The major function of the wholesaler to his customers is?
- A. breaking of bulk
- B. offering personal services
- C. stocking a variety of goods
- D. providing transport facilities
A major effect of a long distribution chain is?
- A. high retail prices
- B. scarcity of commodities
- C. low retail prices
- D. low producer earnings
Firms continue to employ workers until the wage rate equals the?
- A. average product of labour
- B. marginal revenue product of labour
- C. total product of labour
- D. sum of marginal revenue and average revenue of labour
The age distribution of a country’s population determines the?
- A. ratio of the dependent to the working group
- B. total age of all working class adults
- C. male-female ratio
- D. percentage of married women
A well conducted census is important for?
- A. effective defence
- B. effective revenue generation
- C. good economic planning
- D. optimum population
As a producer’ association, the OPEC expects its members to maintain production where marginal cost is?
- A. greater than price
- B. less than price
- C. equal to price
- D. equal to average cost
The Nigerian economy is mono-cultural because government revenue is derived mainly from?
- A. agriculture
- B. manufacturing
- C. coal
- D. crude oil
Industries contribute to national economic development because they?
- A. utilize local raw materials
- B. employ an increase number of labour
- C. provide recreational facilities
- D. use modern machines which replace human labour
The slow pace of industrial growth in Nigeria can be attributed to?
- A. overdependence on the oil sector
- B. inadequate number of unskilled labour
- C. lack of raw materials
- D. inadequate infrastructural facilities
A primary industry is concerned with?
- A. extraction of resources in their raw states
- B. the operation of small scale enterprises
- C. the economic activities of primary producers
- D. clearing and cultivation of land only
Increased output will cause farmers’ revenue to decrease when market demand is?
- A. elastic
- B. inelastic
- C. unitary elastic
- D. perfectly elastic
One problem in the marketing of agricultural products in Nigeria is?
- A. the seasonal nature of the commodities
- B. high price of the commodities
- C. the changing tastes of consumers
- D. inadequate storage facilities
The concept of privatization presupposes?
- A. efficiency
- B. marketing trade
- C. indigenization
- D. foreign trade
A distinguishing characteristic of cooperative societies is that voting power depends on the?
- A. number of shares held
- B. status of the member
- C. equality of members
- D. management's decision
At the point where the marginal revenue of a monopolist is equal to zero, its total revenue will be?
- A. falling
- B. rising
- C. equal to zero
- D. maximum
The short-run equilibrium in a perfectly competitive market requires that?
- A. marginal cost be equal to total revenue
- B. marginal cost and marginal revenue be equal
- C. costs are mutually determined by buyers and sellers
- D. the marginal cost curve cuts the total cost curve
If a total cost curve is plotted, marginal cost can be illustrated by the?
- A. slope of the tangent to the curve at any given output
- B. U-shaped curve cutting the total cost curve at its lowest point
- C. straight line from the origin to the mid-point of the curve
- D. straight line cutting the curve at its highest point
External dis-economies of scale result from excessive growth of?
- A. the whole industry
- B. some sectors of the industry
- C. external factors
- D. internal factors
In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units. What will be the unit cost of the goods?
- A. N400.00
- B. N80.00
- C. N40.00
- D. N20.00
The condition for equilibrium price and quantity under perfect competition is?
- A. MC = AR = TR
- B. TC =AR = P
- C. MC = AR = P
- D. MC = AR = TC
In a free market system, trading can only take place when the?
- A. market is not working effectively
- B. equilibrium price is attained
- C. price of a commodity tends to attract consumers
- D. consumers sovereignty is lacking