Land

Labour

Capital

All of the above

Q = f(L, K, T)

Q = f(L, K, E)

Q = f(L, K, G)

Q = f(L, K, N)

To organize production

To manage production

To finance production

All of the above

Production refers to output, while productivity refers to efficiency

Production refers to efficiency, while productivity refers to output

Production refers to quality, while productivity refers to quantity

None of the above

To ensure product quality

To reduce costs

To increase output

All of the above

To improve product quality

To reduce costs

To increase output

All of the above

Increases efficiency

Reduces costs

Improves product quality

All of the above

Batch production involves producing small quantities, while mass production involves producing large quantities

Batch production involves producing large quantities, while mass production involves producing small quantities

Batch production involves producing customized products, while mass production involves producing standardized products

None of the above

To ensure availability of raw materials

To reduce costs

To increase output

All of the above

The Constitution of Nigeria

The Companies and Allied Matters Act

The Nigerian Legal System

All of the above

A sole proprietorship is owned by one person, while a partnership is owned by two or more persons

A sole proprietorship is owned by two or more persons, while a partnership is owned by one person

A sole proprietorship is a registered business, while a partnership is not

None of the above

To register companies

To regulate companies

To manage companies

All of the above

To regulate companies

To promote entrepreneurship

To protect investors

All of the above

An agreement between two or more parties

A legally binding agreement

A voidable agreement

None of the above

Offer and acceptance

Consideration

Intention to create legal relations

All of the above

A void contract is invalid, while a voidable contract is valid

A void contract is valid, while a voidable contract is invalid

A void contract is one that is not enforceable, while a voidable contract is one that can be enforced

None of the above

To interpret contracts

To enforce contracts

To resolve disputes

All of the above

To protect inventions

To promote innovation

To protect consumers

All of the above

A patent protects an invention, while a trademark protects a brand

A patent protects a brand, while a trademark protects an invention

A patent is valid for 20 years, while a trademark is valid for 10 years

None of the above

To promote entrepreneurship

To protect consumers

To regulate companies

All of the above

To protect consumers

To promote fair competition

To regulate businesses

All of the above

A warranty is a promise, while a guarantee is a promise with a specific time frame

A warranty is a promise with a specific time frame, while a guarantee is a promise

A warranty is for goods, while a guarantee is for services

None of the above

To protect against risks

To promote economic growth

To regulate businesses

All of the above

To regulate insurance companies

To promote insurance

To protect policyholders

All of the above

An agreement between employer and employee

A legally binding agreement

A voidable agreement

None of the above

Offer and acceptance

Consideration

Intention to create legal relations

All of the above

To regulate employment contracts

To promote fair labour practices

To protect employees

All of the above

An employee is entitled to benefits, while an independent contractor is not

An employee is not entitled to benefits, while an independent contractor is

An employee is subject to direction, while an independent contractor is not

None of the above

To define job responsibilities

To determine salary

To evaluate performance

All of the above

To interpret employment contracts

To enforce employment contracts

To resolve disputes

All of the above

To regulate pension schemes

To promote retirement savings

To protect employees

All of the above

To regulate trade unions

To promote collective bargaining

To protect employees

All of the above

To provide compensation for work-related injuries

To promote occupational health and safety

To protect employees

All of the above

Trade of goods only

Trade of services only

Buying and selling of goods and services

Production of goods

To maximize profits

To provide employment

To satisfy human wants

To promote economic growth

Internal trade

External trade

Both a and b

None of the above

Electronic commerce

Traditional commerce

Online shopping

Both a and c

To create employment opportunities

To increase GDP

To improve standard of living

All of the above

Buying and selling of goods

Production of goods

Distribution of goods

Both a and c