The mechanism which allows the price of a commodity to be fixed either above or below the equilibrium is known as
- A. monopolistic competition
- B. price discrimination
- C. perfect competitive market
- D. price control
the market price of a commodity is normally determined by the
- A. law of demand
- B. interaction of the force of demand and supply
- C. total number of people in the market
- D. total quantity of the commodity in the market
when the quantity of a commodity supplied increases and the quantity demanded decreases , there will be
- A. a rise in price
- B. no change in price
- C. price fluctuation
- D. a fall in price
In the normal market situation , when the price of a commodity rises the
- A. demand for the commodity will rise
- B. demand for the commodity will fall
- C. supply of the commodity will be constant
- D. supply of the commodity will fall
In the analysis of utility theory, the basis of demand is
- A. marginal utility
- B. average utility
- C. fixed utility
- D. diminishing utility
what are inferior goods? These are goods
- A. that are generally in short supply
- B. that are no longer in demand
- C. whose demand falls as income increase
- D. whose price falls as demand increases
The amount of satisfaction obtained from the consumption of a commodity at a particular time is called
- A. marginal utility
- B. diminishing return
- C. total utility
- D. average utility
Standardization of products or services is a feature of
- A. large firms
- B. retailer
- C. small firms
- D. wholesaler
one of the factors affecting geographical distribution of population is
- A. high birth rate
- B. high death rate
- C. encouragement of early marriage in the rural area
- D. climate conditions of the different parts of the country
middlemen in an economy perform the function of
- A. distribution
- B. exchange
- C. Hoarding
- D. protector
A movement along the same demand curve either upwards or downwards as a result of change in price implies
- A. a chnage in demand
- B. a change in quantity demanded
- C. an increase in demand
- D. a shift in the demand curve to the right
Distribution of goods and service is hindered by
- A. good road network
- B. efficient storage facilities
- C. too many middlemen
- D. adequate market information
If the fixed cost of a firm is 800.00 Naira and it’s variable cost is 2,700 Naira while it’s total output is 100 units, what is the average cost of the firm?
- A. 25 Naira
- B. 35 Naira
- C. 45 Naira
- D. 50 Naira
An owner-manager of a firm can also be called
- A. a shareholder
- B. an entrepreneur
- C. an employer
- D. a chairman
mining is an example of
- A. tertiary production
- B. primary production
- C. secondary production
- D. advanced production
The reward to capital as a factor of production is
- A. rent
- B. wage
- C. interest
- D. commission
which of the following tool of economic analysis is used when data contains more than one category?
- A. Bar charts
- B. component bar charts
- C. Graphs
- D. Symbolical sratement
Most of the problems of economics arises as a result of
- A. competing demand for scarce resources
- B. increase in the demand for more goods and services
- C. the desire of producers to supply more goods and services
- D. the need to reduce the level of poverty
The study of economics enables the individuals to
- A. change jobs
- B. evades taxes
- C. accumulate huge wealth
- D. make rational decisions