C short-term loans are obtained
D quoted stocks are bought
Price discrimination can only occur when there is
A perfect competiton
B imperfect competition
C a merge
D partnership
The population which yields the highest level of income per head is known as
A over-population
B under-population
C extreme population
D optimum population
which of the following is not n item of capital expenditure?
A Construction of highways
B Building of dams
C payment of salaries and wages
D building of a new universities
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