Economic activities are undertaken to solve the problem of

A. Desire to spend more income on consumption

B. opprotuinity cost

C. production

D. scarcity

Farming, mining and fishing are

A. primary production

B. secondary production

C. tertiary production

D. intermediate production

A list of consumer's wants arranged in order of priorities is known as

A. a budget

B. an opprotuniy cost

C. A scale of preference

D. choice

The 150.00 Naira which Olu would have used to purchase a textbook was used to buy a T-shirt . This implies that

A. Olu's real cost is 150.00 Naira

B. Olu's opprtunity cost is the T-shirt he bought

C. Olu's opportunity cost is the textbook

D. Olu's money cost is also the real cost

The remuneration of the entrepreneur as a factor of production is called

A. wages

B. salary

C. interest

D. profit

The production factor, whose entire world supply is fixed is

A. land

B. skilled labour

C. capital goods

D. entrepreneur

When all factors input are reduced by half, the production possibility curve will shift

A. outwards

B. inwards

C. downwards

D. upwards

When a worker changes from one tye of job to another, it is called

A. geographical mobility of labour

B. occupational mobility of labour

C. immobility of labour

D. rural-urban migration

Which of the following determines the size of a country's population ? (I) Birth rate (II) Death rate (III) Migration rate (IV) Importation rate (V) Unemployment rate

A. (I), (II) and (V)

B. (II) and (IV)

C. (I),(II) and (III)

D. (IU) and (V)

Age distribution is important because it helps the government to

A. check rural-urban drift

B. determines the number of foreigners

C. determines the number of factories

D. undertake effective planning