64
The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in
- A. Paris, France
- B. Geneva, Switzerland
- C. Lagos, Nigeria
- D. Vienna, Austria
65
In which situation is it likely that the demand for labour would be inelastic?
- A. Labour and capital are close substitutes
- B. Labour costs are only a small proportion of total costs
- C. Demand for the final product that the labour produces is elastic
- D. A large quantity of unemployed labour is available in the economy
66
The combination of two commodities each yielding the same level of satisfaction to the consumer is
- A. consumer surplus
- B. indifference curve
- C. budget constant
- D. goods of necessity
67
All the following are factors that would bring about a change in supply except
- A. level of technology
- B. government policy
- C. Entry of new firms
- D. Price of the commodity
68
Revenue can be expressed as
- A. total Profit made after sales
- B. amount of goods produced
- C. total money realized from sales
- D. amount spent on purchases
69
All the following are problems identified with agriculture in West Africa except
- A. land tenure system
- B. ignorance of the farmers
- C. use of crude implement
- D. provision of food for the teeming population
70
The law of variable proportions is also known as
- A. law of demand
- B. law of diminishing returns
- C. law of diminishing marginal utility
- D. law of returns to scale