Which of the following is an advantage of division of labour? It

A. saves time

B. make possible the sue of machine

C. is monotonous

D. leads to specialization

E. aids the development of skills

The location of timber and plywood industries in West Africa is mainly influenced by the

A. avilability of transport

B. good climate

C. availability of power supply

D. adequate labour supply

E. presence of a luxuriant forest

The occupational distribution of population in most West African countries shows the highest concentration in

A. agriculture and aalied industries

B. mining and manufacturing

C. the distributive trade

D. commerce and industries

E. mining and services

The growth of the population is the ?

A. annual increase in population

B. total population of a country at a given time

C. addition to the total population over a given period

D. increase in the working population over a given period

E. percentage increase in population in a given year

A situation in which an increase in demand for certain goods leads to a fall in demand for other goods is known as

A. joint supply

B. derived demand

C. competitive demand

D. competitive supply

E. composite demand

A market equilibrium exist when

A. demand and supply are equal

B. the market is large

C. the price is fluctuating

D. no buyer goes home empty-handed

E. no seller has an unsold stock

The price system is

A. the market price of commodities

B. a market where a single price rules

C. a system of price allocation to the products of the same firm

D. a system of resource allocation through supply and demand interaction

E. a system which the market price is determined only through haggling

The main objective of production by entrepreneur is to

A. equate marginal revenue with marginal cost

B. provide employment opportunities

C. equate total revenue with total cost

D. equate average revenue with average cost

E. acumulate wealth for the nation

If price falls below the equilibrium

A. Demand will equal supply

B. Demand will be greater than supply

C. Supply will be greater than demand

D. Price will become indeterminate

E. Quantity supplied will be zero

Which of the following is not a source of finance for a one-man business?

A. money lenders

B. inheritance

C. loans from insurance companies

D. loans from banks

E. Sales of shares