43
A major assumption in cardinal utility theory is that
- A. utility is measureable
- B. utility is not measurable
- C. total utility equals marginal utility
- D. total utility is constant
44
The demand curve for a luxury good is
- A. negatively sloped
- B. parallel to the price axis
- C. parallel to the quantity axis
- D. positively sloped
45
A movement along the same demand curve is caused by the
- A. price of the product
- B. price of other products
- C. income of the consumer
- D. taste of the consumer
46
The privatization exercise in Nigeria is a move towards a
- A. mixed economy
- B. subsistence economy
- C. market economy
- D. command economy
47
A cumulative frequency graph is
- A. a histogram
- B. an ogive
- C. a bar chart
- D. a pie chart
48
A typical feature of a market economy is that
- A. all producers make profit
- B. full employment exists
- C. consumer sovereignty exists
- D. there is equality of economic agents
49
Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?
- A. A bag only
- B. A book and a bag
- C. A shirit and a bag
- D. A shirit only