43
In a centrally planned economy, the economic problem of deciding what to produce is dependent on?
- A. average profit
- B. state command
- C. average cost
- D. relative prices
44
A scientific approach in economic analysis entails?
- A. a deductive method only
- B. both inductive and normative methods
- C. a normative method only
- D. both inductive and deductive methods
45
One of the reason for an exceptional demand curve is the?
- A. expectation of a future change in price
- B. availability of credit facilities
- C. change in the price of the commodity
- D. availability of substitutes
46
A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
- A. consumers are willing to pay higher prices
- B. supply is facing competition
- C. other factors than price have changed
- D. price has changed
47
A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?
- A. the ruler
- B. the exercise book
- C. N25.00
- D. 18.00
48
The demand for factors of production is an example of?
- A. joint demand
- B. competitive demand
- C. derived demand
- D. composite demand
49
The elasticity of supply of perishable goods is?
- A. unitary
- B. inelastic
- C. zero
- D. elastic