International trade is an application of the principle of

• A. industrial production
• B. mass production
• C. regional co-operation
• D. comparative cost advantage

An entrepreneur is encouraged to adopt division of labour in production because it

• A. provide more employment opportunities
• B. leads to increased output and lower cost of production
• C. brings about equal cost and employment opportunities
• D. leads to increased cost of production and lower output

De valuation helps in checking adverse balance of payments if the?

• A. demand for imports is elastic
• B. demand for imports is inelastic
• C. supply of exports is elastic
• D. demand for exports is inelastic

the most basic concern of economists is to

• A. create human wants
• B. saisfy all human wants
• C. redistrubute income so that it is used correctly
• D. allocate scarce resources to satisfy human wants

Acceptability, durability, homogeneity and portability are all attributes of good

• A. markets
• B. money
• C. banks
• D. government

The effects on the demand for product A caused by a change in the price of product B is Called____________

• A. Joint demand
• B. cross-elasticity of demand
• C. elasticity of supply
• D. competitive demand

Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively. Calculate the average product (AP) of the 4th unit of labour.

• A. 20
• B. 13
• C. 15
• D. 10

Which of the following is the source of raising funds for a public limited liability company in West Africa?

• A. Bank loans
• B. issue of shares
• C. issue of debentures
• D. Sales of bonds

Capital provided by individuals to the firm by purchasing stocks is called?

• A. debt capital
• B. fixed capital
• C. circulating capital
• D. equlity capital

Explain any five objectives of the Economic Community of West African States (ECOWAS). [20 marks]