Mr Idowu needs a television and a refrigerator. Each cost N500.00, the exact amount he has . If Mr. Idowu buys the television , the refrigerator would be regarded as the

A. marginal cost

B. inferior item

C. opportunity cost

D. supplementary item

E. prime cost

Petro-chemicals industries are located in River State of Nigeria due to the presence of

A. a favourable climate

B. coal deposits

C. oil palm products

D. an undullating terrain

E. oil deposits

Foreign exchange control in Nigeria is enforced by the

A. Commercial banks

B. Merchant banks

C. Mortgage banks

D. Central banks

E. Agricultural development banks

The difference between the number of immigrants and emigrants is

A. internal mobility

B. internal migration

C. net migration

D. marginal migration

E. external migration

Risk bearing and managerial control are the main function of the

A. managing director

B. manager

C. entrepreneur

D. chief excecutive

E. chief accountant

If successive unit of labour are added to a piece of land while capital and technology remains constant, a point will be reached in the level of production when each additional unit of labour will add less to the output than previous units. This concept is known as

A. productivity of labour

B. law of diminishing marginal utility

C. law of diminishing returns

D. law of diminishing returns of a variable factor

E. internal economies of sales

When a firm's total revenue is at the maximum , marginal revenue is

A. at the maximum

B. negative

C. zero

D. positive

E. constant

Under normal circumstances, a producer will bear the entire burden of taxation on his output if the

A. supply of his goods is more elastic than the demand

B. demand for his products is completely elastic

C. production of his commodity is subject to diminishing returns

D. demand for his products is more elastic than the supply

E. demand for his products is completely elastic

Limited liability means that

A. the debt of a company can only be paid from its own assets

B. the debts of a company are paid from business as well as private funds of the owners

C. a company does not have to pay its debts

D. the debts of a company must be paid from a private funds only

E. government cannot tax a company

Factory buildings, machinery and raw materials are known in Economics as

A. personal wealth

B. social wealth

C. government wealth

D. business wealth

E. public wealth