43
Which of the following BEST describes the production function?
- A. it indicates best output to produce
- B. it relates naira inputs to naira output
- C. it relates physical outputs to physical inputs
- D. it indicates the best way to combine factors to produce given output
44
Development outside a given firm which reduce the firm costs are called?
- A. internal economies
- B. external economies
- C. external diseconomies
- D. optimum effects
45
The average product of labour in a given period is obtained by dividing the?
- A. number of workers by the total product
- B. total product by the number of hours actually worked
- C. change in total product by the change in the number of workers
- D. total product by the number of workers
46
Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?
- A. thrift
- B. value
- C. abundance
- D. scarcity
47
Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is
- A. rational
- B. consistent
- C. inconsistent
- D. transitive
48
When a variable is associated with time period, it is?
- A. a flow
- B. a stock
- C. circular
- D. static
49
Economic is often described as a science because?
- A. laboratory experiments are performed
- B. it makes use of controlled experiments
- C. it uses scientific methods to explain observed phenomena and predict future events
- D. it makes use of field work
50
Scarcity in economics means that?
- A. human wants are limitless
- B. the economy has very few resources
- C. the economy can scarcely produce anything
- D. resources are limited in relation to wants