The study of economics enables the individuals to

A. change jobs

B. evades taxes

C. accumulate huge wealth

D. make rational decisions

Most of the problems of economics arises as a result of

A. competing demand for scarce resources

B. increase in the demand for more goods and services

C. the desire of producers to supply more goods and services

D. the need to reduce the level of poverty

Which of the following tool of economic analysis is used when data contains more than one category?

A. Bar charts

B. component bar charts

C. Graphs

D. Symbolical sratement

The reward to capital as a factor of production is

A. rent

B. wage

C. interest

D. commission

Mining is an example of

A. tertiary production

B. primary production

C. secondary production

D. advanced production

An owner-manager of a firm can also be called

A. a shareholder

B. an entrepreneur

C. an employer

D. a chairman

If the fixed cost of a firm is 800.00 Naira and it's variable cost is 2,700 Naira while it's total output is 100 units, what is the average cost of the firm?

A. 25 Naira

B. 35 Naira

C. 45 Naira

D. 50 Naira

Distribution of goods and service is hindered by

A. good road network

B. efficient storage facilities

C. too many middlemen

D. adequate market information

A movement along the same demand curve either upwards or downwards as a result of change in price implies

A. a chnage in demand

B. a change in quantity demanded

C. an increase in demand

D. a shift in the demand curve to the right

Middlemen in an economy perform the function of

A. distribution

B. exchange

C. Hoarding

D. protector