One of the most outstanding disadvantages of co-operative societies as business organization is that?
- A. true spirit of co-operation is marred by delegated authority
- B. members show much interest
- C. it is poorly financed
- D. membership interest is centred on sharing of essential commodities
A possible factor which limits the extent of growth of a firm is the?
- A. existence of a monoploy
- B. bureaucratic delays in decision-making
- C. use of by-products
- D. unwillingness to share ownership and control
The ordinary partner in a partnership?
- A. takes no active in the management of the business
- B. has limited liability in case of business failure
- C. has unlimited liability in case of business failure
- D. cannot be sued personally on matters relating to the business
In a perfectly competitive market, the firm is in long-run equilibrium at the output where?
- A. marginal cost is minimum
- B. average cost is minimum
- C. total cost is minimum
- D. marginal cost revenue is maximum
Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the?
- A. monopolist charges a lower price than the perfect competitior
- B. perfect competitior charges a lower price and produces a large output than the monopolist
- C. perfect competitior produces a smaller output than the monopolist
- D. monopolist charges a lower price and produces a larger output than the perfect competitor
Resources are efficiently allocated when production takes place at that output where price equals?
- A. marginal revenue
- B. average variable cost
- C. marginal cost
- D. toal cost
The cross-elasticity of demand between complementary goods is?
- A. unitary
- B. positive
- C. zero
- D. negative
A market is in disequilibrium if?
- A. the quantity purchased is greater than quantity sold
- B. the quantity sold differs from the quantity purchased
- C. at a lower price, a large quantity is sold
- D. the quantity demand differs from the quantity supplied
If a society is operating on the production possibility curve, this implies that the resources are?
- A. fully and efficiently utilized
- B. fully but inefficiently utilized
- C. efficiently but not fully utilized
- D. abundant
If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?
- A. 1.25
- B. 0.80
- C. 0.50
- D. 0.40
At any given level of output, a firm’s total variable cost equals ?
- A. total cost less marginal cost
- B. total cost less total fixed costs
- C. total cost less average cost
- D. average variable cost and marginal cost
At any given level of output, the total cost of a firm equals the?
- A. marginal cost plus the average cost
- B. fixed costs less its varriable cost
- C. average cost multiplied by variable costs
- D. economic costs multiplied by variable costs
If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?
- A. increasing returns to the variable factor
- B. increasing returns to scale
- C. constant returns to variable factor
- D. external economies of scale
Macroeconomics is a study of economics science from the point of view of?
- A. resource markets or production units
- B. individual producers or consumers
- C. aggregate or general economy
- D. companies or individual firms
A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.
- A. The five naira she spent on the book
- B. Five naira real cash value
- C. the mirror
- D. The book
Economic goods are termed scarce goods when they are?
- A. not available in sufficient quantities to satisfy all wants for them
- B. not produced in sufficient quantities to satisfy the effefctive demand for them
- C. of high quality
- D. of primary importance in satisfying the needs of a society
In market economy, the question of what, how and for whom to produce are solved the
- A. elected representative
- B. planning committe
- C. price mechanism
- D. government
Agriculture is central to Nigeria”s economic development because?
- A. Nigeria''s comparative advantage lies mainly in agro-allied industries
- B. agriculture is the largest employer of labour
- C. agriculture accounts for an insignificant domestic product
- D. Nigeria earns limitless foreign exchange from agriculture
The most common index used for measuring development is?
- A. the level of literacy
- B. per capita income
- C. nutritional levels
- D. population growth rate
Social overhead capital refers to?
- A. balanced growth
- B. gross investment
- C. the building of infrastructures
- D. capital formation
in equilibrium, injections are equal to?
- A. withdrawals
- B. surplus of imports over exports
- C. government spending
- D. wages