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