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