43
In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its?
- A. lowest point
- B. middle point
- C. maximum point
- D. downward slopping section
44
If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be?
- A. 6.00 tonnes
- B. 5.68 tonnes
- C. 0.60 ton
- D. 0.57 ton
45
An accurate census is important to a country because it helps?
- A. in solving unemployment problem
- B. to ensure equitable population redistribution relative to natural resources
- C. in deciding on the creation of more local government
- D. in providing a second basis for formulating development policy
46
Which of the following factors is NOT responsible for the rural/urban drift in Nigeria?
- A. The infrastructural facilities in cities
- B. Declining fertility of rural farmlands
- C. Rural electrification programme
- D. Higher living standards in urban areas
47
The working population refers to?
- A. a population where the average age is falling
- B. the population within the '0 -14'age bracket
- C. the economically active segment of the population
- D. the dependent population
48
A system in which the means of production is held in trust for the people by government is known as a?
- A. socialist economy
- B. capitalist economy
- C. subsistence economy
- D. mixed economy
49
The main function of the price system is to?
- A. distribute resources equally among competing ends
- B. ensure efficient allocation of resources in the economic system
- C. allocate goods and services equally
- D. minimize cheating
50
It is impossible to satisfy all human wants because?
- A. areas of fertile land are very limited
- B. oceans and seas limit land space for farming
- C. resources are not equitably distributed
- D. available resources are limited