An industry is best described as

• A. firm that sells a set of closely related commodities
• B. a factory that produces different lines of product
• C. a group of firms that sells a closely related set of products
• D. industrial concern that is into production and selling of goods

At the maximum point of the total product curve of a firm, marginal revenue is

• A. decreasing
• B. increasing
• C. constant
• D. zero

One of the techniques of monetary control used by the central bank of Nigeria is

• A. selective credit control
• B. budget deficit
• C. foreign exchange control
• D. monitoring the general price level

Opportunity cost is an economic concept which describes the?

• A. monetary equivalent of the utility of a commodity
• B. amount of time or money invested on a commodity
• C. sacrifice made for the satisfaction of a want
• D. cost of retaining an optimum level of production of commodities

The best measure of dispersion to determine the tallest tree in a forest is

• A. range
• B. variance
• C. standard deviation
• D. mean deviation

The last link in the channel of distribution is____________

• A. Producer
• B. Retailer
• C. Consumer
• D. Wholesaler

A country would develop its agricultural sector first so as to

• A. stabilize the prices of agricultural products
• B. stabilize the prices of industrial products
• C. create a market for the agricultural sector
• D. create a market for the industrial sector

A tax is regressive if the

• A. rate of tax is constant at all income levels
• B. rate of tax decrease as income increases
• C. rate of tax increases as income increases
• D. tax is direct rather than indirect

Scarcity in Economics generally refers to

• A. a period of production
• B. hoarding of goods
• C. monopolization of existing supply of resources
• D. resources being limited

which of the following is a middleman in the chain of distribution?

• A. An entrepreneur
• B. a producer
• C. a banker
• D. a retailer