From the diagram below, moving from point A to B and from B to c is due to
- A. Economic depression
- B. Unemployment
- C. Economic growth
- D. Opportunity cost
The following are type of business organization EXCEPT
- A. co-operative society
- B. partnership
- C. Entrepreneurship
- D. public corporation
What is the median term in the distribution below; 14, 13 29,15,13,17,12.
- A. 14
- B. 13
- C. 15
- D. 12
A firm’s average cost decreases in the long-run because of
- A. increasing returns to scale
- B. diminishing average returns
- C. decreasing average fixed cost
- D. decreasing marginal returns
If government in a fiscal year has its revenue receipts less than the expenditure, such country is having
- A. deficit budget
- B. favorable budget
- C. balanced budget
- D. surplus budget
The main disadvantages of deflationary policies is
- A. full employment in the country
- B. increasing cost of living
- C. unemployment in the country
- D. improved standard of living
In the event of bankruptcy, owners of joint-stock companies lose
- A. both company and private assets
- B. only the capital invested
- C. only their dividends
- D. their private properties
The act of cultivating land and rearing of animal for man’s use is
- A. forestry
- B. agriculture
- C. mono culture
- D. horticulture
In the long-run, a firm must shut down if its average revenue is
- A. greater than average cost
- B. equal to the average cost
- C. equal to the minimum average revenue is
- D. less than average variable cost
Holding money to take care of contingencies is
- A. a precautionary motive
- B. a transactions motive
- C. an expansionary motive
- D. a speculative motive
The largest component of national income in developing countries consist of
- A. wages and salaries
- B. rent
- C. profit
- D. profit and rent
In income determination theory, acceleration principles shows that
- A. investment is the causes, while income is the effects
- B. income and investment are both effects
- C. incomes is of on effect on investment
- D. income and investment are both causes
Producers operating in a free market economy are more efficient as a result of
- A. the existence of competition
- B. government regulation of their activities
- C. the very few number of participants
- D. the commitment of the shareholders
A market situation with few sellers and many buyers is called
- A. duopoly
- B. Omonopoly
- C. perfect competition
- D. oligopoly
Which of the following NOT among the objectives of OPEC?
- A. to stabilize the price of oil in the world market
- B. to established petroleum refineries in all member state
- C. to stabilize the revenue from oil to producing countries
- D. to make sure that oil flows to all the consuming countries
Which of the following is not emphasized in a product possibility curve?
- A. Scarcity of resources
- B. Unemployment of labour
- C. Inefficiency in the use of resources
- D. Economic development
a. What is an embargo?
b. Outline any **three* reasons for imposing tariffs on imports
c. Explain any three reasons against the use of tariffs
a. Define Gross Domestic Product (GDP)
b. Describe the output approach as a method of computing national income
c. Identify any three problems associated with the expenditure approach of calculating national income
a. Define location of industry
b. Explain how the following factors influence where a firm is sited:
i. raw materials
ii. market
iii. government policy
c. Outline three advantages of localization of industry
a. Differentiate between a sole proprietorship and a partnership
b. List four characteristics of a sole proprietorship
c. Outline four advantages of a public limited liability company.