The ranking of a consumer’s need in order of importance is termed

A. An opportunity cost

B. Economies of scale

C. A scale of preference

D. The making of choice

E. Direct production

If price of a commodity rises from N2.00 to N4.00 and its supply increases from 100 to 125, them the co-efficient of elasticity of supply is

A. 0.025

B. 0.24

C. 0.22

D. 0.25

E. 0.23

If as a result of fall in price of the commodity X, the quantity demanded of commodity Y falls, then commodities X and Y are

A. complementary

B. in joint demand

C. luxuries

D. in composite demand

E. substitutes

MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the

A. marginal utility equation

B. equation for consumer dis-equulibruim

C. utility maximization equation

D. equation for total utility

E. equation for price elasticity

Subsistence agriculture means

A. cultivation for external use

B. cultivation for local industries

C. farming for the urban dwellers

D. cultivation for household consumption

E. cultivation for foreign currency

Farm produce are graded, packed and distributed by

A. purchasing co=operatives

B. agricultural co-operative banks

C. consumer co-operative society

D. marketing co-operatives

E. wholesale co-operatives

Localization of industries is

A. the industrialization of a country

B. the concentration of the firm of an industry in a particular area

C. the location of a firm at a particular locality

D. the economic development of a locality

E. governement intervention in the location of industries

Which of the following correctly illustrates the chain of distribution?

A. Manufacturer -> wholesaler -> retailer consumer

B. Consumer -> retailer -> wholesaler -> manufacturer

C. Wholesaler -> manufacturer -> retailer -> consumer

D. Distributor -> consumer -> wholesaler -> manufacturer

E. Producer -> manufacturer -> wholesaler -> retailer

The natural growth rate of a population is the

A. Death rate plus net immigration

B. Rate of migration divided by birth rate

C. Birth rate minus death rate

D. Sum of birth rate and net immigration rate

E. Sum of birth rate and death rate

Decreasing returns to scale implies ta if all factors of production are doubled, output will be

A. More than doubled

B. Less than doubled

C. Doubled

D. Unchanged

E. Trebled