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