Question 1 of 20 1,723 total questions
Land is often distinguished as a factor of production because it
A is a free gift of nature
B constitutes one-third of the entire world
C is unlimited in supply
D is owned by individuals
E is owned by government
Division of labour may be restricted when
A an ailing economy has improved
B producers live in villages
C market is small
D there is full employment
E there is inflation
Robert T. Malthus postulated in his population theory that
A the death rate may become so high that people may not survive
B people will eventually stop having children
C people will migrate from one place to another in search of food
D posititve efforts should be made to increase population
E population growth rate may out-grow the means of subsistence
which of the following is the correct way to calculate total cost?
A Addition of fixed cost to variable cost
B Division of total cost by total output
C Multiplication of fixed cost by the variable cost
D Subtraction of fixed cost from total cost
E Addition of marginal cost to average cost
Production is not complete until the
A goods gets to the wholesaler
B goods reached the final consumer
C factors of production are combined
D goods are ready for transportation
E wholesalers ask the firms to produce
which of the following business establishment are not motivated mainly by profit?
A Public Limited Companies
B Private Limited Companies
C Holding companies
D Patnershps
E Co-operatives
Which of the following may not be included in explaining the term production?
A provision of services
B manufacture of goods
C changing raw materials ti finishing goods
D use of consumer goods
E making goods available where and when they are needed
A nation with a working population that is insufficient to exploit its resources is said to be
A over-populated
B under-populated
C experiencing decrease population
D experiencing increasing population
E having optimum population
In , Economics the reward for labour is in the form of
A wages
B profit
C rent
D dividends
E interest
Which of the following does not apply to private companies?
A the number of shareholders is limited
B the liability of shareholders is limited
C accounts have to be publicized
D the companies are separate legal entities
E shares are not easily transferable
which of the following reasons is mainly responsible for the inefficient distribution of goods in West African countries?
A large number of distribution companies
B import and export restrictions by the government
C narrow markets for commodities produced
D poor transportation and communication system
E large influence of foreign traders
An entrepreneur will locate his industry in a place
A nearest to his homw town
B where the cost of production will be minimized
C nearest to his wife's hometown
D where the government direct him to locate
E where there is no other industry
The rural area of West Africa lack industries because
A rural people are not meant to work in industries
B rural people are uneducated
C of inadequate infrastructure
D of low population density
E they are not suitable for industries
Price elasticity of demand is define as the
A responsiveness of demand to change in price
B responsiveness of price to change in demand
C increase in demand resulting form a rise in price
D unit decrease in price resulting from a a fall in demand
E unit increase in quantity demanded when price rises
An inferior goods is one
A that is too bad for consumption
B whose price is lower than the price of other goods
C that is easily perishable
D whose demands fall when the income of its consumer increases
E that is not durable
Supply in Economics means making
A goods and services available to consumers
B goods available to the market at a given price and at a given period
C available the goods and services which consumers require
D craete goods
E import goods
Public corporation in West Africa are set up to
A make maximum profit
B provide jobs for the people
C provide welfare service for the people
D show that the government can do business
E compete with private enterprises
The real cost of a commodity is
A the cost of the alternative that has to be sacrificed for it
B the alternative that has to be forgone in order to purchase it
C its market price
D the alternative cost involved when the opportunity of buying the commodity is missed
E the sacrifice that is made after buying the commodity
Scarcity in economics arises because
A the resources availoable are adequate
B individuals have limited time
C resources are limited in supply
D human beigns have limited wants
E individual wants are equal to the resources available
Economics is the study of how to
A choose between alternatives, given limited resources
B regulate the money that is in circulation in a country
C be prudent in the use of available resources
D improve the standard of living of the society at large
E arrange our needs in order of usefulness before satisfying them
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