Economics 2ND CAT YEAR 10

Which of the following is not a factor of production?

• Land

• Labour

• Interest

• Capital

Lumbering is an example of

• tertiary production

• primary production

• secondary production

• advanced production

Performance of one task in a production process is known as

• specialization

• standardization

• division of labour

• segmentation

The benefit that results from concentrating similar firms in an area is referred to as

• external diseconomies of scale

• internal diseconomies of scale

• internal economies of scale

• external economies of scale

Which of the following is not a type of industry?

• education

• Information and communication technology

• manufacturing

• PZ Nigeria Plc

Which of the following is the most common type of business in West African countries?

• sole proprietorship

• partnership

• joint stock companies

• public corporation

The satisfaction derived from the consumption of a commodity is…..

• consumption

• saturation

• utility

• distribution.

Which of the following is not a consumer good?

• milk

• rice

• cars

• television

Production ends when

• raw materials are extracted

• goods are distributed to the consumer

• raw materials are transformed into finished product

• goods are distributed to the wholesaler

The reward for capital as a factor of production is

• land

• labour

• capital

• interest