1. Human wants are insatiable because wants are _______.
2. Scale of preference is important for the following reasons EXCEPT in _______.
3. In a socialist economy, prices of commodities are determined by _______.
4. Which of the following cannot be classified as land in economics?
A country allocation to various sectors of the economy is shown in the table below.
GOVERNMENT ADMINISTRATION 100O
Use it to answer questions 5 and 6.
5. If the budget of the country was $7,200; How much will be allocated to Education?
6. What is the ratio of expenditure on health to agriculture?
7. The demand curve for necessity is usually _______.
8. What effect will an increase in price have on the total revenue of a firm whose product has inelastic demanding? The total revenue will _______.
9. If the quantity of men’s hat demanded per week is represented by the function Qd=20-1313P, where P is price. How many hats are demanded when the price is $9.00?
10. The demand for torch and batteries is an example of _______.
11. Price elasticity of demand of supply measures how responsive _______.
12. The tendency for workers to value their leisure hours more than hours of work as wage rate increases give rise to _______.
13. The price of rice in tons is given by the fraction Qs-80-0.7=0. Where Qs=Quantity supplied.
When P=N40, find Qs? P=Price in Naira.
14. How does producers’ expectation of a price fall affect the supply curve of a product? There will be _______.
15. A price floor results in _______.
16. An entrepreneur is encouraged to adopt division of labour in production because it _______.
17. The long run is a period when _______.
18. The necessary condition for firm to be in equilibrium is that marginal revenue is _______.
19. At which stage of production should a firm shut down? When _______.
20. Charging different prices for the same commodity is a feature of _______.
21. In a partnership, the conduct of members is guided by _______.
22. Indigenization policy is a measure aimed at _______.
23. Which of the following measures will hinder efficient distribution of goods in West Africa?
24. The type of unemployment that occurs as a result of a physical or mental disability of labour is known as _______.
25. One relationship between marginal utility and total utility is _______.
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