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