Quizza

Revenue Concept, Economic Ststem, Labour Market

Production

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

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labour can be efficient when there are

(a)adequate tools to work with (b)high level of employment (c)limited vacancies (d)government restrictions

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Majority of West African labour force is engaged in

(a)industrial production (b)agricultural production (c)mining industry (d)construction industry

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Which of the following economic systems is in operation in most countries in West Africa?

(a)Communism (b)Free Market economy (c)Mixed Economy (d)Socialist Economy

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Which of the following is not appropriate function of the government in a market economy?

(a)To redistribute income and wealth (b)To promote economic stability (c)To supply consumer goods (d)To control prices of commodities

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The allocation of resources in a command economy is undertaken by the

(a)Price system (b)Individual businessmen (c)Central economic committte (d)Managers of production unit

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In a free market economy, goods are supplied when

(a)Their cost of production is low (b)Consumers are prepared to buy them (c)Raw materials are in abundance (d)There is cheap labour supply

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State owned enterprises are common in

(a)Centrally planned economies (b)Mixed economies (c)Capitalist economies (d)Developed economies

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Which of the following is an advantage of a capitalist economy?

(a)Efficient resource usage (b)Provision of free goods (c)Free access to education (d)Even distribution of wealth

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The following are features of capitalism except

(a)resources are allocated on the basis of price (b)resources are in the hands of the government (c)the aim of production is profit maximization (d)resources are in the hands of private individual

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An economic system exist to

(a)provide organizations needed to satisfy wants (b)ensure that all people are treated equally (c)give individuals power to control the economy (d)provide funds for investments

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The problem of scarcity and choice is resolved by

(a)The level of technology (b)households only (c)the economic system (d)the production of goods and services

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The three major agents of an economic system are the

(a)consumer, workers and producers (b)schools, hospitals and government (c)individual, firms and government (d)citizens, foreigners and government

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In market economy, an important function of price is to ensure that all

(a)industries produce the same type of goods (b)resources are used in the most efficient manner (c)goods are equally distributed (d)needs are fully satisfied

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In a market economy, if the price of the goods falls then the commodity is being

(a)under-produced (b)over-utilized (c)over subscribed (d)under-consumed

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In which of the economic systems is consumer referred to as king?

(a)Planned economy (b)Mixed economy (c)Traditional economy (d)Free market economy

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In all these economic problems, which of these is not a basic economic problem?

(a)What goods services to produce (b)For whom to produce goods and services (c)What techniques of production to be adopted (d)equal distribution of goods and services

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The economic system in which individual initiative is highly rewarded is?

(a)Socialism (b)Capitalism (c)Communism (d)Command Economy

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The basic force governing the allocation of resources in a market economy is

(a)money supply (b)factor prices (c)consumer demand (d)societal needs

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Which of the following is the best description of the role of profits in a free enterprise economy?

(a)Rewards for owners of capital (b)Encourage people to work harder (c)Attracts resources to areas where consumer benefits are greatest (d)Provide income for people with capital to spare

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Profit is a major feature of ?

(a)Socialist economy (b)Traditional economy (c)Market economy (d)Command economy

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Welfare is a major feature of _____ economy

(a)Capitalist (b)Socialitst (c)feudal (d)Market

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In a market economy, the decisions as to what to produce depends on the ___

(a)Entrepreneurs (b)Government (c)Banks (d)Consumers

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In a market economy, how income is spent determines the____

(a)needs of the rich (b)allocation of factors of production among different productive activities (c)value of money (d)exchange rate in terms of other currencies

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The profit of the producers can be calculated as the

(a)total cost less total revenue (b)average revenue less average cost (c)total revenue less total cost (d)marginal revenue less marginal cost

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Revenue is the

(a)total profit made after sales (b)amount spent on purchase (c)amount of goods produced (d)total money realized from sales

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Given that TR is Total revenue, then TRn -TR (n-1) can be used to find the

(a)marginal revenue (b)marginal cost (c)average cost (d)average revenue

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the return of investment that is just sufficient to satisfy the owner of a business is called?

(a)economic profit (b)business profit (c)normal profit (d)excess profit

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Revenue is the

(a)cost of good multiplied by the quantity sold (b)price of goods multiplied by the quantity sold (c)quantity of goods plus purchase price (d)quantity supplied less quantity sold

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You'll have 60 seconds to answer each question.

Time's Up
Your fingernails and hair keep growing after you die

Result

Total Questions: 9

Attempt: 8

Correct : 3

Wrong: 5

Percentage: 33%

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