Rents and interest are rewards to

• A. Labour and capital respectively
• B. Land only
• C. Capital only
• D. Land and labour respectively

A major function of the retailer is to

• A. grant credit to the wholesaler
• B. break bulk and sell products in small units
• C. reduce cost of distribution
• D. generate demand for products through advertisement

Which of the following is not a condition for a perfect market?

• A. homogenous commodity
• B. ignorance of consumers
• C. perfect information
• D. free entry and exit

One advantage of the Sole Proprietorship over other forms of business organization is that it can

• A. make very high profits
• B. employ many workers
• C. keeps its affair private
• D. produce on a very large high scale

Resources are efficiently allocated when production takes place at that output where price equals?

• A. marginal revenue
• B. average variable cost
• C. marginal cost
• D. toal cost

Livestock production in West Africa is hindered mainly by

• A. inadequate demand
• B. use of traditional implements
• C. land tenure system
• D. pests and diseases

(a) Explain the term mobility of labour.

(b) Why may labour as a mobile factor of production be unwilling to move?

When a variable is associated with time period, it is_____________

• A. circular
• B. a flow
• C. static
• D. a stock

In calculating the Gross National Product (GNP) by the income approach , all the following are included except

• A. wages and salaries
• B. direct taxes paid by persons and companies
• C. rents on houses
• D. retirement benefits

Which of the following roles is being played by the Organization of Petroleum Exporting Countries (OPEC) with regards to Nigeria’s crude oil?

• A. Exploiting
• B. Exploring
• C. Refining
• D. Marketing