Production

 In production , the formula total product/number of men employed is used to calculate

A total product

B average product

C marginal product

D fixed product

One of the internal economies of large scale production is

A administrative economies

B market economies

C regional economies

D horizontal economies

Mono-product economies are those that produce

A only intermediate products

B petroleum products

C agricultural products

D one main commodity

Quasi-rent refers to

A payment made on aquisition of a firm's premises

B payment made for the procurement of tools and equipments

C returns on investment

D payments made on any factors of production that is temporaly fixed in supply

Reward for entrepreneurship is

A rent

B wages

C interest

D profit

Which of the following is the function of an entrepreneur?

A Avoidance of risks

B decision making

C employment control

D Organizing unions

The performance of one task in a production process is known as

A specialization

B standardization

C division of labour

D segmentation