43
which of the following will shift the demand curve for Milo to the right?
- A. an increase in consumer's income
- B. a rise in the price of Milo
- C. a tax on cocoa producers
- D. a fall in the quantity demanded of Milo
- E. fall in the price of Milo
44
If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to
- A. cut costs
- B. maximize costs
- C. increase profits
- D. maximize utility
- E. manage scarce resources
45
At what price will a trader be ready to sell 6 oranges using the equilibrium below. p = 1/2 q + 2. where p is price and q is quantity?
- A. N3.00
- B. N4.00
- C. N5.00
- D. N6.00
- E. N8.00
46
one way of solving the problem of scarcity that faces the individuals is for
- A. the government to import goods massively so that the citizen can get all they want
- B. them to work very hard so that they are able to buy all their wants
- C. them to choose between alternative since they cannot meet all their wants
- D. the government to study people's behaviour in order to know their wants
- E. them to use their resources as they want
47
the study of Economics enables the individuals to
- A. be misserly in the spending of his money
- B. derive maximum satisfaction from the money he spends
- C. determines the right market to visit
- D. avoids purchase of luxurious items
- E. derive solution to all problems