43
The higher the price of capital relative to the price of labour, the more production techniques should be?
- A. labour-intensive
- B. capital-intensive
- C. fixed
- D. technology-intensive
44
BY definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation?
- A. VC =TC + FC
- B. VC = TC - FC
- C. VC = TC/FC
- D. VC = (TC)(FC)
45
The migration of young people from rural to urban areas in Nigeria should help to raise the?
- A. standard of living in the urban areas
- B. total productivity of labour in the rural areas
- C. marginal productivity of labour in the rural areas
- D. marginal productivity of labour in the urban areas
46
the major objective of current campaign for family planning in Nigeria is to?
- A. reduce the death rate
- B. limit the number of women a man can marry
- C. keep the population growth rate constant
- D. raise the standard of living of the population
47
Which of the following is applicable in a wholly capitalist economy?
- A. There is government intervention in price determination
- B. Consumer sovereignty does not exist
- C. The price mechanism allocates resources
- D. Households cannot freely decide what to spend on goods and services
48
For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the?
- A. amount of X it could not produced
- B. amount of Y it produced
- C. total amount of Y it could have produced
- D. extra amount of Y it could have produced
49
Scale of preference refers to?
- A. consumers preference for luxury goods
- B. the household monthly income
- C. list of goods and servicesin order of priority
- D. budget perparation without paying due regard to priority
50
Which of the following situations can give rise to economic problems?
- A. Unlimited human wants
- B. Wants of varying important
- C. Limited means available for satisfying wants
- D. Means used in different ways