43
Price elasticity of demand is define as the
- A. responsiveness of demand to change in price
- B. responsiveness of price to change in demand
- C. increase in demand resulting form a rise in price
- D. unit decrease in price resulting from a a fall in demand
- E. unit increase in quantity demanded when price rises
44
An inferior goods is one
- A. that is too bad for consumption
- B. whose price is lower than the price of other goods
- C. that is easily perishable
- D. whose demands fall when the income of its consumer increases
- E. that is not durable
45
Supply in Economics means making
- A. goods and services available to consumers
- B. goods available to the market at a given price and at a given period
- C. available the goods and services which consumers require
- D. craete goods
- E. import goods
46
Public corporation in West Africa are set up to
- A. make maximum profit
- B. provide jobs for the people
- C. provide welfare service for the people
- D. show that the government can do business
- E. compete with private enterprises
47
The real cost of a commodity is
- A. the cost of the alternative that has to be sacrificed for it
- B. the alternative that has to be forgone in order to purchase it
- C. its market price
- D. the alternative cost involved when the opportunity of buying the commodity is missed
- E. the sacrifice that is made after buying the commodity
48
Scarcity in economics arises because
- A. the resources availoable are adequate
- B. individuals have limited time
- C. resources are limited in supply
- D. human beigns have limited wants
- E. individual wants are equal to the resources available
49
Economics is the study of how to
- A. choose between alternatives, given limited resources
- B. regulate the money that is in circulation in a country
- C. be prudent in the use of available resources
- D. improve the standard of living of the society at large
- E. arrange our needs in order of usefulness before satisfying them