A modern corporation is owned by?
- A. debenture holders
- B. ordinary shareholders
- C. preference shareholders
- D. creditors
A public liability company is different from a private limited company because i?
- A. is registered with the registrar of companies
- B. is a legal entity
- C. can raise capital of size by way of loans
- D. can sell shares in the stock exchange
a debenture share entitles its holder to?
- A. participate in the annual general meeting of the company
- B. share in the dividends declared
- C. recieve a fixed interest on sums invested
- D. have a representative on the Board of Directors
Production is said to be completed when?
- A. goods and services reach the consumers
- B. prices of goods and services are determined
- C. goods are sold to the wholesaler
- D. goods are packaged
Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?`
i Breaking the bulk
ii Packing the goods in smaller containers
iii Providing vital information
iv Grant credit facilities
- A. i and ii
- B. i and iv
- C. ii and iii
- D. i, ii, iii and iv
At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former?`
- A. price is always equal to marginal cost
- B. supply is always equal to demand
- C. price is always higher than marginal cost
- D. there are always many buyers and many sellers
If the price elasticity of demand for a certain commodity is less than unity, then?
- A. an increase in the price of the commodity will raise the total revenue of the producer
- B. an increase in price leaves the total revenue unchanged
- C. a decrease in price raises the total revenue of the supplier
- D. a decrease in price leaves the total revenue constant
If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?
- A. greater than the equilibrium supply
- B. smaller than the equilibrium supply
- C. the same as the equilibrium supply
- D. a determinant of the market forces of equilibrium
If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the?
- A. marginal revenue of the enterprise
- B. marginal revenue product of labour in the enterprise
- C. average revenue of the enterprise
- D. marginal cost of production
If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be?
- A. less than zero
- B. decreasing
- C. constant
- D. increasing
A firm faces diminishing returns when its?
- A. total output diminishes
- B. average output diminishes
- C. marginal output diminishes
- D. marginal revenue diminishes
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
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
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
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
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
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
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
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
One of the gains by member states of the Economic Community of West Africa?
- A. monocultural dependency
- B. trade creation
- C. trade inversion
- D. economic independency
The Nigerian Trust Fund is managed on behalf of Nigeria by the?
- A. World Bank
- B. International Monetary Fund
- C. African Development Bank
- D. Economic Commission for Africa