A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as
- A. joint supply
- B. derived demand
- C. competitive demand
- D. competitive supply
- E. composite demand
The growth of the population is the ?
- A. annual increase in population
- B. total population of a country at a given time
- C. addition to the total population over a given period
- D. increase in the working population over a given period
- E. percentage increase in population in a given year
the occupational distribution of population in most West African countries shows the highest concentration in
- A. agriculture and aalied industries
- B. mining and manufacturing
- C. the distributive trade
- D. commerce and industries
- E. mining and services
the location of timber and plywood industries in West Africa is mainly influenced by the
- A. avilability of transport
- B. good climate
- C. availability of power supply
- D. adequate labour supply
- E. presence of a luxuriant forest
which of the following is an advantage of division of labour? It
- A. saves time
- B. make possible the sue of machine
- C. is monotonous
- D. leads to specialization
- E. aids the development of skills
Land is often distinguished as a factor of production because it
- A. is a free gift of nature
- B. constitutes one-third of the entire world
- C. is unlimited in supply
- D. is owned by individuals
- E. is owned by government
Division of labour may be restricted when
- A. an ailing economy has improved
- B. producers live in villages
- C. market is small
- D. there is full employment
- E. there is inflation
Robert T. Malthus postulated in his population theory that
- A. the death rate may become so high that people may not survive
- B. people will eventually stop having children
- C. people will migrate from one place to another in search of food
- D. posititve efforts should be made to increase population
- E. population growth rate may out-grow the means of subsistence
which of the following is the correct way to calculate total cost?
- A. Addition of fixed cost to variable cost
- B. Division of total cost by total output
- C. Multiplication of fixed cost by the variable cost
- D. Subtraction of fixed cost from total cost
- E. Addition of marginal cost to average cost
Production is not complete until the
- A. goods gets to the wholesaler
- B. goods reached the final consumer
- C. factors of production are combined
- D. goods are ready for transportation
- E. wholesalers ask the firms to produce
which of the following business establishment are not motivated mainly by profit?
- A. Public Limited Companies
- B. Private Limited Companies
- C. Holding companies
- D. Patnershps
- E. Co-operatives
Which of the following may not be included in explaining the term production?
- A. provision of services
- B. manufacture of goods
- C. changing raw materials ti finishing goods
- D. use of consumer goods
- E. making goods available where and when they are needed
A nation with a working population that is insufficient to exploit its resources is said to be
- A. over-populated
- B. under-populated
- C. experiencing decrease population
- D. experiencing increasing population
- E. having optimum population
In , Economics the reward for labour is in the form of
- A. wages
- B. profit
- C. rent
- D. dividends
- E. interest
Which of the following does not apply to private companies?
- A. the number of shareholders is limited
- B. the liability of shareholders is limited
- C. accounts have to be publicized
- D. the companies are separate legal entities
- E. shares are not easily transferable
which of the following reasons is mainly responsible for the inefficient distribution of goods in West African countries?
- A. large number of distribution companies
- B. import and export restrictions by the government
- C. narrow markets for commodities produced
- D. poor transportation and communication system
- E. large influence of foreign traders
An entrepreneur will locate his industry in a place
- A. nearest to his homw town
- B. where the cost of production will be minimized
- C. nearest to his wife's hometown
- D. where the government direct him to locate
- E. where there is no other industry
The rural area of West Africa lack industries because
- A. rural people are not meant to work in industries
- B. rural people are uneducated
- C. of inadequate infrastructure
- D. of low population density
- E. they are not suitable for industries
Price elasticity of demand is define as the
- A. responsiveness of demand to change in price
- B. responsiveness of price to change in demand
- C. increase in demand resulting form a rise in price
- D. unit decrease in price resulting from a a fall in demand
- E. unit increase in quantity demanded when price rises
An inferior goods is one
- A. that is too bad for consumption
- B. whose price is lower than the price of other goods
- C. that is easily perishable
- D. whose demands fall when the income of its consumer increases
- E. that is not durable
Supply in Economics means making
- A. goods and services available to consumers
- B. goods available to the market at a given price and at a given period
- C. available the goods and services which consumers require
- D. craete goods
- E. import goods