ECO314 Past Question

NATIONAL OPEN UNIVERSITY OF  NIGERIA FACULTY OF SOCIAL SCIENCES DEPARTMENT OF ECONOMICS 2018_1 EXAMINATION 

COURSE TITLE: OPERATIONS RESEARCH 
COURSE CODE: ECO 314 
UNITS:2 
TIME ALLOWED: 2 HOURS 
INSTRUCTIONS: ANSWER THREE QUESTIONS

QUESTION 1 
A firm produces an alloy having the following specifications:
(i)specific gravity≤0.98,
(ii)chromium≥8%,
(iii)melting point≥450°C.
Raw materials A, B and  C having the properties show ninth table can be used to make the alloy.

Property	Properties of raw material
	A	B	C
Specific gravity	0.92	0.97	1.04
Chromium	7%	13%	16%
Melting point	0	0	o
	440C	490C	480C

Costs of the various raw materials pert on are:#90 for A,#280 for B and #40 for C.Formulate the L.P model to find the proportions in which A,B and C be used to obtain analoy of desired properties while the cost of raw materials is minimum.

(Total Mark=20%)

QUESTION 2

What conditions must be satisfied before linear programming can be used for

optimization problems?                                                                                                       

(6Mark)

List and explain the assumptions in linear programming models.  (11 Mark)

(Total Mark=17%)

QUESTION 3

Define operations research.                                                                             (3 Mark)

Discuss the scope of operations research in financial management.    (8 Mark)

List the various schemes by which models can be classified.                (6 Mark)

(Total Mark=17%)

QUESTION 4

What are the most popular priority rules for job sequencing?(8 Mark)

What are the components of inventory carrying cost?           (9 Mark)

(Total Mark=17%)

QUESTION 5

Assuming eight jobs are waiting to be processed.  The processing time and due dates for the jobs are given below:

JOB	PROCESSING TIME	DUE DATE(DAYS)
A	4	9
B	10	18
C	6	6
D	12	19
E	7	17
F	14	20
G	9	24
H	18	28

Determine the sequence processing according to First Come,First Serve (FCFS)

in the light of the following criteria:

Average flow time

Average number of jobs in the system

Average job lateness

Utilization of the workers.

(17 Mark)

Ent301 Past Question

NATIONAL OPEN UNIVERSITY OF NIGERIA

91, CADASTRAL ZONE, NNAMDI AZIKIWE EXPRESSWAY, JABI, ABUJA

FACULTY OF MANAGEMENT SCIENCES

JANUARY 2018 EXAMINATION

EXAMINATION QUESTIONS

Course Code: ENT 301                                           Credit Unit: 2
Course Title:            SOCIOLOGY OF ENTREPRENEURSHIP
Time Allowed: 2 1/2 Hours
Instructions: 1. Attempt question number one (1) and any other (2) questions.
2. Question number 1 carries 30 marks, while the other questions
carry 20 marks each.

3. Present all your points in coherent and orderly manner

Question 1
a. Discuss how genetics and environmental inheritance influence children ethics
to become entrepreneurs. (10 marks)
b. Entrepreneurial ethics are central to success of an entrepreneur. How can an
entrepreneur achieve this? (10 marks)
c. How do children inherit parental characteristics in entrepreneurship? (10
marks)

Question 2
a. Smith in 1967 opined that there are two major types of .entrepreneurs. Identify
and discuss them. (10 marks)
b. The social profile of the entrepreneurship is bordered on;
 Early views
 Contemporary views
Explain them in details (10 marks)

Question 3
a. Identify and discuss the personality traits of the entrepreneurs. (10 marks)
b. State the determinants of Entrepreneurial Personality. (10 marks)

Question 4
a. Discuss the Influence of Role and the social class ( 20 marks)

Question 5
Write short notes on any two (2) of the following;
 Classical Theory (10 marks)
 Neo-classical Theory (10 marks)
 Austrian Market process(AMP) (10 marks)

ECO 292

ECO292 List of Questions

Latex formatted questions may not properly render

Q1 A shift of the demand curve to the left indicates an increase in demand
FALSE
TRUE
MAYBE
UNLIKELY

Q2 What CANNOT cause an increase in demand?
Increase in the number of buyers.
Rising income if product is a normal good
Decrease in the price of a substitute good
Favourable change in consumer tastes.

Q3 A change in quantity demanded can be in two respects
FALSE
TRUE
MAYBE
UNLIKELY

Q4 When does increase in quantity demanded occurs as a movement downwards on a demand curve?
When price falls and other determinants of demand remain constant
When price is stable and other determinants of demand remain constant
When price rises and other determinants of demand remain constant
When price falls and other determinants of demand are flexible

Q5 The Supply Curve is a graph illustrating how much of a given commodity sellers (firms) would sell at ______________.
different costs
different levels
different prices
different markets

Q6 Supply curves are derived from supply schedules
FALSE
TRUE
MAYBE
UNLIKELY

Q7 A higher price means greater profits and thus an incentive to increase the ______________.
quantity denaded
quantity bought
quantity produced
quantity supplied

Q8 What is Market supply?
It is the vertical summation of individual firms�?? supply curves.
It is the vertical summation of individual firms�?? demand curves.
It is the horizontal summation of individual firms�?? demand curves.
It is the horizontal summation of individual firms�?? supply curves.

Q9 Generally, the higher the number of sellers the grater the supply.
Generally, the higher the number of sellers the grater the demand.
Generally, the higher the number of sellers the grater the price.
Generally, the higher the number of sellers the grater the supply.
Generally, the higher the number of sellers the grater the market.

Q10 Expectations about the future price of a product can cause producers to increase or decrease current supply.
FALSE
TRUE
MAYBE
UNLIKELY

Q11 What happens if price of substitute production good rises?
Producers might shift production toward the higher priced good, causing a increase in supply of the original good
Producers might shift production toward the higher priced good, causing a decrease in supply of the new good
Producers might shift production toward the lower priced good, causing a decrease in supply of the original good
Producers might shift production toward the higher priced good, causing a decrease in supply of the original good

Q12 A subsidy lowers cost of production, so _____________.
decrease supply
decrease demand
increases supply
increase demand

Q13 A business tax is treated as a cost, so ______________.
decrease supply
increase supply
decrease demand
increase demand

Q14 Which improvement means more efficient production and lower costs, so an increase in supply, or rightward shift in the curve results?
Marketing
Entrepreneurial
Labour
Technological

Q15 A decrease in resource prices wil cause an increase in supply or _____________ shift in the supply curve.
rightward
leftward
upward
downward

Q16 A rise in resource prices will cause a decrease in supply or _____________ shift in supply curve
rightward
leftward
upward
downward

Q17 Which law states that the higher the price of a commodity, the higher the quantity supplied, if all other things are unchanged?
The law of demand
The law of demand and supply
The law of market forces
The law of supply

Q18 Supply curves are derived from supply schedules by plotting price against the quantity supplied with price on the _____________.
vertical axis
horizon axis
horizontal axis
vertix axis

Q19 What is the quantity of a commodity sellers wish to sell at each conceivable price?
Demand
Supply
Sales
Purchases

Q20 Change in quantity demanded refers to_______________ a demand curve as a result of changes in the price of the commodity.
meausrement along
movement along
marketing along
schedule along

Q21 All the following factors EXCEPT ____________ causes decrease in demand for a commodity
Unfavourable change in consumer tastes.
Increase in the number of buyers.
Decrease in the number of buyers.
Falling income if product is a normal good.

Q22 Which of the following is NOT an example of substitute good?
Coke and pepsi
Sugar and honey
Tennis ball and racket
Indomie and spagetti

Q23 the price of the substitute good and demand for the other good are ______________ related.
directly
inversely
proportionally
negatively

Q24 Define market demand.
Market demand is the marginal of individually demanded quantities at the various prices
Market demand is the sum of individually demanded quantities at the various prices
Market demand is the average of individually demanded quantities at the various prices
Market demand is the summary of individually demanded quantities at the various prices

Q25 What is marginal utility?
It is the satisfaction derived from the consumption of two more extra units of the commodity
It is the joy derived from the consumption of one more extra unit of the commodity
It is the happiness derived from the consumption of one more extra unit of the commodity
It is the satisfaction derived from the consumption of one more extra unit of the commodity

Q26 The law of demand states that other things being equal, as price increases, the quantity demanded of a commodity _____________.
increases
remains the same
decreases
is proportional

Q27 Define denad curve.
Is a graph illustrating how much of a given commodity buyers would buy at different prices.
Is a table illustrating how much of a given commodity buyers would buy at different prices.
Is a schedule illustrating how much of a given commodity buyers would buy at different prices.
Is a board illustrating how much of a given commodity buyers would buy at different prices.

Q28 A table showing how much of a given commodity a buyer would be willing to buy at different prices is called ___________.
Market demnd
Demand schedule
Demand table
Demand graph

Q29 Which concept remains the most fundamental in economic analysis and constitutes the backbone of a market economy?
The concept of demand and supply
The concept of demand and want
The concept of want and supply
The concept of demand and market

Q30 What is referred to as a class of resources that are man-made for the purpose of creating a more efficient production process?
Entrepreneur
Labour
Capital
land

Q31 What encompasses the productive capacity of human physical and/or mental efforts, measured in terms of ability to work or produce goods and services?
Entrepreneur
Capital
Labour
land

Q32 Agricultural land, deposits of ferrous and non-ferrous minerals, water, fisheries, and other aquatic life, wilderness and its multiple products are examples of ____________.
material management
renewable resources
material resources
human resources

Q33 Traditionally the economic notion of resources classify resources into three broad categories: ______________.
land, labour and capital
land, labour and entrepreneur
land, labour and money
land, entrepreneur and capital

Q34 Resources can be classified from ___________ perspectives
five
three
four
two

Q35 Define resources.
As anything that is directly or indirectly capable of satisfying human needs
As anything that is directly or indirectly capable of satisfying human wants
As anything that is directly or indirectly capable of satisfying human desires
As anything that is directly or indirectly capable of satisfying human thirst

Q36 What are economic agents?
Households and schools
Households and individuals
Households and firms
Industries and firms

Q37 When the total market value of the final goods and services produced is attributable to factors of production (labour, capital and natural resources) originating exclusively from a given country, it is termed as ______________.
net domestic product (NDP)
gross national product (GNP)
gross national account (GNA)
gross domestic product (GDP)

Q38 In both the product and the factor markets, information about resource scarcity is transmitted through ____________.
prices
costs
markets
suppliers

Q39 Every choice we make has a cost associated with it. What is the term for this cost?
Opportunity cost
Fixed cost
Variable cost
Total cost

Q40 What is the most implication of scarcity?
Is the need to be austere
Is the need to conserve
Is the need to save
Is the need to choose

Q41 At no price, the quantity supplied of a free good for instance exceeds the quantity demanded leading to a _____________.
surplus
scarcity
equilibrium
disequilibrium

Q42 What is the opposite of a scarce resource?
Unusual resources
Infrequent resources
Sporadic resources
Free resource

Q43 The link between the flow of matter-energy in the economic system and the natural environment is very much ignored.
FALSE
T'RUE
UNLIKELY
NEUTRAL

Q44 A typical economy is composed of EXCEPT ___________.
A flow of commodities
Social institutions
People
Religion

Q45 The fundamental level, central to the neoclassical economics worldview with respect to the natural environment and its role in the economic process are the following four key issues EXCEPT ___________.
the market as a provider of information about resource scarcity
the nature of relationships between the human economy and the economic environment.
resource (factor) substitution
scarcity augmenting technological advance

Q46 What could continually augment the scarcity of natural resources?
Educational advancements
Technological advances
Human Capacity Building
Scientific Advancements

Q47 Since the earth is �??finite�?? there exists a theoretical _______________ for resource extraction and harvest and disposal of waste into the natural environment
lower limit
middle limit
limit
upper limit

Q48 Is NOT the maintenance of life support systems
genetic uniformity
climate regulation
genetic diversity
weather regulation

Q49 Is NOT nonrenewable resources
iron ore
forest products
fossil fuels
coals

Q50 The economy is assumed to depend on the environment for three of the following distinctive purposes EXCEPT ___________.
The extraction of nonrenewable resources and the harvest of renewable resources.
The socio-cultural displays
The disposal and assimilation of wastes.
the consumption of environmental amenities

Q51 What is NOT the consequence that the humans are treated on pre-eminent in the natural environment?
Consequently, the human economy is rated above natural environment
humans are regarded as the universe�??s most important entity
The natural environment therefore exists to serve the human economy
environmental resources have intrinsic value

Q52 The Neoclassical worldview of environmental economic relationship is ____________.
centantric
anthropic.
anthropocentric
centric.

Q53 In the name of economic activity the environmental resources are transformed into ____________ goods
perishable
economic
waste
business

Q54 Which of the following economic functions is NOT discharged by the environment?
The environment is the marketer of all forms of resources
The wastes are cleaned up by the environment.
The environment maintains genetic diversity and stabilizes the ecosystem.
The environment is the supplier of all forms of resources

Q55 The environment is the supplier of all forms of resources like renewable and non-renewable.
TRUE
FALSE
EXACTLY FALSE
PROBABLY TRUE

Q56 In what form can the relationship between human economy and natural environment be explained?
Material Balance Models
Material Neutral Models
Material Static Models
Material Unbalance Models

Q57 The cultural superstructure does NOT include __________.
art
emotions
dance
music

Q58 The components of Superstructure are EXCEPT ____________.
cultural
mental
conscious motives
religious

Q59 Which of the following is NOT a primary group structure?
government
riendship networks,
community
family members

Q60 The primary group can be a potent instrument in disseminating environmental education. Which of the following is NOT a function of the primary group?
regulating reproduction,
socialization
enforcing domestic discipline.
acclimatization

Q61 There are NO limits to the rate to which materials can be recycled through the natural system
TRUE
FALSE
probably true
likely false

Q62 The ongoing reconfiguration of natural capital in the natural system means that the system also acts as a _____________ process
cycling
circular
circulating
recycling

Q63 Humans can exist in isolation of the natural system because all economic (even non-economic) activities of man are not connected with the various other living and nonliving endowments of nature.
TRUE
FALSE
probably true
likely false

Q64 The by-products of an economic reconfiguration process is referred to as �??waste�?� .
TRUE
FALSE
probably true
likely false

Q65 One characteristics of the human economy is that it produces intended useful product and some _______________.
by-products
raw materials
finished products
commodities

Q66 Which of the following resource is NOT regarded as natural capital?
arable land
hunting
mineral fuels
non-fuel minerals

Q67 The natural environment could be defined as physical, chemical, and biological surroundings that comprise the Earth�??s endowment of ___________ systems
life-support
living
leaving
support

Q68 The importance of land resource lies in the fact that it is the source of all our vital requirements EXCEPT ___________.
building materials
, minerals (rocks)
fuels
marriage

Q69 What is another name for Water Environment?
Hydrozine
Hydrospower
Hydrosphere
Hydraulic

Q70 A major layer in the atmosphere is the ___________ layer which protects human, plants and other animals from hazardous radiation from the sun.
zone
zonal
ozone
jone

Q71 The atmosphere contains life-supporting __________ for plants and animals
gas
gasses
gass
gassis

Q72 The atmosphere reaches over __________ kilometre from the surface of the earth
510
530
520
550

Q73 What is another name for the Air Environment?
Heaven
Environment
Atmosphere
Natural

Q74 there are other two aspects that impact on the natural environment, these are: (a) Anthrosphere (b) _________ environment
Social
natural
religious
cultural

Q75 The structure of the ______________ can be described in terms of its interdependent components, namely air, water, land living system and social structure
social
natural
society
environment

Q76 The ultimate limits to environmental resource availability are imposed by ___________.
government
culture
nature
people

Q77 Which of the following is not addressed in environmental economics?
The need to re-establish the disciplinary ties between ecology and economics.
The ease associated with assigning ownership right to environmental resources.
The difficulties associated with assigning ownership right to environmental resources.
The causes of environmental degradation.

Q78 As a sub discipline of economics, environmental economics originated early years of the so-called environmental ____________.
philosophy
movement
sustainability
advocacy

Q79 In order to account for the environmental impact of ___________ activities
cultural
social
business
economic

Q80 Why did the classical and neo-classical economists underestimated the environmental issues of production and consumption?
They considered these as social issues
They considered these as political issues
They considered these as traditional issues
They considered these as cultural issues

ENT308 TMA solution

ENT308 List of Questions

Latex formatted questions may not properly render

Q1 Many expert believe_______ is a necessary condition for family business continuity
stability
orientation
entrepreneurship
control

Q2 Directing an enterprise should not be confused with everyday involvement in_______
Governance
Succession
Management
Controlling

Q3 Corporate_______ can be defined as a system of structures and processes
Governance
Succession
Management
Objectives

Q4 Family members are expected to maintain a sense of duty through being_______ to the family
obedient
obligated
dependent
loyal

Q5 _______ of family business explain how the company is directed control and reported
Succession
Governance
Management
Controlling

Q6 _______ is a common practice in families that create dilemmas both in the present and the future
Conflict
Triangulation
Obedience
Management

Q7 An important part of managing _______ well lies in the commitment to accept change
conflict
controversy
argument
settlement

Q8 The most common type of family business _______ are employment and exit policies
understanding
conflict
argument
differences

Q9 Managing business is about _______
compromise
commitment
security
ability

Q10 The mistake that can be made in ownership of family business is to consider business ownership as a right rather than a_______
responsibility
privilege
returns
ownership

Q11 The primary venue in which the family exercises its ownership rights is the _______
bedroom
parlor
boardroom
stock floor

Q12 The absence of _______ agency cost may be upset by principal agency problems that lead to managerial entrenchment
traditional
historical
cultural
norms

Q13 _______ literature has examined differences in risk taking behavior between family and non family firms
Literal
Extensive
Broad
Classified

Q14 The challenges family businesses face can be grouped into _______ different categories
two
three
four
five

Q15 _______ is about wealth creation preservation growing and sustaining the families wealth
Economic
Social
Political
Legal

Q16 Almost every family business started as a small_______
enterprise
business
plan
assignment

Q17 The goal of family owners is based on a duty to pass on a _______ business to the next generation
stronger
weak
objective
optimistic

Q18 Many families made their vision the guide to investment and_______actions
strategics
plans
objectives
mission

Q19 Developing a shared vision influences the families behavior by encouraging a long term perspective on _______
idea
plans
vision
mission

Q20 The famlies long term _______ can become competitive advantage to the business
mission
objectives
vision
aims

Q21 The familys values are the familys _______
norms
behavior
ethics
culture

Q22 Family business that lacks multigenerational_______ can hardly be positional to the retain the competitive advantages
vision
leadership
norms
values

Q23 Agreed values are important to the next generation in_______ how the family work together
selecting
adjusting
supporting
controlling

Q24 There is a classic line that many parents repeat when a_______ acts inappropriately
employee
manager
member
child

Q25 The family value sets the internal _______ of behavior so that members will want to expect from each other
unique
standard
special
character

Q26 Values are_______ to each family representing a narrative about how their behavior makes them successful
special
unique
stable
deserve

Q27 Family values are in many ways attempt to_______ who they are
portray
express
relay
define

Q28 A family business believe and value start with the_______
management
leadership
founder
shareholders

Q29 Family values are a source of_______ advantage to many successful businesses
compliment
compromise
competitive
chaos

Q30 When family _______ are extended into the business they provide a powerful source of strength
norms
trust
values
ethics

Q31 Some distinctive assets of family business include all except
commitment
trust
knowledge
reputation

Q32 One of the characteristics of a family business is their long term _______
stability
sustainability
reliability
security

Q33 _______ defined by behavior embedded in a business as a result of the leadership provided by family members
culture
norms
value
Trust

Q34 Control refers to the right and _______ family members derive from significant ownership and governance of the agency relationship
obligation
responsibilities
power
strength

Q35 In economics large and small family own business creates significant amount of wealth and _______
trust
stability
value
norms

Q36 The measure of a business is based on risk taking innovation and _______
provocation
prevention
proactivness
projection

Q37 _______ refers to the resources and capabilities that emerge when the family and the business coexit within the family business
familiarity
familiness
selfishness
interest

Q38 Different businesses may have different _______ and means of doing business
objectives
aim
motivation
strategy

Q39 The social capital theory addresses the_______ and exchange between individuals in a social network
collection
interaction
belief
exchange

Q40 The _______ theory is a theoretical approach that was used in the shcolarly study of family business
analyst
model
system
scientific

Q41 Culture refers to a _______ set of assumptions that guide the beliefs system of a group of people
cumulative
alternative
selected
compliment

Q42 The _______ plan of a family firm shows its long term goals
governance
control
succession
commitment

Q43 _______ is a role reflected in family members involvement in directing the relationship within the firm
Governance
Succession
Shareholding
Management

Q44 A_______ team is hired to organize and coordinate all the affairs of a firm
controller
management
shareholders
owners

Q45 _______ of a firm belongs to the person or group that holds the controlling shares
Management
Ownership
Control
Governance

Q46 _______ culture measures the extent to which family values and business values overlap in a family firm
F pec
F bec
scale
measurer

Q47 Power measures familys_______ in the firm through ownership
strength
influence
share
dominance

Q48 _______ refers to dominance
Power
Strength
Influence
Ability

Q49 A strong family_______ is embedded in the natural demand placed on the family system at different levels
orientation
norms
values
loyalty

Q50 _______ which is central to all attributes of the family as a whole is based on strong ethics
Loyalty
tradition
Values
Trust

Q51 An individual within a strong family_______ will be loyal to any organization
trust
orientation
stability
norms

Q52 _______ is the force that binds a family togetehr
Culture
History
Loyalty
Trust

Q53 _______ refers to the recognition of a shared history and practices that connects individual family members
Legacy
Tradition
History
Orientation

Q54 Stability represents those aspects of the family that ensures its_______ is preserved
trust
tradition
legacy
religion

Q55 _______ refers to the sense of permanence in any system
Stability
Trustworthy
Survival
Business

Q56 The_______ of the family is crucial and means of achieving this is to ensure that the family carries on its existence
reliability
trustworthiness
survivability
dependability

Q57 The demand to carry on the family name leads to_______
generation
reproduction
procreation
multiplication

Q58 Trust is viewed as one of the _______ advantage present within the family
moral
competitive
related
ethical

Q59 _______ is crucial to the survival of every family unit
Norms
Trust
Values
Ethics

Q60 _______ creates a moral sense of right doing
Trust
Norms
Values
Ethics

Q61 _______ are planted into individuals within the family system and are expected to be upheld by each member of the family
norms
culture
values
religion

Q62 Family _______ are usually viewed as positive attributes within the family system
value
culture
norms
religion

Q63 _______ is a way of life built into individual family members
culture
norms
values
religion

Q64 Family members are expected to maintain a sense of duty through being _______ to the family
obedient
obligated
dependent
loyal

Q65 _______ mother is a woman who bear a child for a couple where the wife is unable to do so
adoption
surrogate
guardian
mentor

Q66 The legal system as has also made it possible to become a member of a family through _______
dependant
guardian
adoption
mentor

Q67 Ownership of the family unit is mainly by all except
biology
blood
marriage
lineage

Q68 A _______ is referred to as a permanent body consisting of individuals who are bound by obligation
business
organization
family
union

Q69 Success recorded in family business includes the development of key research areas such as all except
succession
ownership
governance
theories

Q70 Contribution to the theory of family business research in the last one decade includes the development of _______ theories and concept
general
specific
label
categorized

Q71 The foundational _______ of family business was embedded in studies of behavioral pattern of small business owners
logic
conceptualization
realization
individualization

Q72 Recurrent issues associated with family business were mostly linked with all except
ownership
succession
performance
management

Q73 _______ issues associated with family businesses were mostly linked with ownership succession performance and governance
recurrent
current
liquid
resent

Q74 The family is involved to _______ control the business to facilitate generational transfer
strategically
logically
controllably
economically

Q75 The bull eye model was an employed _______ approach to access the contribution of family businesses
qualitative
quantitative
logical
economic

Q76 Family is summarized to be about _______ and social resources
commitment
behavioral
dependence
adaptability

Q77 Family business learn to lay more emphasis on a firm longevity and _______
sustainability
availability
dependability
susceptibility

Q78 In all markets family owned _______ in form of the bedrock of advancing economics
assets
businesses
stocks
organization

Q79 The family provides _______ resource which could be paid or unpaid for the business
capital
labor
human
land

Q80 The_______ business is the most prevalent form of business in the world
family
community
organization
network