Complete the following cost schedules and answer the questions that follow.
| Output | Total Cost TC | Average cost AC | Marginal Cost |
| 1 | 18 | 8 | – |
| 2 | 14 | ? | – |
| 3 | ? | 6 | – |
| 4 | 20 | ? | – |
| 5 | ? | 6 | – |
| 6 | 46 | ? | – |
(a) At what output is AC at the minimum?
(b)At what output is MC at the minimum
(c) At what output does AC start increasing?
(d) At what output does MC start to be greater than AC
(e) What is the maximum output?
Describe the factors that can affect the size of a country’s population.
(a) Define a market.
(b) Explain four characteristics of a perfect market.
(a) Explain the term mobility of labour.
(b) Why may labour as a mobile factor of production be unwilling to move?
With the aid of diagrams, explain what is meant by a change in:
(a) the quantity demanded;
(b) demand.
Discuss five contributions made by agriculture to the industrial development of Nigeria.
This is a pie-chart showing the age distribution of population. The total population is 120 million. The official school-leaving age is 18 years while the official retiring age is 55 years.
(a) From the above information, calculate the:
(i) Population of children between 0 and 17 years.
(ii) population of old people (55 + years);
(iii) work-ing population (18 – 54 years) .
(b) what is the economic implication of the above population structure?
Which of the following is not an argument for locating industries in rural areas?
- A. Rural areas supply agricultural raw materials
- B. the pace of development of rural areas will be quicken
- C. Employment will be for rural inhabitants
- D. capital is easily available in rural areas
- E. Rural-urban migration will decrease
Palm oil industry in located in Bendel State because the state
- A. imports raw materials for the industry
- B. has a poor soil which is unsuitable for other crops
- C. is a palm-tree growing area
- D. government does not engage in the growing of other crops
- E. has the highest demands for apl oil in Nigeria
Which of the following statements is not true in an inflationary period?
- A. the purchasing power diminishes
- B. Wages rise simultaneously with prices
- C. More money runs after a limited quantity of goods
- D. Fixed income earners lose
- E. Aggregate real demand exceeds aggregate real supply
In a sole proprietorship decisions are made by the
- A. government
- B. owner
- C. shareholder's conference
- D. management
- E. board of directors
Which of the following is a public corporation?
- A. Roads (Nigeria) Plc
- B. National Oil and Chemical Marketing Co. Plc
- C. Union Bank of Nigeria Plc
- D. Volkswagen of Nigeria Plc
- E. National Electric Power authority
A tax is said to be good when
- A. it yields more revenue to the state at the expense of the people's ability to pay
- B. the cost of collecting it is equal to the revenue it generates
- C. it is imposed so suddenly that no one can dodge its payment
- D. its payment causes minimum incovenience to the tax payer
- E. it induces workers to prefer more leisure to extra work
The productivity of labour does not depend only o its own effort and efficiency, but also on I the level of technical knowledge II. the quality of other factors III. racial qualities which allow persons from certain races to have good physique and be very active . Which of the above statements is /are correct?
- A. I only
- B. I and II only
- C. I and III only
- D. II and III only
- E. III only
Which of the following is a function of money? It is
- A. portable
- B. A standard of diferred payment
- C. relatively stable in value
- D. generally acceptable
- E. an easily divisible item
Which of the following are direct taxes?
- A. Sale taxes
- B. Excise duties
- C. income and company taxes
- D. Tarrif duties
- E. Commodity taxes
in the event of a limited liability company going into liquidation, each shareholder
- A. may lose a maximum of the amount he has invested
- B. lose nothing
- C. loses everything including his house
- D. may have unlimited liability
- E. will lose the amount he has invested plus a proportion of his bank account
The natural growth rate of a population is the
- A. sum of the birth rate and death rate
- B. sum of the birth rate and the net immigration rate
- C. birth rate minus the death rate
- D. birth rate divided by the net immigration
- E. death rate minus the net immigration
A shift of the demand curve to the right when the supply curve remains constant , implies that
- A. both price and quantity demanded will increase
- B. only price increases
- C. both price and quantity demanded will decrease
- D. the price remains constant
- E. the price falls