11
If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a?
A
fall in both quantity of demand and total revenue
B
fall in the quantity demanded and rise in total revenue
C
fall in the quantity demanded and rise in marginal revenue
D
rise in both the quantity demanded and the marginal revenue
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The demand curve for a normal good will shift to the left if?
A
the incomes of consumers rise
B
the price of the goods rises
C
the price of complementary goods rises
D
advertising expenditure on complementary goods increase
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A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in?
C
monopolistic competition only
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An important function of the retailer is to?
A
grant credit to the wholesaler
B
break bulk and sell products in small units
C
reduce cost of distribution
D
generate demand for products through advertisement
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The main handicap of sole proprietorship is?
B
lack of technical know-how
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The main reason for the current programme of privatization and commercialization of public enterprises in Nigeria is to?
A
reduce public expenditure
B
encourage efficiency in the performance of such enterprises
C
reduce the number of public enterprises
D
raise the prices of goods and services produced by the enterprises
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The type of business finance that entitles the holder to a fixed rate of dividend is?
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Farmers' income may fall if they produce more cash crops for export because?
A
foreign demand is inelastic
B
the price of the crops will rise
C
of domestic currency depreciation
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Under the Nigerian Structural Adjustment Programme, the marketing of agricultural commodities in Nigeria has been placed under?
C
the river-basin authorities
D
private investors and individuals
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The primary barrier to land reform in developing countries is the?
A
frequent opposition by the landlords
B
realization that output levels might fall
C
fear that peasants will be cut off from credit
D
general contentment with the present arrangement
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