Performance of one task in a production process is known as

A. specialization

B. standardization

C. division of labour

D. segmentation

The cost incurred by using both fixed and variable factors in production is called

A. marginal cost

B. fixed cost

C. total cost

D. average cost

Consumer buy more of a commodity at a lower price than at a higher price because

A. productions like to produce more

B. in a given situation people like to buy more

C. consumers like to show off

D. with the same amount of money they will be able to buy more

The demand for a commodity not directly for immediate consumption but for the production of another commodity is

A. competitive demand

B. derived demand

C. composite demand

D. joint demand

Which of the following is a luxury item?

A. Petrol

B. Textbook

C. Pencil

D. Gold

If the quantity demanded of a particular commodity is represented by the function Qd = 30 - 2p, what is the quantity demanded at a price of twelve Naira?

A. 6 units

B. 8 units

C. 10 units

D. 12 units

The responsiveness of demand to a change in income is the measurement of

A. foreign exchange rate

B. cross elasticity of demand

C. income elasticity of demand

D. price index elasticity

The upward slope of the supply curve indicates that

A. more will be supplied as price rises

B. less will be supplied as price rises

C. supply is not a function of price

D. supply is static and demand is dynamic

monocultural agriculture means

A. the cultivation of seasonal crops

B. the cultivation of one major crop

C. plantation agriculture

D. shifting cultivation

Industries are not sited in most rural areas of Nigeria because ?

A. of inadequate basic infrastructure

B. they lack raw materials

C. there is no appropriate government policy

D. the climate is not conducive