An industry is best described as
- A. firm that sells a set of closely related commodities
- B. a factory that produces different lines of product
- C. a group of firms that sells a closely related set of products
- D. industrial concern that is into production and selling of goods
In developing countries, a larger percentage of the labour force is employed in the
- A. trade sector
- B. tertiary sector
- C. primary sector
- D. secondary sector
which of the following best describes token money?
- A. money in the vaults of commercial banks
- B. currency and coins in circulation
- C. money with face value higher than its material content
- D. coins and notes made of poor quality material
In national income accounting, the term ”net” is used to indicate that a value—–
- A. includes income of foreigners
- B. includes income of citizens
- C. includes depreciation
- D. excludes depreciation
location of firms of an industry is not influenced by?
- A. availability of raw material
- B. existence of other firms
- C. nearness to the source of money supply
- D. government policy
The difference between the gross domestic product (GDP) and gross national product (GNP) IS?
- A. depreciation
- B. transfer payment
- C. net income from abroad
- D. direct taxes
which of the following is not a strong basis for trade unions demand for higher wages
- A. company is making higher profit
- B. productivity of workers has increased
- C. members of the union have high qualifications
- D. commodity produced by the workers is very essential
The movement of labour from one grade to an entirely different grade is an example of?
- A. industrial labour mobility
- B. horizontal occupational mobility
- C. vertical occupational mobility
- D. geographical mobility
one reason for low agrictural productivity in most west African countries is that?
- A. farmers are not capable of producing cash crops
- B. it does not provide income to farmers with large families
- C. farmers find it difficult getting help from financial institutions
- D. it is not the only source of raw materials for agro-based industries
which of the following will increase the demand for labour
- A. Increase wage rate
- B. labour's demand for output
- C. low wage rate
- D. low marginal productivity
Frictional unemployment occurs when?
- A. there is a change in the technique of production
- B. job seekers lack information where jobs exist
- C. bad weather prevents work from progressing
- D. job seekers have disabilities
Inflation may occur if there is?
- A. excess supply over demand
- B. increase in productivity
- C. excessive demand with limited supply
- D. increased government spending in a depressed economy
which of the following features distinguishes a public limited company from a private limited company
- A. perpetual existence
- B. limited liability
- C. legal entity
- D. sales of shares to the public
which of the following is not a method of controlling monopoly
- A. preventing mergers
- B. indigenization
- C. privatization
- D. imposing high profit tax
which of the following business organisations is likely to experience disagreements between management and shareholders
- A. co-operative society
- B. sole trader
- C. partnership
- D. joint-stock company
which of the following curves is not U shaped
- A. marginal cost curve
- B. average fixed cost curve
- C. average total cost curve
- D. average variable cost
By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to
- A. average product
- B. total product
- C. average variable cost
- D. total cost
Total cost is obtain by?
- A. adding up the marginal cost at each level
- B. dividing the total cost of output at each level
- C. adding up the average variable cost at each level
- D. adding up the total variable cost and total fixed cost
The law of diminishing marginal returns relate to?
- A. total utility
- B. average utility
- C. total product
- D. marginal utility
All the following are methods of determing prices except?
- A. maximum pricing
- B. rationing
- C. minimum pricing
- D. auctioning
which of the following will not affect the market price of a commodity
- A. increase in demand
- B. change in taste
- C. intersection of demand and supply
- D. increase in supply