Land is a most significant factor in terms of contribution to the economy because

A. it enables us to build industries

B. we build houses on it

C. all our highways are constructed on it

D. we get a lot of fishes from it

E. vital resources from it enrich the economy

Capital as a factor of production is important because

A. it enables us to carry out task which can not be done by human effort only

B. most tasks can be done with bare hands

C. people can work without capital

D. without capital all the factors are useless

E. it provides money which is essnetial for the growth of business

A firm's compulsory cost whether it is in production or not , is referred to as its

A. prime cost

B. variable cost

C. marginal cost

D. fixed cost

E. average cost

A scale of preference is a list

A. of consumer's wants arrange in order of importance

B. that helps the individual to make rational choice

C. that enables the consumer to make a wise decision about his choice

D. that is necessary because human beigns are faced with competitive wants

E. of all satisfied wants arrange in order of magnitude

An economic system in which the state owns and controls the means of production is known as

A. free enterprise

B. socialist economy

C. mixed economy

D. capitalist economy

E. welafare company

Which of the following is not a middleman in the distribution channel? The

A. wholesaler

B. distributor

C. agent

D. cosumer

E. retailer

Division of labour gives rise to

A. the exchange of goods and services

B. the use of barter system

C. the production of limited goods

D. unemployment

E. delay in production

One-man business is popular in West Africa because of all the following , except the

A. ease of entry

B. small capital required

C. limited enterpreneur skills needed

D. ease of decision making

E. tendency to become joint-stock companies

Which of the following is not a reason why statutory are run only by the government?

A. The duplication of some services will lead to resource wastage

B. all corporation provides services which individuals cannot provide

C. Essential services must be provided irrespective of the economic system adopted

D. some corporations require large financial capital which may not be easy to acquire by individuals

E. There is need to protect consumers from exploitation