Public corporation in West Africa are set up to
Make maximum profit
Provide jobs for the people
Provide welfare service for the people
Show that the government can do business
Compete with private enterprises
Correct answer is C
No explanation has been provided for this answer.
The real cost of a commodity is
The cost of the alternative that has to be sacrificed for it
The alternative that has to be forgone in order to purchase it
Its market price
The alternative cost involved when the opportunity of buying the commodity is missed
The sacrifice that is made after buying the commodity
Correct answer is B
No explanation has been provided for this answer.
Scarcity in economics arises because
the resources available are adequate
individuals have limited time
resources are limited in supply
human beings have limited wants
individual wants are equal to the resources available
Correct answer is C
No explanation has been provided for this answer.
Economics is the study of how to
Choose between alternatives, given limited resources
Regulate the money that is in circulation in a country
Be prudent in the use of available resources
Improve the standard of living of the society at large
Arrange our needs in order of usefulness before satisfying them
Correct answer is A
No explanation has been provided for this answer.
Land is often different from other factors of production because it
Is a free gift of nature
Constitutes one-third of the entire world
Has different grades
Is owned by individuals
Is owned by government
Correct answer is A
No explanation has been provided for this answer.