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