The National Electrical Power Authority (NEPA) in Nigeria is a
- A. Public Limited Company
- B. private limited company
- C. private authority
- D. public corporation
A limited liability company is owned by the
- A. president of the country
- B. workers
- C. general manager
- D. shareholders
small firms are important for the development of a country because
- A. the prices of their products are usually high
- B. they render personalized services to the consumers
- C. they usually produce goods for the elites
- D. they do not normally provide after sales services
The main objective of setting up private businesses is to
- A. protect the interest of the government
- B. maximize profits
- C. provide infrastructure
- D. promote exports
The location of timber and plywood industries in West Africa is mainly influenced by the availability of
- A. transport
- B. water
- C. raw materials
- D. labour supply
The cost which firm will incur whether it is in production or not, is referred to as
- A. average cost
- B. variable cost
- C. opportunity cost
- D. fixed cost
Economist speaks about ‘opportunity cost’ when a consumer
- A. he has the change to minimize cost
- B. has to forgo one thing in order to have another
- C. can equate his fix costs with his variable costs
- D. is able to save part of his income
Localization of industry refers to the
- A. conentration of the firms of an industry in a particular area
- B. siting of industries in rural areas
- C. even spread of industries
- D. governement policy of influencing
Despite the benefits large firms enjoy, it could be limited by the
- A. a desire to make maximum profit
- B. introduction of efficient transport system
- C. growth of specialization
- D. extent of the market
Which of the following is an advantage of division of labour?
- A. production of specialized goods
- B. employment of experts
- C. monotony of work
- D. Greater use of machinery
One of the advantages of large scale production is that
- A. there is a rise in the cost of administration
- B. consumers sacrtifice their indidvidual tatstes
- C. the firm can use labour-saving machinery
- D. the demand for a firm's product becomes localized
Land is a factor of production because it
- A. is a free gift of nature
- B. contains valuable mineral resources
- C. assits in the creation of utility
- D. is owned by individuals and governments
Which of the following is a reward to a factor of production?
- A. interest
- B. donation
- C. gifts
- D. subsidy
Warehouse facilities in the distribution and marketing of products are provided by
- A. manufacturer
- B. wholesaler
- C. retailer
- D. advertisers
Subsistence production means that goods and services are
- A. produced for consumption only
- B. sold to others
- C. sold in the country
- D. produced for the market
The most frequent occurring value in a given data is the
- A. mode
- B. median
- C. mean
- D. range
Economics is best described as the study of
- A. the wealth of nations
- B. how man consume his products
- C. how man provides for his everyday needs
- D. the distribution of wealth