Grade 12

The population size which harness available resources to yield maximum average output is

• Ageing population

• Optimum population

• Under-population

• Over-population

The most important factor determining the location of cement industry in Nigeria today is

• Capital and government policy

• The nature of product, infrastructure and government policy

• Nearness to the market and source of power

• Nearness to raw materials

The concentration of industries in a particular area is known as ________

• Localization of industries

• Location of industries

• Industrialization

• Industrial congestion

One economic implication of over population is that it

• Leads to low demand of goods

• Reduces balance of payment difficulties

• Leads to a fall in PCI 

• Reduces pressure on the available social facilities

One of the basic assumptions of monopoly is

• Perfect information of the market condition

• The ability to either control price or output

• Perfect mobility of factors of production

• Large number of buyers and sellers

Which of the following is an invisible item?

• Petroleum services

• Processed rice

• Processed milk

• Banking services

In which of the following business units are the owners mostly the customers?

• Co-operatives

• Limited liability companies 

• Partnership 

• Public corporations

The type of demand that exists between torchlight and battery is

• Competitive demand

• Complementary demand

• Composite demand

• Independent demand

Human wants are insatiable because wants are

• Limited while means are scarce

• Unlimited and means are also unlimited

• Limited and means are also limited

• Unlimited while means are scarce

Given that Qd=15-2P and Qs=5+3P, determine the equilibrium price

• N2.00

• N5.00

• N3.00

• N6.00