The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the?
A. role of supply and demand B. role of material incentive C. existence of buyers and sellers D. role of money Correct Answer: Option A – role of supply and demand
The U-shape of the long run average cost curve can be explained by the?
A. law of increasing returns B. law of constant returns C. law of diminishing returns D. concepts of economies and diseconomies of scale Correct Answer: Option A – law of increasing returns
The higher the price of capital relative to the price of labour, the more production techniques should be?
A. labour-intensive B. capital-intensive C. fixed D. technology-intensive Correct Answer: Option A – labour-intensive
BY definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation?
A. VC =TC + FC B. VC = TC – FC C. VC = TC/FC D. VC = (TC)/(FC) Correct Answer: Option B – VC = TC – FC
The migration of young people from rural to urban areas in Nigeria should help to raise the?
A. standard of living in urban areas B. total productivity of labour in rural areas C. marginal productivity of labour in rural areas D. marginal productivity of labour in the urban areas Correct Answer: Option D – marginal productivity of labour in the urban...Products
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