Explanation

The factors that determine the size of a firm are:

(i) The market:The size of the market for a firm's product influences its size. If the market is small in terms of effective demand, the operation of the firm is bound to be small.

(ii)Capital: When it is difficult to obtain necessary capital for the formation of a large firm or expansion of existing one, the firm is bound to remain small.

(iii) Entrepreneurial ability: Ability to undertake risk and to manage large scale business is an important factor that determined the size of .a firm. The size of such firm depends on the knowledge and experience needed for planning the operation.

(iv) Technical nature of product/service: Firms providing personal services for customers are usually run as small enterprises, e.g. lawyers, accountants and bankers. Firms producing perishable agricultural goods tend to produce to satisfy only local markets. They there-fore tend to be small scale producers.

(v) Stage of development: Some firms are small because they have just been established. Given some time, they may grow and expand.

(vi) Government policy: When government is ready to assist firms, it helps to determine the size of operation.

(vii) Available technology:This is another key determinant of the size of a firm.

Correct Answer: C. total money realized from sales

Explanation

Revenue can be defined as the income generated by a firm from the sales of its goods and services.

Correct Answer: C. a continuosly higher proportion falls into working class category

Correct Answer: D. increasing equity participation and control by Nigerians

Correct Answer: B. make choice when resources are inadequate

Explanation

The study of economics is mainly concerned with how to make choices when resources are inadequate. This is because resources are always scarce, meaning that there is never enough to satisfy all of our wants and needs. As a result, we have to make choices about how to allocate our resources in a way that maximizes our well-being.

The other options are not the main focus of economics. While economics can be used to rank individuals' wants, satisfy every member of all societies, and produce all the goods needed by everyone, these are not the primary goals of the discipline. Economics is more concerned with understanding how these things are achieved in the real world, and how we can make better decisions about how to allocate our resources.

Correct Answer: A. vertical

Explanation

Necessity goods are products and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change.

Correct Answer: C. offers loans to member countries for socio-economics activities

Correct Answer: C. limited supply of goods and services

Correct Answer: B. equal to quantity supplied

Correct Answer: B) Any change in price completely stops supply

Explanation

This question is about perfect price elastic supply. Perfect price elastic supply means that any change in price completely stops supply. This means that if the price of a good or service changes, the quantity supplied will drop to zero.

It is important to understand that this is a theoretical concept and it is unlikely to see perfect price elastic supply in real-world situations. However, it is still an important concept to understand as it helps us to understand how changes in price can affect supply.

In contrast, if a good or service has an inelastic supply, then a change in price will not affect the quantity supplied very much. For example, if the price of oil increases, it may be difficult for oil producers to quickly increase the amount of oil they can produce, so the supply of oil remains relatively constant.

It is important for Economics students to understand the concept of supply and how it can be affected by changes in price. By understanding supply, students can better understand how markets work and how prices are determined.