Which of the following is NOT a reason for the absence of an industry in the rural areas?
Absence of financial institution
Restricted market
Inadequate power and water supply
Inadequate transportation
Presence of external economies
Correct answer is E
External economies of scale are business-enhancing factors that happen outside a company but within the same industry. It has to do with the availability of skilled labor, banking facilities, transportation, communication, etc within a company.
Option E is the correct option because rural areas lack most of the things that make up a company's external economies of scale.
Each successive unit of the variable factor brings about a decreasing marginal product
Each successive unit of the variable factor bring about equal increase in marginal product
Each successive unit of the variable factor bring about an increasing marginal product
Each successive unit of the variable factor bring about four time increase in marginal product
Each successive unit of the variable factor bring about more than equal increase in marginal product
Correct answer is B
No explanation has been provided for this answer.
Capitalism
Communist
Mixed
Socialist
Welfarism
Correct answer is C
No explanation has been provided for this answer.
The first commercial oil well in Nigeria was discovered in
1938
1951
1956
1958
1961
Correct answer is C
Oloibiri Oilfield was discovered on Sunday 15 January 1956 by Shell Darcy. It was the first commercial oil discovery in Nigeria.
The demand for a commodity for the sake of what it will yield is
Competitive demand
Composite demand
Effective demand
Joint demand
Correct answer is A
No explanation has been provided for this answer.