A major difference between a state-owned enterprise and a private enterprise is that the former?

• A. is not expected to cover its costs of production while the latter is
• B. is not always expected to maximize profits while the latter is
• C. has shareholders while the latter does not
• D. has a board of directors while the latter does not

The short-run equilibrium output for a monopolist is determined by the?

• A. highest point on the total revenue curve
• B. minimum point on the average revenue and the average cost curve
• C. intersection of the average revenue and the average cost curves
• D. intersection of the marginal cost and marginal revenue curves

At which stage of production should a firm shut down? when

• A. AVC=ATC
• B. AVC
• C. AVC>price
• D. AVC=MC

The marginal revenue curve of a monopolist is

• A. upward sloping from the right to left
• B. downward sloping from left to right
• C. paralell to the quantity axis
• D. downward sloping from right to left

Direct taxes include?

• A. excise duty
• B. ad valorem tax
• C. specific tax
• D. capital gain tax

A firm is at its optimum size when ___________

• A. It has a motive to increase output
• B. It produces the greatest output at a minimum cost
• C. Marginal cost equals marginal revenue
• D. Marginal cost is less than marginal revenue

Visible balance is also known as

• A. terms of trade
• B. balance of payments
• C. balance of trade
• D. capital balance

One of the ways of improving the marketing of agricultural produce is by

• A. Reviewing the land tenure system
• B. Ensuring even distribution of farm inputs
• C. Embarking on irrigation farming
• D. Establishing agricultural marketing boards

In any set of data, median represents the

• A. value that is most representative of the data
• B. mid-position when the values are arranged in ascending or descending order
• C. mid-position when the values are arranged randomly
• D. difference between the highest and the lowest values when arranged in ascending order

In the long run, all production factors are?

• A. fixed
• B. semi fixed
• C. variable
• D. semi-variable