Cost schedule of a firm
| Output | Total Fixed cost TFC(N) | Total Variable Cost TVC (N) | Total Cost TC (N) | Average Variable AVC(N) | Average Total ATC (N) | Marginal Cost MC(N) |
| 0 | 100 | 0 | 100 | 0 | 100 | – |
| 1 | 100 | 40 | 140 | – | – | – |
| 2 | 100 | 64 | 164 | – | – | – |
| 3 | 100 | 80 | 180 | – | – | – |
| 4 | 100 | 88 | 188 | – | – | – |
| 5 | 100 | 96 | 196 | – | – | – |
From the cost schedule in this table calculate the Average Variable Cost (AVC), Average Total Cost (ATC) and Marginal Cost (MC) of the firm. Show your working clearly.
Highlight the economic effects of high population density in Nigeria.
Explain each of the following types of taxes:
(a) Proportional tax;
(b) progressive tax;
(c) regressive tax.
What are the likely reasons for government participation in the location of industries in Nigeria?
What are the factors that determine the price elasticity of demand for a commodity?
(a) Explain each of the following measures of central tendency
(i) mean;
(ii) median;
(iii) mode
(b) Calculate the mean, median and mode of the following set of numbers: 21, 22, 23,24, 25, 26, 23, 28, 29, 30, 24, 31, 34, 23
Which of the following is not a reason why statutory are run only by the government?
- A. The duplication of some services will lead to resource wastage
- B. all corporation provides services which individuals cannot provide
- C. Essential services must be provided irrespective of the economic system adopted
- D. some corporations require large financial capital which may not be easy to acquire by individuals
- E. There is need to protect consumers from exploitation
One-man business is popular in West Africa because of all the following , except the
- A. ease of entry
- B. small capital required
- C. limited enterpreneur skills needed
- D. ease of decision making
- E. tendency to become joint-stock companies
Division of labour gives rise to
- A. the exchange of goods and services
- B. the use of barter system
- C. the production of limited goods
- D. unemployment
- E. delay in production
Which of the following is not a middleman in the distribution channel? The
- A. wholesaler
- B. distributor
- C. agent
- D. cosumer
- E. retailer
An economic system in which the state owns and controls the means of production is known as
- A. free enterprise
- B. socialist economy
- C. mixed economy
- D. capitalist economy
- E. welafare company
A scale of preference is a list
- A. of consumer's wants arrange in order of importance
- B. thaqt helps the individual to make rational choice
- C. that enables the consumer to make a wise decision about his choice
- D. that is necessary because human beigns are faced with competitive wants
- E. os all satisfied wants arrange in order of magnitude
A firm’s compulsory cost whether it is in production or not , is referred to as its
- A. prime cost
- B. variable cost
- C. marginal cost
- D. fixed cost
- E. average cost
Capital as a factor of production is important because
- A. it enables us to carry out task which can not be done by human effort only
- B. most tasks can be done with bare hands
- C. people can work without capital
- D. without capital all the factors are useless
- E. it provides money which is essnetial for the growth of business
Land is a most significant factor in terms of contribution to the economy because
- A. it enables us to build industries
- B. we build houses on it
- C. all our highways are constructed on it
- D. we get a lot of fishes from it
- E. vital resources from it enrich the economy
Which of the following is not a source of finance for a one-man business?
- A. money lenders
- B. inheritance
- C. loans from insurance companies
- D. loans from banks
- E. Sales of shares
If price falls below the equilibrium
- A. Demand will equal supply
- B. Demand will be greater than supply
- C. Supply will be greater than demand
- D. Price will become indeterminate
- E. Quantity supplied will be zero