Economics Past Questions And Answers
591
Which of the following features best describes peasant agriculture in West Africa? It
- A. specializes in the production of one crop
- B. involves the use of small farm holdings
- C. is a capital-intensive system of farming
- D. is mostly associated with tree crops
592
The main advantage of large scale production is that
- A. unit cost of production falls
- B. decision -making is quick
- C. worker-managemnet relationship is improved
- D. the quality of the product increases
593
From the diagram below, the quantity of output is determined by the point
- A. M
- B. N
- C. H
- D. F
594
Given that Qd = 10 - 2p while Qs = 5 x 3P, if P = N 1 determine the equilibrium quantity
- A. 7
- B. 6
- C. 5
- D. 8
595
Capital as a factor of production is important because
- A. it enables us to carry out task which can not be done by human effort only
- B. most tasks can be done with bare hands
- C. people can work without capital
- D. it provides money which is essnetial for the growth of business
596
Wheat grows best in?
- A. tropical climate
- B. temperate climate
- C. equatorial climate
- D. hot desert
597
Terms of trade may be define as the
- A. trade between one country and another
- B. relationship between country's receipt from others and payment to others
- C. rate at which a country's export exchange for imports
- D. different between the value of export and imports
598
location of firms of an industry is not influenced by?
- A. availability of raw material
- B. existence of other firms
- C. nearness to the source of money supply
- D. government policy
599
Demand patterns are determined by the market on the basis of
- A. scale of preference
- B. consumer sovereignty
- C. cosumer rationality
- D. price of the commodity
600
Since the mid-1980s, the most disturbing development in the industrial sector in Nigeria is?
- A. labour intensity
- B. capital intensity
- C. poor technology
- D. capacity under-utilization