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1 of 15

From an economic point of view, an activity does not have a cost when

A. someone else pays for it

B. the returns are greater than the cost

C. the choice involves giving up nothing

D. the government pays for it

2 of 15

The optimum population of a country is reached when

A. All factor of production have been fully employed

B. The productive effort per man is at its highest with a given volume of resources

C. The total population of a country increases

D. The natural resources of a country increases

3 of 15

In which market structure do firms have significant pricing power due to product differentiation and face a downward-sloping demand curve?

Perfect Competition

Monopoly

Oligopoly

Monopolistic Competition

4 of 15

If the Central Bank intends to increase the money supply through open market operations then it will

A. sell securities in the open market

B. buy securities in the open market

C. issues more currency note

D. withdraw money supply from the market

5 of 15

Which of the following factors of production refers to the skills, knowledge, and experience possessed by an individual, which contribute to their ability to produce goods and services?

Land

Labor

Capital

Entrepreneurship

6 of 15

A rational consumer will adjust his spending pattern so that

A. He buys only the one item that gives him most total satisfaction

B. The marginal utility he gets from the last unit of item is the same

C. The marginal utility he gets from the last naira spent on each item is the same

D. The total utility he gets from each item is the same

7 of 15

In the context of the Theory of Production, which of the following describes the concept of diminishing marginal returns?

The total output increases indefinitely as more units of a variable input are added, holding all other inputs constant.

The additional output produced by adding one more unit of a variable input decreases after a certain point.

The efficiency of all inputs improves as production scales up, leading to lower average costs.

The relationship between inputs and outputs remains constant regardless of the quantity of inputs used.

8 of 15

Which of the following best describes the concept of "marginal cost" in economics?

The total cost of production divided by the number of units produced

The additional cost incurred from producing one more unit of a good or service

The fixed costs associated with production that do not change with output levels

The opportunity cost of resources used in production

9 of 15

One of the ways by which Government derives revenue from industrial enterprises in West Africa is?

A. tariffs

B. excise duties

C. poll tax

D. import duties

10 of 15

One of the disadvantages of division of labour is that?

A. there is saving of time

B. it result in workers acquiring greater skill at their jobs

C. there is a greater risk of unemployment

D. it makes possible the use of machinery

11 of 15

A disadvantage of the corporate form of business is the?

A. risk of the owners of loss of personal effects if the business should fail

B. ability of the corporation to is financial resources

C. limited life span of the corporation

D. problems presented by separation ownership from control

12 of 15

Which of the following factors is considered a primary driver of industrialization during the 18th and 19th centuries in Europe?

The rise of democratic governments

The expansion of agricultural technology

The availability of capital for investment

The establishment of global trade networks

13 of 15

A limited liability company is owned by?

A. an individual

B. two or more partners

C. shareholders

D. government

14 of 15

Division of labour means

A. dividing the labour into different categories

B. splitting the process of production into different parts to be completed by each person

C. dividing the goods and services into different sections

D. assigning different duties to labourers

15 of 15

Division of labour is limited by the?

A. available of raw materials

B. size of the labour force

C. size of a labour firm

D. absolute size of the country's population

Economics Past Questions Practice

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