which of the following is necessary for the survival of small firms in West Africa?
- A. acess to loand for development
- B. inadequate collaterals for bank loans
- C. government assistants in form of loans and tax holidays
- D. high transportation cost
which of the following could be used to measure the efficiency of labour?
- A. education and training
- B. rate of inflation
- C. level of unemployment
- D. input-output ratio
West African countries experience rapid population growth due to
- A. existence of birth control clinics
- B. early marriages
- C. adequate sex education in schools
- D. late marriages
The term underpopulation refers to a situation where the population is
- A. disperesed over the country
- B. small in relation to available resources
- C. greater than the available resources
- D. concentrated in a few areas
The market supply curve slopes upwards from left to right indicating that
- A. at a lower price more is supplied
- B. two commodities can be supplied at the same time
- C. at a lower price, less is supplied
- D. producers pay high taxes
Marginal cost can be derived from the
- A. total product
- B. total revenue
- C. total cost
- D. average fixed cost
when the total products is at its maximum marginal products is
- A. increasing
- B. positive
- C. negative
- D. zero
The additional satisfaction derived from the consumption of one or more unit of a good is called
- A. marginal products
- B. marginal utility
- C. marginal revenue
- D. marginal cost
which of the following is an advantage of localization of industry?
- A. development of subsidiary firms
- B. creation of paralell markets
- C. developments of slums
- D. attraction of foreign capitals
Division of labour leads to
- A. improved craftsmanship
- B. the production of standardized goods
- C. increase in the cost of goods
- D. trade by barter
A major limiting factor of mass production is
- A. efficient management
- B. adequate labour supply
- C. small size of the market
- D. adequate supply of raw materials
one major function of the entrepreneur is
- A. bearing of risks
- B. maximizing profits
- C. taking charge of day to day managment
- D. determinig the selling price of his products
Which of the following factors of production consists of man made goods?
- A. land
- B. labour
- C. capital
- D. entreprennuer
The problem of scarcity is reduced by
- A. controlling consumption of goods and services
- B. producing everything needed by the consumers
- C. ensuring efficient allocation of resources
- D. restricting consumer choice and tatste
which of the following is not an advantage of tubular presentation of data?
- A. enables easy location of required figures
- B. makes for easy comaprison of figures
- C. occupy more space than mathematical equations
- D. showa wether the figures are increasing or decreasing
The major agents of economics system are
- A. consumer, workers and producers
- B. markets, telecommunication and banks
- C. schools, hospitals and universisties
- D. indidviduals , firms and government
Economic as a field of study is a
- A. pure science
- B. polititcal science
- C. social science
- D. physical science