Questions on Economics
Academic Quotes
Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around - Leo Buscaglia
The most important things we can give to others are actually not expensive. In fact, we don't have to buy them with money because they are right within us.
These include our kind words, listening ears, honest compliments, our 'thank you', those beautiful smiles, our loving corrections, sincere kindness and a caring heart
In the end, it isn't the years in your life that count. It is the life in your years - Abraham Lincoln
One fact remains constant to us all, and that's death. We are not guaranteed of tomorrow because no living human is too old to die, even a newly born. Remember, age is also a number.
Therefore, let us always do good, help the poor, care for the sick and less privileged, forgive transgressions and most importantly, extend the hands of love to everyone we come across.
By doing this, we would have added an abundance of life to our years, regardless its number. Recall that Jesus Christ Himself died at 33
You cannot win everytime. This therefore makes defeat a part of life. However, it is the way and manner at which we rise from our defeats that determines our place among the greats.
Muhammad Ali was a professional boxer with 56 wins and 5 defeats. However, the way and manner at which he rose from his defeats secured his place in boxing history as the greatest fighter of all time
One Day or Day One, you decide - Unknown
We all intend to become great in life. However, we should also understand that it doesn't take one day to become great. Rather it takes many days of work, practice, diligence, failures and successes to become great.
My question to you is this: Concerning your path to greatness, what day are you in?
Whatever you are, be a good one - Abraham Lincoln
If you are a boy, be a good boy. If you are a girl, be a good girl. If you are a man, be a good man. If you are a woman, be a good woman. If you are a student, be a good student. If you are a teacher, be a good teacher.
I can go on and on; but the point is: You are human, so do all in your power to be a good human
Large retailers who buy directly from manufacturers are termed as _____.
A. Wholesale Retailers
B. Certified Retailers
C. Codified Retailers
D. Commodity Retailers
E. Manufacturers Retailer
F. Conspicuous Retailers
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_____ is a market whereby the sellers buy goods in lesser quantities from the wholesalers and sells in bits to the final consumers.
A. Commodity
B. Retail
C. Wholesale
D. Labour
E. Common
F. General
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Which of the following is not a financial market?
A. Money Market
B. Bond Market
C. Foreign Exchange Market
D. Virtual Market
E. Capital Market
F. Stock Exchange Market
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A _____ market provides a platform whereby job seekers link up with employers in an attempt to be hired.
A. Wholesale market
B. Bond market
C. Physical market
D. Virtual market
E. Factor Market
F. Labor Market
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Which of the following is not a type of market based on commodities bought and sold?
A. Wholesale market
B. Bond market
C. Physical market
D. Virtual market
E. Factor Market
F. Labor Market
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According to economists, a market refers to a/an _____ comprising of various buyers and sellers carrying out business transactions.
A. Place
B. Location
C. Entire area
D. Online platform
E. Avenue
F. Axis
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Primary market is a type of market based on _____.
A. Market structure
B. Demand
C. Supply
D. Commodities bought and sold
E. Channel of distribution
F. Internet and world wide web
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The above diagram on the quantity supplied against a change in price is _____.
A. Elastic
B. Inelastic
C. Perfectly Elastic
D. Perfectly Inelastic
E. Zero Elastic
F. Unitary Elastic
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The rate at which an increase in the price of a product translate into the product's increased production and availability in the market is termed _____.
A. Demand
B. Supply
C. Demand Elasticity
D. Supply Elasticity
E. Demand Curve
F. Supply Curve
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Concerning demand curve, which of the following statement is incorrect?
A. It is a graphical represention of a table showing the price of commodities and quantity demanded
B. It can be an individual demand curve
C. The x-axis shows the price of commodities
D. The price and quantity demanded are expressed on different axis of the graph
E. It can be a market demand curve
F. All the options are correct
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A table that shows the price of a commodity and the quantity demanded is termed _____.
A. Price table
B. Demand table
C. Demanded-price table
D. Demand preference table
E. Demand graph
F. Demand schedule
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The concept of Ceteris Paribus Assumption in economics states that _____.
A. Supply and Demand are antagonistic
B. When given two choice of similar products with the same price (assuming all other factors are constant), you will prefer to buy that with a lower price
C. Supply and Demand are agonistic
D. When given two choice of dissimilar products with the same price (assuming all other factors are constant), you will prefer to buy that which you need most
E. When given two choice of similar products with the different prices (assuming all other factors are constant), you will prefer to buy that with a lower price
F. When given two choice of dissimilar products with the different prices (assuming all other factors are constant), you will prefer to buy that with a lower price
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The willingness of a person to buy a specific quantity of goods or services at a given price and time is termed _____.
A. Scale of preference
B. Economies of scale
C. Opportunity Cost
D. Cost
E. Supply
F. Demand
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Costs generally treated as expenses in business are termed _____.
A. Fixed cost
B. Variable cost
C. Sunk cost
D. Direct cost
E. Private cost
F. Outlay cost
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When an entrepreneur pays cash (money) for materials needed for production, such money is termed as an _____ cost.
A. Accounting
B. Entrepreneurship
C. Economic
D. Outlay
E. Opportunity
F. Incremental
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A government mandated maximum price for goods or services is termed _____.
A. Price height
B. Price maxima
C. Price ceiling
D. Price level
E. Price finale
F. Price top-zone
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The quantity of supplied services or goods will increase as the price increases and they will decrease as the price decreases provided all other factors remain constant.
The above statement is attributed to the _____.
A. Law of price increase and price decrease
B. Law of product quantity
C. Law of demand
D. Law of supply
E. Law of quantity demanded and supplied in relation to price
F. Law of purchases on services and goods
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The following statements are true concerning explicit opportunity cost except _____.
A. They are recorded in the accounts book
B. It is a type of cost
C. They may also be referred to as 'out of pocket' cost
D. They are utilized as factors of production
E. Money spent on wages, salaries and raw materials are examples of explicit opportunity cost
F. Explicit opportunity cost are always utilized for investment
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|
Needs / Wants |
Cost (Naira) |
|
Phone |
50,000 |
|
Console Game |
120,000 |
|
Laptop |
80,000 |
|
Ipad |
100,000 |
|
Smart watch |
85,000 |
|
Ipod |
40,000 |
Which of the following statement is incorrect concerning the table?
A. Ipod is the least important need of the individual
B. If the individual has 200,000 Naira at hand, then the laptop, iPad, smart watch and iPod will all be considered as opportunity cost
C. If the individual has 480,000 Naira, he or she will purchase all the items in the table
D. Console game is the most important need of the individual
E. The table shows a scale of preference
F. The individual needs an ipod
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Which of the following statement is false concerning scale of preference?
A. It is brought about by the insatiability of human wants
B. It is brought about by the limitation of cash at hand
C. It is a list of a person's needs or wants written in an order of importance
D. Scale of preference cost is the value of the best alternative a person could have achieved but did not achieve it after the best choice had been made
E. Opportunity cost is a term associated with scale of preference
F. None of the above
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Total Questions (24) Paged
Page (1 of 2)
Topics in Economics
Factors affecting population in economics Advantages of Inflation Disadvantages of Inflation Concept of Inflation in Economics Scheme of work for Economics, SS1, First Term Scheme of work for Economics, SS1, Second Term Scheme of Work for Economics, SS1, Third Term Functions of the Wholesaler Advantages and Disadvantages of the Wholesaler Wholesale Market: Who is a Wholesaler? Characteristics of the Wholesaler Retail Market: Who is a Retailer and Examples of Retailers Market: Types of Market Market - What is a Market in Economics? Elasticity of Supply: Types of Supply Elasticity Supply Elasticity: Elasticity of Supply explained Demand Schedule - Types of Demand Schedule Demand: What is Demand? Law of Demand Concept and Types of Cost Supply, Supply Curve and Law of SupplyAmazing facts for Students
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English
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