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