The Economic Community of the West African States (ECOWAS) is an example of

A. billateral trade

B. economic integration

C. regional marketing board

D. international competition

One reason for the low agricultural production in West African countries is that

A. agriculture employs the highest percentage of the labour force

B. too much money is invested in agriculture

C. farmers lack the finance and technology required

D. the farms are toolarge.

Mono-product economies are those that

A. produce one main commodity

B. produce only raw materials

C. depend on the export of their raw materials

D. specialize in agricultural industries

An essential characteristics of market economy is

A. government control

B. producer surplus

C. consumer surplus

D. consumer sovereignty

In a capitalist system goods are produced for those who

A. Want them most but cannot pay for them

B. can pay for them but do not want them

C. want them and can also pay for them

D. are dependent on the labour force

An economy which exhibits features of both private and State enterprises is known as

A. Capitalist economy

B. Mixed economy

C. communist economy

D. socialist economy

In calculating the national income of a country x, the cost of both raw materials and the finished products were included. This is a case of

A. double counting

B. price fluctuation

C. price differentiation

D. price discrimination

Economic development is define as

A. Outward shift of the production possibility curve

B. Availability of more goods and services

C. Growth accompanied by qualitative change in living standards

D. Growth in the national income

Which of the following is not an objective of the Organization of Petroleum Exporting Countries (OPEC)?

A. Stabilization of oil prices

B. Co-ordinating prices

C. Co-ordinating prices

D. Stagnation of developed economies