Who among the following is the intermediary between the producer and the retailer?

A. agent

B. wholesaler

C. consumer

D. distributor

Which of the following sector is most capital intensive?

A. insurance

B. petroleum

C. commerce

D. tourism

A society that operates below the production possibility curve is using its productive resources

A. optimally

B. efficiently

C. inefficiently

D. maximally

Labour can be efficient when there are

A. adequate tools to work with

B. high level of employment

C. limited vacancies

D. government restrictions

What accounts for the ‘U-shaped’ of the short run average cost (AC) curve?

A. the law of variable proportions

B. increasing returns to scale

C. decreasing use of inputs

D. change output during the production period

Which of these is true of a perfect competitor?

A. P = AR < MR

B. P > AR = MR

C. P = MR < AR

D. P = AR = MR

One advantage of a sole proprietor is that

A. it can be managed without conflicts

B. the sole proprietor raises money from the public

C. it makes an increase in the volume of business possible

D. there is no limit to the number pf people who may bring in capital

Which of the following is a condition necessary for a perfect market?

A. the goods are heterogenous

B. there is preferential treatment

C. there is a large number of buyers and sellers

D. buyers and sellers are easily influenced

A market in which a single price obtains for a product is known as

A. a product market

B. a capital price market

C. an imperfect market

D. a perfect market

What is the effect of pursuit of higher education on the size of labour force?

A. it makes labour force to be defective

B. it brings higher wage rate

C. it increases the size of labour force

D. it reduces the size of labour force