Economics — 1993

Economics is the study of how to

Scarcity in economics arises because

The real cost of a commodity is

Public corporation in West Africa are set up to

Supply in Economics means making

An inferior goods is one

Price elasticity of demand is define as the

The rural area of West Africa lack industries because

An entrepreneur will locate his industry in a place

which of the following reasons is mainly responsible for the inefficient distribution of goods in West African countries?

Which of the following does not apply to private companies?

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

A nation with a working population that is insufficient to exploit its resources is said to be

Which of the following may not be included in explaining the term production?

which of the following business establishment are not motivated mainly by profit?

Production is not complete until the

which of the following is the correct way to calculate total cost?

Robert T. Malthus postulated in his population theory that

Division of labour may be restricted when

Land is often distinguished as a factor of production because it

which of the following is an advantage of division of labour? It

the location of timber and plywood industries in West Africa is mainly influenced by the

the occupational distribution of population in most West African countries shows the highest concentration in

The growth of the population is the ?

A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as

A market equilibrium exist when

The price system is

The main objective of production by entrepreneur is to

If price falls below the equilibrium

Which of the following is not a source of finance for a one-man business?

Land is a most significant factor in terms of contribution to the economy because

Capital as a factor of production is important because

A firm's compulsory cost whether it is in production or not , is referred to as its

A scale of preference is a list

An economic system in which the state owns and controls the means of production is known as

Which of the following is not a middleman in the distribution channel? The

Division of labour gives rise to

One-man business is popular in West Africa because of all the following , except the

Which of the following is not a reason why statutory are run only by the government?