A firm is at its optimum size when ___________
- A. It has a motive to increase output
- B. It produces the greatest output at a minimum cost
- C. Marginal cost equals marginal revenue
- D. Marginal cost is less than marginal revenue
2. Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________
- A. 100 days
- B. 30 days
- C. 90 days
- D. 14 days
3. The petro-chemical industries are located in Rivers State of Nigeria due to ________
- A. Coal deposit
- B. Palm oil products
- C. Favourable soil
- D. Oil deposits
4.
Units of Quality Consumes | Total Utility | Marginal Utility |
0 1 2 3 4 5 | – 10 15 17 18 18 | – 10 5 2 1 0 |
This table illustrates the law of _________
- A. Increasing returns
- B. Diminishing returns
- C. Diminishing marginal utility
- D. Increasing total utility
5. Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________
- A. Monopoly
- B. Oligopoly
- C. Monopolistic competition
- D. Perfect competition
6. Full employment is a situation in which _______
- A. Every adult is employed.
- B. Only the disable are not employed.
- C. All adults who can work are employed.
- D. All those who are able and eligible can find employment
7. Mono production economies are those that____
- A. Produce one main commodities
- B. Have a rich cultural heritage.
- C. Specialize in agricultural industries.
- D. Produce only raw materials.
8. Petroleum ‘glut’ in international trade means______
- A. Higher prices for the Consumption of petroleum.
- B. An Oversupply of petroleum.
- C. A fall in in petroleum production.
- D. A higher petroleum price offered by the buyer.
9. Retailers in an economy perform the function of ______
- A. Distribution.
- B. Exchange
- C. Investment
- D. Production
10. In a sole proprietorship, the decisions are made by the ______
- A. Government
- B. Management
- C. Owner
- D. Board of Directors
11. Palm oil industry is located in Old Bendel State because the state______
- A. Land is suitable for oil
- B. Is a palm tree growing area
- C. Soil is unsuitable for other crops
- D. Imports raw materials for palm oil industry
12. Which of the following sets fully represents factors of production?
- A. Sunlight, machinery, man, land
- B. Land, water, weather
- C. Money, market, middlemen
- D. Land, labour, capital, enterprise, technology
13. Which of the following countries is not a member of the Economic Community of West African States?
- A. Sudan
- B. Gambia
- C. Togo
- D. Nigeria
14. Oligopoly means _________
- A. single buyer in the market.
- B. few buyers in the market.
- C. few sellers in the market
15. The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______
- A. 1.5:2
- B. 2:2
- C. 2:1.5
