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1.
The law of variable proportions is also known as
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A.
law of demand
B.
law of diminishing returns
C.
law of diminishing marginal utility
D.
law of returns to scale

2.
All the following are problems identified with agriculture in West Africa except
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A.
land tenure system
B.
ignorance of the farmers
C.
use of crude implement
D.
provision of food for the teeming population

3.
Revenue can be expressed as
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A.
total Profit made after sales
B.
amount of goods produced
C.
total money realized from sales
D.
amount spent on purchases
Explanation. Give a better Explanation
Revenue can be defined as the income generated by a firm from the sales of its goods and services.


4.
All the following are factors that would bring about a change in supply except
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A.
level of technology
B.
government policy
C.
Entry of new firms
D.
Price of the commodity

5.
The combination of two commodities each yielding the same level of satisfaction to the consumer is
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A.
consumer surplus
B.
indifference curve
C.
budget constant
D.
goods of necessity

6.
In which situation is it likely that the demand for labour would be inelastic?
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A.
Labour and capital are close substitutes
B.
Labour costs are only a small proportion of total costs
C.
Demand for the final product that the labour produces is elastic
D.
A large quantity of unemployed labour is available in the economy

7.
The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in
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A.
Paris, France
B.
Geneva, Switzerland
C.
Lagos, Nigeria
D.
Vienna, Austria

8.
What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?
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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

9.
A commercial bank can create money by
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A.
issuing currency
B.
increasing cash ratio
C.
issuing cheque
D.
lending to borrowers
Explanation. Give a better Explanation
lending to borrowers in form of loan with an interest rate makes the commercial bank to create more money.


10.
The source of all economic problems arises from
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A.
wants
B.
Scarcity
C.
Opportunity Cost
D.
Scale of Preference

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