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