Scarcity implies that

A. goods cannot be produced efficiently

B. human wants are unlimited

C. goods and services are limited in supply

D. commodities are evenly distributed within the economy

Economy problems arises mainly as a result of

A. inaccurate statistical data in West Africa

B. excessive wastage of available resources

C. lack of foresight on the part of resource users

D. limitation in the availability of resouces

Basic extractive activities are classified as

A. manufacturing production

B. tertiary production

C. secondary production

D. primary production

The entire satisfaction that a consumer derived from a successive consumption of a particular commodity is known as

A. marginal utility

B. total utility

C. average utility

D. diminishing utility

A collective data which has not been processed is referred to as

A. disjointed data

B. raw data

C. class intervals

D. frequency

Which of the following is a measure of central tendency

A. Percentage

B. graph

C. variance

D. Median

The quantity supplied of a book per week is represented by the function: Qs + 70 + 1/2 P, At a price of N8.00, the quantity supplied is

A. 70

B. 74

C. 76

D. 86

In production , the formula total product/number of men employed is used to calculate

A. total product

B. average product

C. marginal product

D. fixed product

One of the internal economies of large scale production is

A. administrative economies

B. market economies

C. regional economies

D. horizontal economies

Dividing total variable cost by quantity of output gives

A. Total cost (TC)

B. Total Fixed Cost (TFC)

C. Variable cost (VC)

D. Average Variable Cost (AVC)