The benefits that result from concentrating similar firms in an area is referred to as

A. external diseconomies of scales

B. internal diseconomies of scales

C. internal economies of scales

D. external economies of scales

Per capita income in any West African country is measured by

A. dividing the GNP by total population

B. adding the total savings to the GNP

C. multiplying the GNP by the total population

D. subtracting the GNP fron the GDP

A priority rating of aggregate individuals wants is called

A. Scarcity

B. choice

C. A scale of preference

D. opportunity cost

Profits can be calculated by

A. subtracting total cost from total revenue

B. subtracting average revenue from total cost

C. dividing total revenue from total output

D. dividing marginal revenue by marginal cost

The marginal revenue curve of a monopolist is

A. upward sloping from the right to left

B. downward sloping from left to right

C. paralell to the quantity axis

D. downward sloping from right to left

When all factor inputs are doubled , the production possibly curve will

A. shift from left to right and return to its orignal position

B. shift from left to right

C. remain in its former position

D. shift from right to left

income elasticity of demand is measurement of the responsiveness of

A. price to change in income

B. quantity demanded to change in income

C. change in expenditure to change in income

D. change in expenditure to change in price of the commodity

The establishment of industries in rural areas will help to reduce

A. urban-rural migration

B. urban-urban migration

C. rural-urban migration

D. rural-rural migration

Government imposes taxes mainly to

A. punish the citizens

B. provide social amenities

C. donates to poorer countries

D. execute white elephant projects

In a perfect market price and quantity to be bought are determined by the

A. consumers and retailers

B. producers and wholesalers

C. forces of demand and supply

D. interest of government and producers