The main objective of privatizing a government business is to
- A. create additional employment
- B. increase expenditure
- C. source for new funds
- D. increase the level of efficiency
The practice whereby a business is owned by two or more independent firms is termed
- A. indigenization
- B. joint venture
- C. commercialization
- D. foreign investment
when a firm is nationalized ,
- A. former owners are removed without compensation
- B. it has the right o draw on state funds for capital investment
- C. it must break even within a specific period
- D. workers take control of the firm
which of the following is a characteristics of monopoly
- A. many sellers
- B. Homogenous commodity
- C. a single seller
- D. Perfect knowledge
Patents are examples of
- A. natural barriers to entry
- B. legal barriers to entry
- C. illegal barriers to entry
- D. unnatural barriers to entry
in a situation where demand is perfectly elastic , imposition of tax on a commodity to raise its price will result in
- A. consumers increasing their demand for the product
- B. consumers' demand for the product remaining unchanged
- C. consumers shifting completely to substitute products
- D. suppliers increasing the supply of the product
If the price of goods X rises and the quantity demanded of goods Y increases then the two goods X and Y must be
- A. inferior goods
- B. substitutes
- C. complements
- D. free goods
The demand for beans in bags is given by the function Q – 36 + 0.4P = 0.
Where P is price in naira and Q is quantity.
Find Q when P = 20 naira.
- A. 12 bags
- B. 24 bags
- C. 28 bags
- D. 30 bags
The lower the price of a commodity, the greater the quantity demanded. This is based on the assumption that the consumers’
- A. income is diminished
- B. income remains the same
- C. utility is diminished
- D. population is high
Given that TR is total revenue, then TRn -TR (n-1) can be used to find the
- A. marginal revenue
- B. marginal cost
- C. average cost
- D. average revenue
Revenue is the
- A. total profit made after sales
- B. amount spent on purchase
- C. amount of goods produced
- D. total money realized from sales
What must be added to variable cost to give total cost?
- A. average total cost
- B. average variable cost
- C. fixed cost
- D. marginal cost
When population is classified according to professions, it is called
- A. geographical distribution of population
- B. age distribution of population
- C. sex distribution of population
- D. occupational distribution of population
a country where labour is not sufficient to make proper use of natural resources is said to have an
- A. active population
- B. optimum population
- C. over-population
- D. under-population
one characteristics of labour is that it is
- A. fixed in demand
- B. fixed in supply
- C. mobile
- D. untrainable
The Malthusian theory of population does not concern itself with
- A. growth of food production in arithmetical progression
- B. growth of population in geometric progression
- C. positive check to population growth
- D. development and growth of manpower
The reward which accrues to labour for participating in production is
- A. interest
- B. wage
- C. bonus
- D. profit
The satisfaction derived from the use of a commodity is its
- A. demand
- B. elasticity
- C. wealth
- D. utility
The three principal economic unit in any system are
- A. trade, industry and banking
- B. workers, consumers and shareholders
- C. households, firms and governments
- D. comapnies, industry and plants