Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.
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Question 1131: if AC = Average Cost of production , TC = Total Cost of production VC = Variable Cost of production FC = Fixed Cost of production Q = Quantity of goods producedThen,
Options:
A) AC = TC; TC = VC + FC
B) AC = (TC) Q: TC = VC + FC
C) AC = TC; TC = (VC)(FC) Q
D) AC = TC- FC: VC = TC- AC
E) AC = TC ; TC = VC + AC Q
Show Answer
The correct answer is A .
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Question 1132: When the government fix the price of essential commodities, this is referred to as:
Options:
A) Price equilibrium
B) Price control
C) Demanded price
D) Asking price
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The correct answer is B .
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Question 1133: If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is
Options:
A) excise duties
B) import duties
C) quotas
D) tariff
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The correct answer is C .
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Question 1134: The most popularly adopted industrialization strategy in West Africa is?
Options:
A) import substitution
B) export promotion
C) ports development
D) infant industries protection
Show Answer
The correct answer is A .
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Question 1135: Industries for consumer goods are concentrated in urban centers as a result of
Options:
A) large market
B) power supply
C) government policy
D) weather conditions
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The correct answer is A .
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Question 1136:
Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?
No. of oranges Consumed | Total Utility | Average Utility | Marginal Utility |
| 1 | 9 | 9 | - |
| 2 | 16 | 8 | x |
| 3 | 24 | 8 | 6 |
| 4 | 30 | 7.5 | 4 |
| 5 | 34 | 6.8 | y |
| 6 | 36 | 6 | 2 |
| 7 | 36 | 5.1 | 0 |
Options:
A) 0.5
B) 7
C) 0
D) 8
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The correct answer is B .
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Question 1137: The choice of how to produce in a command economy is determined by
Options:
A) government
B) consumer
C) industrialists
D) labour unions
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The correct answer is A .
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Question 1138: The regulatory authority of the capital market in Nigeria is the
Options:
A) Central Bank
B) Securities and Exchange Commission
C) Nigerian Deposit Insurance Corporation
D) Stock Exchange Market
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The correct answer is B .
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Question 1139: An agreement among firms on price and segmentation is termed
Options:
A) cartel
B) collusion
C) haggling
D) specialization
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The correct answer is A .
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Question 1140:
If the price of a ball point pen falls from N1.00 to No.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________
Options:
A) 0.50
B) 0.40
C) 1.25
D) 0.80
Show Answer
The correct answer is A .