ECONOMICS
DEMAND IN ECONOMICS IS SYNONYMOUS WITH
A. needs B. wants of the consumer C. all goods demanded in the market D. wants supported with ability to pay ✓ E. all consumers goods In economics, demand refers to the quantity of ...
GIVEN THAT FIXED COST IS N500.00, VARIABLE COST N1,500.00 AND OUTPUT IS 50 UNITS, WHAT WILL BE THE AVERAGE COST OF PRODUCING ONE UNIT
A. N2,000.00 B. N60.00 C. N50.00 D. N40.00 ✓ E. N30.00 To calculate the average cost of producing one unit, we can use the formula: Average Cost = (Fixed Cost + Variable Cost) / ...
AN EFFICIENT WEAPON USED IN RESOLVING DISPUTE BETWEEN EMPLOYERS AND EMPLOYEES IS
A. co-operation B. collective bargaining ✓ C. display of placards D. legal action Collective bargaining is an efficient weapon used in resolving disputes between employers and employees. It is a process where representatives ...
AT THE HIGHEST LEVEL OF TOTAL UTILITY, MARGINAL UTILITY IS
A. negative B. positive and falling C. positive and rising D. zero ✓ At the highest level of total utility, the marginal utility is zero. This concept is derived from the law of diminishing ...
IN A FREE MARKET ECONOMY, RESOURCES ARE ALLOCATED THROUGH THE
A. government department B. price mechanisms ✓ C. trade union D. state planning committee In a free market economy, resources are allocated through the price mechanisms. In this type of economic system, ...
WHEN THE PRODUCTION POSSIBILITY CURVE SHIFTS OUTWARDS, THE ECONOMY EXPERIENCES
A. growth ✓ B. over-production C. inefficient use of resources D. under-production When the production possibility curve shifts outwards, it indicates that the economy is experiencing growth. This growth signifies an increase in ...
THE PRICE OF A COMMODITY IS DETERMINED BY THE
A. supplier B. consumer C. quantity of goods demanded D. quantity of goods supplied E. interaction of demand and supply ✓ The price of a commodity is determined by the interaction of demand and supply ...
ECONOMICS IS A SCIENCE WHICH STUDIES HUMAN BEHAVIOURS AS A RELATIONSHIP BETWEEN ENDS AND SCARCE MEANS WHICH HAVE ALTERNATIVE USES. ‘ENDS’ HER REFERS TO
A. resource B. wants ✓ C. choice D. output E. factors In economics, the term “ends” refers to the wants or desires that individuals seek to satisfy through the consumption of goods and services ...
INFERIOR GOODS ARE REFERRED TO IN ECONOMICS AS GOODS
A. Whose quality is low B. Consumed by very poor people C. Whose consumption falls when cunsumers' income rises ✓ D. Which satisfy only the basic needs E. None of the above In economics, inferior ...
CAPITAL MARKET
Capital market is a market for medium-term and long-term loans. The capital market serves the needs of industry and the commercial sector. It comprises all the institutions which are concerned ...
