economics

Price control refers to?

A. the way of making more goods available in the market B. a policy of ensuring stable price in the…

6 years ago

To achieve an equilibrium position, the consumer must buy so much of each commodity whose price is equal to its?

A. marginal utility B. total utility C. average utility D. variable utility Correct Answer: Option A A. marginal utility

6 years ago

A factor that has slowed down the rate of industrial development in West Africa is?

A. inadequate technology B. increasing rate of manpower production C. increased demand for local goods D. intervention of the government…

6 years ago

A group of firms producing similar commodities for the same market constitutes?

A. a cartel B. an industry C. a co-operative D. wholesaler Correct Answer: Option B B. an industry

6 years ago

Age distribution is important because it helps the government to?

A. check rural-urban drift B. determines the number of foreigners C. determines the number of factories D. undertake effective planning…

6 years ago

Which of the following determines the size of a country’s population?

(I) Birth rate (II) Death rate (III) Migration rate (IV) Importation rate (V) Unemployment rate A. (I), (II) and (V)…

6 years ago

When a worker changes from one type of job to another, it is called?

A. geographical mobility of labour B. occupational mobility of labour C. immobility of labour D. rural-urban migration Correct Answer: Option…

6 years ago

When all factors input are reduced by half, the production possibility curve will shift?

A. outwards B. inwards C. downwards D. upwards Correct Answer: Option B B. inwards

6 years ago

The production factor, whose entire world supply is fixed is?

A. land B. skilled labour C. capital goods D. entrepreneur Correct Answer: Option A A. land

6 years ago

The remuneration of the entrepreneur as a factor of production is called?

A. wages B. salary C. interest D. profit Correct Answer: Option D D. profit

6 years ago