FBQ1: The three economic decision making units are; firms, government and ___
Answer: *Household*

FBQ1: The three economic decision making units are; firms, government and ___
Answer: *Household*

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Fill in the Blank (FBQs): 
FBQ2: Supply of palm kernel and palm oil is an example of ___ supply
Answer: *Joint*

FBQ3: The quantity of a commodity the producer is willing and able to sell at the current market price is known as ___ supply
Answer: *Market*

FBQ4: ___ supply imply production of two commodities from the same raw material
Answer: *Competitive*

FBQ5: The equation Q =  a + tP, depicts ___ function
Answer: *Supply*

FBQ6: A production period in which some input factors are fixed while other varies is known as ___
Answer: *Short run*

FBQ7: Regulation of price by government is known as ---------
Answer: *Price Control*

FBQ8: The field and discipline of economics is divided into two main areas, leveled to ----- and the society
Answer: *Individuals*

FBQ9: If government fixes price above equilibrium, it is known as -------
Answer: *Price Floor*

FBQ10: ___ is the study of individuals, their economic decisions making, and how those decisions intermingle.
Answer: *Microeconomics*

FBQ11: Consumer’s income is one of the factors that affect ____ supply
Answer: *Market*

FBQ12: if Qd = 5 - P , and Qs = -5 + P, then equilibrium price will be ------
Answer: *N5*

FBQ13: ------- is the study of the overall functioning of an economy such as basic economic growth, unemployment, or inflation, etc.
Answer: *Macroeconomics*

FBQ14: There is usually a ------ between the two choices an individual makes
Answer: *trade-off*

FBQ15: Supply of palm kernel and palm oil is an example of ____ supply
Answer: *Complementary*

FBQ16: Human wants are ____ and ever dynamic due to ever changing demands and needs for resources which are limited.
Answer: *Unlimited*

FBQ17: Competitive supply imply production of two commodities from the same --------
Answer: *raw material*

FBQ18: ____ emerge to resolve the conflict between individual objectives.
Answer: *Social institution*

FBQ19: A production period in which some input factors are fixed while other varies is known as ____
Answer: *Short run*

FBQ20: The economies of all the countries except ___ are believed to be traditional
Answer: *England*

FBQ21: The field and discipline of economics is divided into two main areas, leveled to ----- and the society
Answer: *Individuals*

FBQ22: in Nigeria, people of Abeokuta is known for the ------ cloth business while the Oke-Ogun people continue to produce the ------- traditional attires
Answer: *‘adire’ / ‘ofi’*

FBQ23: The study of individuals, their economic decisions making, and how those decisions intermingle is called ____
Answer: *Microeconomics*

FBQ24: The direct exchange of goods and services with other goods and services is known _____
Answer: *Barter trade*

FBQ25: Opportunity cost is a/an _____ cost
Answer: *Implicit*

FBQ26: Movement along demand curve is also known as  ______
Answer: *Change in quantity demanded*

FBQ27: The additional satisfaction you derived from the consumption of second sachet of cold pure-water is called _____ in economics
Answer: *Marginal utility*

FBQ28: An Inquiry into the nature and causes of the wealth of nation is a book written by ___
Answer: *Adam Smith*

FBQ29: The economics concept in which consumption of several units of a particular commodity results to continuous lower level of additional satisfaction is known as __
Answer: *Diminishing marginal utility*

FBQ30: As far as basic economics is concerned, it is assume that people act _____ so as to gain the most benefit for themselves especially when benefit is compared with the associated costs
Answer: *Rationally*

FBQ31: Indifference curve represents the consumer’s ________
Answer: *Choice*

FBQ32: Human wants are _____ and ever dynamic due to ever changing demands and needs for resources which are limited.
Answer: *Unlimited*

FBQ33: Budget line is also known to as _____
Answer: *Price line*

FBQ34: _____ emerge to resolve the conflict between individual objectives.
Answer: *Social institutions*

FBQ35: Change in total outlay of production as a result of change in a unit output is __
Answer: *Marginal cost*

FBQ36: An example of traditional economies in the middle east is _______
Answer: *Kingdom of Saudi Arabia*

FBQ37: Allocated resources as inputs through production are transformed into what is called ____
Answer: *Output*

FBQ38: price ceiling is always fixed ---------- equilibrium price
Answer: *Below*

FBQ39: The direct exchange of goods and services with other goods and services is known ----
Answer: *Barter*

FBQ40: In a controlled economy, it is the ------ that makes the economic decision and it is solely done meaning that there are no ----- sector initiatives
Answer: *Government, private*

FBQ41: In a traditional economy, the economic decisions are made based on believes. True/False
Answer: *True*

FBQ42: Controlled or Planned economies are usually associated with ------- and Communism where government determines the wages of workers, the prices of goods and services and level of output.
Answer: *Socialism*

FBQ43: Change in demand is also known as --------
Answer: *Shift in demand curve*

FBQ44: In the case of a controlled economy, the government that makes the economic decision and it is solely done meaning that there are no ----- sector initiatives
Answer: *Private*

FBQ45: All thing being equal, the following equation; Q = r - kP, depicts -------
Answer: *Demand function*

FBQ46: Former Soviet Union, Cuba, Germany, Russia, North Korea etc are close examples of ------ economies
Answer: *Controlled*

FBQ47: Degree of responsiveness of demand to change in commodity own price is --------
Answer: *Price elasticity of demand*

FBQ48: In economics the central problem is ---------.
Answer: *Scarcity*

FBQ49: ------- elasticity of demand is the degree of responsiveness of demand to a change in consumer's income
Answer: *Income*

FBQ50: A budget line is ------------------
Answer: *Downward sloping*

Multiple Choice Questions (MCQs): 
MCQ1: The following are determinants of demand elasticity except ___
Answer: Time

MCQ1: The following are determinants of demand elasticity except ___
Answer: Time

MCQ1: The following are determinants of demand elasticity except ___
Answer: Time

proportion of income spent on the commodity: 
MCQ2: In profit making, the Power Holding Company Nigeria makes___ profit
Answer: Abnormal

MCQ3: The following are features of perfect competitive market except ___
Answer: Homogeneous goods

MCQ4: The demand curve facing the perfect competitor is ____
Answer: Upward

MCQ5: The amount of satisfaction derive from consumption of a particular commodity is ___
Answer: satisfactory

MCQ6: Scarce resources and insatiable human wants are the ____ in economic life
Answer: Variables

MCQ7: A budget line is ___
Answer: Slanting

MCQ8: The rating of goods and services from ____is needed to take a decision of what to produce
Answer: most valued to least valued 

MCQ9: price ceiling is always fixed ____ equilibrium price
Answer: Below

MCQ10: Social institutions have its influence on____ which determines their decisions in answering basic economic problem
Answer: human behavior

MCQ11: In a controlled economy, it is the ___ that makes the economic decision and it is solely done. Meaning that there are no ___ sector initiatives
Answer: private/ government

MCQ12: Individual and institutions work together to answer basic _____in relation to the resources in the society and its scarcity
Answer: Economic problems

MCQ13: Controlled or Planned economies are usually associated with ___ where government determines the wages of workers, the prices of goods and services and level of output. 
Answer: Socialism and Communism

MCQ14: Free market economy is an economic system where the basic economic decisions are made by the ___
Answer: Buyers and sellers

MCQ15: Former Soviet Union, Cuba, Germany, Russia, North Korea etc are close examples of ___ economies
Answer: Controlled or Planned

MCQ16: A society where economic decisions are taken based on believes, norms and customs is known as ____
Answer: Monarchial society

MCQ17: Free market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households and businesses in the economy through the ___
Answer: market mechanism

MCQ18: Demand for a commodity is quantity of that commodity ____ by an individual or family or group of people at different prices at a given time in place
Answer: acquired

MCQ19: Demand and price is best linked to the explanation of  ____  
Answer: Supply effects

MCQ20: In economics the central problem is ___
Answer: production

MCQ21: The field of economics is divided into two main areas,
Answer: Macro and microeconomics

MCQ22: Which of these is NOT a factor of production?
Answer: labour

MCQ23: As far as basic economics is concerned, a ___ is rational
Answer: seller

MCQ24: Macroeconomics deals with:
Answer: the activities of individuals units

MCQ25: Human wants are limited and ever dynamic due to ever changing demands and needs for resources which are unlimited
Answer: False

MCQ26: Microeconomics is not concerned with the behaviour of ___
Answer: aggregate demand

MCQ27: Social institutions emerge to resolve the___ between individual objectives.
Answer: conflict

MCQ28: In economics, goods and services usually referred to as ____
Answer: articles

MCQ29: The degree of responsiveness of change in quantity demanded of a good to change in consumer’s income is known as ____
Answer: Income elasticity of demand

MCQ30: The total demand for goods and services in an economy is known as
Answer: Price elasticity of supply

MCQ31: Change in input price, government policy, organizational change may lead to -----.
Answer: higher cost of production for a firm

MCQ32: The graph of perfectly inelastic demand is ____
Answer: Horizontal

MCQ33: Change in input price, government policy, organizational change may lead to -----.
Answer: higher cost of production for a firm

MCQ34: The point at which demand equate supply is known as -------
Answer: equilibrium point

MCQ35: Scarcity is the central problem of ___
Answer: Exchange

MCQ36: The following are factor inputs except
Answer: Land

MCQ37: The negative slope of demand curve indicates -------
Answer: More is demanded at lower price

MCQ38: The following equation; Q = r - kP, depicts -------
Answer: Supply function

MCQ39: -------     price indicate aggrement between buyer and seller
Answer: equilibrium

MCQ40: The tabular representation of quantity demanded of particular commodities at different prices ____
Answer: supply function

MCQ41: A market economy system is otherwise known as -------
Answer: Capitalist economy 

MCQ42: The following are types of demand except ----------
Answer: Component

MCQ43: The inputs that changes with level of outputs are known as -----
Answer: Change inputs

MCQ44: Major problems of any economy are, what to produce and how to produce
Answer: True

MCQ45: Equilibrium point simultaneously determine, equilibrium ------- and ----------
Answer: price, quantity

MCQ46: An economic system consists of ------, ----------and their interaction in the process of answering basic_____
Answer: individual, institutions;  economic issues

MCQ47: The law of diminishing returns or variable proportion is only applicable in the -------
Answer: long run

MCQ48: In Mixed economy, economic decision on what to produce; how and where to produce; for whom to produce; is made jointly by the ---- and ---- sectors in the economy
Answer: public and the private

MCQ49: Return to scale law is applicable in the ---------
Answer: long run

MCQ50: The key economic problem is that human wants are ----------, while resources are ----------
Answer: unlimited, limitless