A joint stock company enjoys perpetual existence because

• A. there is a higher degree of specialization
• B. it is a corporate entity
• C. it is formed by a minimum of seven members
• D. its shares are easily

Farm produce are graded, packed and distributed by

• A. purchasing co-operatives
• B. agricultural co-operative banks
• C. consumer co-operative society
• D. marketing co-operatives

An economy in which both the public and private sectors contribute to economic growth is as

• A. feudal economy
• B. capitalist economy
• C. socialist economy
• D. mixed economy

Inflation which is caused mainly increases in the prices of factors of production is described as?

• A. cost-push inflation
• B. demand-pull inflation
• C. crawling inflation
• D. spiral inflation

The law of diminishing marginal utility state that, the more a commodity is consumed the

• A. higher the satisfaction derived from an additional unit
• B. higher the price to be paid
• C. lower the quantity supplied
• D. lower the rate of increase in the total utility derived

What are the likely reasons for government participation in the location of industries in Nigeria?

Which of these factors does not affect revenue allocation in Nigeria?

• A. Needs of an area
• B. Size of the population of an area
• C. Number of industries and land areas
• D. Revenue derivable from an area

In a regulated market, price is determined by

• A. consumers
• B. producers
• C. auction
• D. government

In Economics, the reward for labour is in the form of

• A. wages
• B. profit
• C. rent
• D. dividends

The gap between demand and supply curves above the equilibrium price is

• A. normal demand
• B. excess supply
• C. equilibrium quantity
• D. abnormal demand