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