Economics Past Questions And Answers
511
an industry is described as a group of firms
- A. that provides jobs for many people
- B. which uses advance technology in production
- C. which produces similar products
- D. that provides jobs for few people
512
If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a?
- A. fall in both quantity of demand and total revenue
- B. fall in the quantity demanded and rise in total revenue
- C. fall in the quantity demanded and rise in marginal revenue
- D. rise in both the quantity demanded and the marginal revenue
513
An important factor hindering the rapid development of the industrial sector in Nigeria is
- A. rural-urban migration
- B. excessive demand for finished products
- C. inadequate infrastructural facilities
- D. the dominace of the oil sector
514
What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?
- A. The industry has many differentiated products
- B. The industry is characterized by rapid technological change
- C. The industry consist of large number of producers
- D. There are significant barriers to prevent firms entering the market
515
One of these is not an assumption of the cardinalist theory of utility?
- A. The consumer is rational
- B. Diminishing marginal utility
- C. The concept of money utility
- D. Consistency and transivity of choice
516
Cooperative societies are formed mainly to
- A. break the monopolies of private companies
- B. encourage thrift and credit among members
- C. assist producers to maximize their profits
- D. promote and maintain the welfare of members
517
Find the median of the following set of scores 8,9,6,5,10
- A. 9
- B. 8
- C. 6
- D. 5
518
Division of Labour is limited by the________
- A. Size of labour firm
- B. Availability of raw material
- C. Size of the labour force
- D. Absolute size of the country's population
519
Since money is demanded for what it can buy, the demand is said to be
- A. derived
- B. joint
- C. composite
- D. complementary
520
At what level of input has diminishing marginal returns set in?
- A. 3
- B. 16
- C. 20
- D. 22