A) Machines B) Money C) People D) Time
A) Old and New cost B) Fixed and Variable cost C) Good and Bad cost D) Big and Small cost
A) Variable cost B) Fixed cost C) Average cost D) Total cost
A) Raw materials B) Rent of factory C) Wages of workers D) Fuel for machines
A) Opportunity cost B) Variable cost C) Social cost D) Fixed cost
A) Cost of raw materials B) Insurance premium C) Salary of manager D) License fee
A) TC= Fixed cost - Variable cost B) TC=Fixed cost + Variable cost C) TC= Fixed cost / Variable cost D) TC= Fixed cost * Variable cost
A) Marginal cost B) Average cost C) Opportunity cost D) Private cost
A) Fixed cost B) Average cost C) Total cost D) Marginal cost
A) FC + VC B) TC * Quantity C) TC - Quantity D) TC / Quantity
A) Sports B) Resources and production of goods and services C) Religion D) Schools
A) Foreigners only B) The government C) Private individuals D) The community
A) Government controls everything B) Equal distribution of wealth C) Profit motive D) No competition
A) China before 1978 B) Cuba C) United States of America D) North Korea
A) Religious leaders B) Private individuals C) No one D) The state or government
A) Equal distribution of wealth B) Private ownership of factories C) Profit maximization D) Competition
A) Jobs B) Inequality and exploitation C) Food production D) Education
A) None of the above B) Capitalism and Communalism C) Capitalism and Socialism D) Socialism and Communalism
A) Communalism B) Pure Capitalism C) Mixed Economy D) Pure Socialism
A) Profit motive B) Private ownership C) Competition D) Self-help and cooperation
A) Buying more cars B) Eating more and more rice at a sitting C) Saving more money D) Working more hours
A) Government revenue B) The law of demand C) Cost of production D) The law of supply
A) 9 utils B) 36 utils C) 6 utils D) 30 utils
A) MU = Change in TU / Change in Quantity B) MU = TU + Quantity C) MU = TU - Quantity D) MU = TU * Quantity
A) Naira B) Utils C) Dollars D) Kilos
A) Increases B) Remains constant C) Becomes zero D) Decreases
A) Zero B) Minimum C) Maximum D) Negative
A) Water has no utility B) The 1st cup of water gives more satisfaction than the 5th cup C) All cups give equal satisfaction D) The 5th cup of water gives more satisfaction than the 1st cup
A) Negative B) Increasing C) Zero D) Decreasing
A) Private and Social Utility B) Fixed and Variable Utility C) Cost and Revenue Utility D) Total Utility and Marginal Utility
A) Cost and Revenue B) Buyers and sellers C) Demand and Supply D) Government and firms
A) Market price B) Fixed price C) Equilibrium price D) Controlled price
A) High inflation B) Surplus C) Shortage D) No excess demand or supply
A) Remain the same B) Become zero C) Rise D) Fall
A) Rise B) Double C) Remain the same D) Fall
A) Equilibrium B) Glut C) Shortage D) Surplus
A) Shortage B) Equilibrium C) Surplus D) Price control
A) Government policy B) Taxation C) Price mechanism D) Advertising
A) Fixed and Variable B) Demand and Supply C) Private and Social D) Cost and Revenue
A) Shortage B) Excess supply C) Excess demand D) Black market |