Specialization often improves economic performance because it
Permits exploitation of economies of scale
Incorporates external economies
Is based on the law of variable proportions
Allocates resources according to absolute advantage
Correct answer is D
No explanation has been provided for this answer.
The major source of Nigeria's foreign exchange is the export of?
Skilled manpower
Palm kernel and cocoa
Crude oil
Groundnuts and cotton
Correct answer is C
No explanation has been provided for this answer.
When compared with a labour-intensive industry, a capital-intensive industry employs more?
Workers than capital
Workers than machinery
Raw materials than capital
Machinery than workers
Correct answer is D
No explanation has been provided for this answer.
Infant industries denote industries which
Are introducing new products
Are too young to compete in the world market
Produce baby food and mother care products
Are allowed time enough to mature for recognition
Correct answer is B
No explanation has been provided for this answer.
The short-run period in production is defined as a period when
There is at least one fixed factor
All costs of production must be covered
The output cannot be varied
Current output is not profitable
Correct answer is A
No explanation has been provided for this answer.