FBQ1: The marginal rate of substitution (MRS) is an analysis in ____ Answer: Utility theory MCQ1: The economic decision on what to produce; how and where to produce; for whom to produce; is made by the government ___ in the economy Answer: private sector MCQ2: In profit making, the Power Holding Company Nigeria makes___ profit Answer: Abnormal MCQ3: When the government set a maximum price that can be charged for a product in the market it is termed. Answer: Price ceiling MCQ4: The demand curve facing the perfect competitor is ____ Answer: Downward MCQ5: A concept used to quantify the response of a variable when there is change in another variable is termed ___ Answer: Elasticity MCQ6: Scarce resources and insatiable human wants are the ____ in economic life Answer: Balance to strike MCQ7: The relationship between price and demand is said to be ___ Answer: Negative 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: A percentage change in quantity demanded as a result of a percentage change in that commodity’s price is known as ___ of demand Answer: Price elasticity MCQ10: Social institutions have its influence on____ which determines their decisions in answering basic economic problem  Answer: Human behaviour MCQ11: A situation where quantity demanded does not respond to increase in price it is termed Answer: Zero elastic demand MCQ12: Individual and institutions work together to answer basic _____in relation to the resources in the society and its scarcity Answer: Economic problems MCQ13: Elastic demand occurs when the absolute value of percentage change inquantity demanded is ___ than percentage change in price Answer: Larger MCQ14: ___is the direct opposite of price ceiling. Answer: Price floor MCQ15: A_____ is an economic system in which government solely take economic decisions Answer: Controlled economy MCQ16: Free market economy or 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 _____ mechanism Answer: Through the price MCQ17: Goods and services usually referred to as commodities are produced by firms while, ___are the consumers of the commodities Answer: Households MCQ18: The larger the amount of consumer’s income a commodity will consume the more ___the demand for such commodity. Answer: Elastic MCQ19: Demand and price is best linked to the explanation of ____ MCQ20: In a traditional economy, economic decisions are made based on ___ Answer: Norms MCQ21: The field of economics is divided into two main areas, Answer: Macro and microeconomics MCQ22: Major problems of any economy are, what to produce and how to produce Answer: False MCQ23: As far as basic economics is concerned, a ___ is rational Answer: Consumer MCQ24: The following are types of demand except ---------- Answer: Component MCQ25: Human wants are limited and ever dynamic due to ever changing demands and needs for resources which are unlimited Answer: False MCQ26: A market economy system is otherwise known as ------- Answer: Capitalist economy MCQ27: Social institutions emerge to resolve the___ between individual objectives. Answer: Conflict MCQ28: The percentage change in quantity demanded due to the percentage change in income is known as ___ Answer: Income elasticity of demand 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: There is usually a __ between the two choices an individual makes Answer: Trade-off MCQ31: The responsiveness of change in quantity demanded of a good to change in price of a related commodity is ____ Answer: Cross elasticity of demand MCQ32: The contentment gotten from the consumption of a particular good or services is termed ___ Answer: Utility MCQ33: The graph of perfectly inelastic demand is ____ Answer: Vertical MCQ34: Human wants are limited and ever dynamic due to ever changing demands and needs for resources which are unlimited Answer: False MCQ35: Scarcity is the central problem of ___ Answer: Economy MCQ36: Demand and price is best linked to the explanation of ____ MCQ37: The negative slope of demand curve indicates ------- Answer: More is demanded at lowerprice MCQ38: When total utility is at the highest, marginal utility is ___ Answer: 0 MCQ39: ------- price indicate aggrement between buyer and seller Answer: Equilibrium MCQ40: ___ theory is one of the techniques used to measure consumer behaviour. Answer: Utility MCQ41: A market economy system is otherwise known as ------- Answer: Capitalist economy MCQ42: ___ is defined as the rate at which a consumer is willing to substitute one good for the other. Answer: Marginal rate of substitution MCQ43: The need for economics is beckoned on scarce resources, if all resources are abundantly available, there should be no need for the study of economics Answer: False MCQ44: Price elasticity of ___is defined as the responsiveness of quantity supplied to change in price. Answer: Supply MCQ45: ------- have its influence on human behavior which determines their decisions in answering basic _____ Answer: Social institutions, economic problem MCQ46: Which of the following is not an economic systemMCQ47: ---- and ------ work together to answer basic economic problems in relation to the resources in the society and its ____ Answer: Individual and institutions, scarcity MCQ48: Demand curve is always downward slopy from the left to the right Answer: False MCQ49: Free market economy or 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 _____ mechanism Answer: Through the price MCQ50: ___ price indicate agreement between buyer and seller Answer: Equilibrium MCQ1: The economic decision on what to produce; how and where to produce; for whom to produce; is made by the government ___ in the economy Answer: private sector MCQ2: In profit making, the Power Holding Company Nigeria makes___ profit Answer: Abnormal MCQ3: When the government set a maximum price that can be charged for a product in the market it is termed. Answer: Price ceiling MCQ4: The demand curve facing the perfect competitor is ____ Answer: Downward MCQ5: A concept used to quantify the response of a variable when there is change in another variable is termed ___ Answer: Elasticity MCQ6: Scarce resources and insatiable human wants are the ____ in economic life Answer: Balance to strike MCQ7: The relationship between price and demand is said to be ___ Answer: Negative 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: A percentage change in quantity demanded as a result of a percentage change in that commodity’s price is known as ___ of demand Answer: Price elasticity MCQ10: Social institutions have its influence on____ which determines their decisions in answering basic economic problem  Answer: Human behaviour MCQ11: A situation where quantity demanded does not respond to increase in price it is termed Answer: Zero elastic demand MCQ12: Individual and institutions work together to answer basic _____in relation to the resources in the society and its scarcity Answer: Economic problems MCQ13: Elastic demand occurs when the absolute value of percentage change inquantity demanded is ___ than percentage change in price Answer: Larger MCQ14: ___is the direct opposite of price ceiling. Answer: Price floor MCQ15: A_____ is an economic system in which government solely take economic decisions Answer: Controlled economy MCQ16: Free market economy or 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 _____ mechanism Answer: Through the price MCQ17: Goods and services usually referred to as commodities are produced by firms while, ___are the consumers of the commodities Answer: Households MCQ18: The larger the amount of consumer’s income a commodity will consume the more ___the demand for such commodity. Answer: Elastic MCQ19: Demand and price is best linked to the explanation of ____ Answer: Income and substitution effects MCQ20: In a traditional economy, economic decisions are made based on ___ Answer: Norms MCQ21: The field of economics is divided into two main areas, Answer: Macro and microeconomics MCQ22: Major problems of any economy are, what to produce and how to produce Answer: False MCQ23: As far as basic economics is concerned, a ___ is rational Answer: consumer MCQ24: The following are types of demand except ---------- Answer: Component MCQ25: Human wants are limited and ever dynamic due to ever changing demands and needs for resources which are unlimited Answer: False MCQ26: A market economy system is otherwise known as ------- Answer: Capitalist economy MCQ27: Social institutions emerge to resolve the___ between individual objectives. Answer: Conflict MCQ28: The percentage change in quantity demanded due to the percentage change in income is known as ___ Answer: Income elasticity of demand 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: There is usually a __ between the two choices an individual makes Answer: Trade-off MCQ31: The responsiveness of change in quantity demanded of a good to change in price of a related commodity is ____ Answer: Cross elasticity of demand MCQ32: The contentment gotten from the consumption of a particular good or services is termed ___ Answer: Utility MCQ33: The graph of perfectly inelastic demand is ____ Answer: Vertical MCQ34: Human wants are limited and ever dynamic due to ever changing demands and needs for resources which are unlimited Answer: False MCQ35: Scarcity is the central problem of ___ Answer: Economy MCQ36: Demand and price is best linked to the explanation of ____ Answer: Income and substitution effects MCQ37: The negative slope of demand curve indicates ------- Answer: More is demanded at lower price MCQ38: When total utility is at the highest, marginal utility is ___ Answer: 0 MCQ39: ------- price indicate aggrement between buyer and seller Answer: Equilibrium MCQ40: ___ theory is one of the techniques used to measure consumer behaviour. Answer: Utility MCQ41: A market economy system is otherwise known as ------- Answer: Capitalist economy MCQ42: ___ is defined as the rate at which a consumer is willing to substitute one good for the other. Answer: Marginal rate of substitution MCQ43: The need for economics is beckoned on scarce resources, if all resources are abundantly available, there should be no need for the study of economics Answer: False MCQ44: Price elasticity of ___is defined as the responsiveness of quantity supplied to change in price. Answer: Supply MCQ45: ------- have its influence on human behavior which determines their decisions in answering basic _____ Answer: Social institutions, economic problem MCQ46: Which of the following is not an economic system Answer: Dual economy MCQ47: ---- and ------ work together to answer basic economic problems in relation to the resources in the society and its ____ Answer: Individual and institutions, scarcity MCQ48: Demand curve is always downward slopy from the left to the right Answer: False MCQ49: Free market economy or 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 _____ mechanism Answer: Through the price MCQ50: ___ price indicate agreement between buyer and seller Answer: Equilibrium FBQ1: The marginal rate of substitution (MRS) is an analysis in ____ Answer: Utility theory FBQ2: Supply of palm kernel and palm oil is an example of --------- Answer: Joint supply FBQ3: The alternative combinations among factors of production in terms of output is known as______ Answer: Isoquant FBQ4: Competitive supply imply production of two commodities from the same -------- Answer: Raw material FBQ5: The acronym MPPL means _________ Answer: Marginal Physical Product of labour FBQ6: A production period in which some input factors are fixed while other varies is known as -------- Answer: Short run FBQ7: If 10 percent increase in price of fish increase the quantity of meat supplied by 50 percent. The unit of cross elasticity is _____ Answer: 5 FBQ8: The field and discipline of economics is divided into two main areas, leveled to ----- Answer: Individuals and the society FBQ9: If there is 30 percent drop in quantity of sugar demanded as a result of 30 percent rise in its price, the unit of elasticity is______ Answer: 1 FBQ10: The study of individuals, their economic decisions making, and how those decisions intermingle is called ------- Answer: Microeconomics FBQ11: If the quantity of food consumed change by 13% as result of 7% change in the household income, what is the income elasticity______ Answer: 1.9 FBQ12: ------- is the study of the overall functioning of an economy such as basic economic growth, unemployment, or inflation, etc. Answer: macroeconomics FBQ13: Marginal utility is the satisfaction derived from consumption of _____ units of a product Answer: additional FBQ14: There is usually a ------ between the two choices an individual makes Answer: trade-off FBQ15: Income elasticity of demand is the % change in the quantity demanded of a good as a result of a % change in ______ Answer: consumers’ income FBQ16: Human wants are ------ and ever dynamic due to ever changing demands and needs for resources which are limited. Answer: unlimited FBQ17: Monopolist could safeguards his supernormal profits by ____quantity of output produced Answer: Altering FBQ18: ------ emerge to resolve the conflict between individual objectives. Answer: Social institution FBQ19: In a monopolistic competitive market, individual monopolist is a price ____ Answer: Maker FBQ20: The economies of all the countries except ----- are believed to be traditional Answer: England FBQ21: The similarity between perfect competition and monopolistic competition is that ____ also exist in monopolistic competition Answer: Ease of entry and exit FBQ22: in Nigeria, people of Abeokuta is known for the adire cloth business while the Oke-ogun people continue to produce the ------- traditional attires Answer: ofi FBQ23: The demand curve face the monopolistic competition is ______ Answer: Downward sloping FBQ24: The direct exchange of goods and services with other goods and services is known ------ Answer: Barter trade FBQ25: Price-leadership in oligopolistic market was as a result of ________ Answer: Large market share 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: Change in demand is also known as ------------ Answer: Shift in demand curve 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: Degree of responsiveness of demand to change in commodity own price is -------- Answer: Price elasticity FBQ31: Indifference curve represents the consumer’s ________ Answer: Choice FBQ32: ------- is the degree of responsiveness of demand to a change in consumer's income Answer: Income elasticity FBQ33: Budget line is also known to as _____ Answer: Price line FBQ34: The amount of satisfaction derive from consumption of a particular commodity is ----- Answer: utility FBQ35: Change in total outlay of production as a result of change in a unit output is __ Answer: Marginal cost FBQ36: A budget line is ------------------ Answer: Downward sloppy FBQ37: Allocated resources are transformed into what is called output while the resources allocated are the ____to generate the product. Answer: Input FBQ38: Price ceiling is always fixed ---------- equilibrium price Answer: below FBQ39: Goods and services usually referred to as commodities are produced by firms while household individuals are the ----- . Answer: consumers FBQ40: In a controlled economy, it is the Government that makes the economic decision and it is solely done meaning that there are no ----- sector initiatives Answer: Private FBQ41: Income and substitution effects are better use in explaining the link between demand and -----. Answer: price FBQ42: 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 FBQ43: The point at which demand equate supply is known as ------- Answer: Equilibrium point FBQ44: In a controlled economy, it is the Government that makes the economic decision and it is solely done meaning that there are no ----- sector initiatives Answer: Private FBQ45: 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: The inputs that changes with level of outputs are known as ----- Answer: Variable inputs FBQ48: In economics the central problem is ---------. Answer: scarcity FBQ49: The law of diminishing returns or variable proportion is only applicable in the ------- Answer: Short run FBQ50: The total demand for goods and services in an economy is known as: Answer: Aggregate demand FBQ1: The marginal rate of substitution (MRS) is an analysis in ____ Answer: Utility theory FBQ2: Supply of palm kernel and palm oil is an example of --------- Answer: Joint supply FBQ3: The alternative combinations among factors of production in terms of output is known as______ Answer: Isoquant FBQ4: Competitive supply imply production of two commodities from the same -------- Answer: Raw material FBQ5: The acronym MPPL means _________ Answer: Marginal Physical Product of labour FBQ6: A production period in which some input factors are fixed while other varies is known as -------- Answer: Short run FBQ7: If 10 percent increase in price of fish increase the quantity of meat supplied by 50 percent. The unit of cross elasticity is _____ Answer: 5 FBQ8: The field and discipline of economics is divided into two main areas, leveled to ----- Answer: Individuals and the society FBQ9: If there is 30 percent drop in quantity of sugar demanded as a result of 30 percent rise in its price, the unit of elasticity is______ Answer: 1 FBQ10: The study of individuals, their economic decisions making, and how those decisions intermingle is called ------- Answer: Microeconomics FBQ11: If the quantity of food consumed change by 13% as result of 7% change in the household income, what is the income elasticity______ Answer: 1.9 FBQ12: ------- is the study of the overall functioning of an economy such as basic economic growth, unemployment, or inflation, etc. Answer: macroeconomics FBQ13: Marginal utility is the satisfaction derived from consumption of _____ units of a product Answer: additional FBQ14: There is usually a ------ between the two choices an individual makes Answer: trade-off FBQ15: Income elasticity of demand is the % change in the quantity demanded of a good as a result of a % change in ______ Answer: consumers’ income FBQ16: Human wants are ------ and ever dynamic due to ever changing demands and needs for resources which are limited. Answer: unlimited FBQ17: Monopolist could safeguards his supernormal profits by ____quantity of output produced Answer: Altering FBQ18: ------ emerge to resolve the conflict between individual objectives. Answer: Social institution FBQ19: In a monopolistic competitive market, individual monopolist is a price ____ Answer: Maker FBQ20: The economies of all the countries except ----- are believed to be traditional Answer: England FBQ21: The similarity between perfect competition and monopolistic competition is that ____ also exist in monopolistic competition Answer: Ease of entry and exit FBQ22: in Nigeria, people of Abeokuta is known for the adire cloth business while the Oke-ogun people continue to produce the ------- traditional attires Answer: ofi FBQ23: The demand curve face the monopolistic competition is ______ Answer: Downward sloping FBQ24: The direct exchange of goods and services with other goods and services is known ------ Answer: Barter trade FBQ25: Price-leadership in oligopolistic market was as a result of ________ Answer: Large market share 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: Change in demand is also known as ------------ Answer: Shift in demand curve 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: Degree of responsiveness of demand to change in commodity own price is -------- Answer: Price elasticity FBQ31: Indifference curve represents the consumer’s ________ Answer: Choice FBQ32: ------- is the degree of responsiveness of demand to a change in consumer's income Answer: Income elasticity FBQ33: Budget line is also known to as _____ Answer: Price line FBQ34: The amount of satisfaction derive from consumption of a particular commodity is ----- Answer: utility FBQ35: Change in total outlay of production as a result of change in a unit output is __ Answer: Marginal cost FBQ36: A budget line is ------------------ Answer: Downward sloppy FBQ37: Allocated resources are transformed into what is called output while the resources allocated are the ____to generate the product. Answer: Input FBQ38: Price ceiling is always fixed ---------- equilibrium price Answer: below FBQ39: Goods and services usually referred to as commodities are produced by firms while household individuals are the ----- . Answer: consumers FBQ40: In a controlled economy, it is the Government that makes the economic decision and it is solely done meaning that there are no ----- sector initiatives Answer: Private FBQ41: Income and substitution effects are better use in explaining the link between demand and -----. Answer: price FBQ42: 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 FBQ43: The point at which demand equate supply is known as ------- Answer: Equilibrium point FBQ44: In a controlled economy, it is the Government that makes the economic decision and it is solely done meaning that there are no ----- sector initiatives Answer: Private FBQ45: 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: The inputs that changes with level of outputs are known as ----- Answer: Variable inputs FBQ48: In economics the central problem is ---------. Answer: scarcity FBQ49: The law of diminishing returns or variable proportion is only applicable in the ------- Answer: Short run FBQ50: The total demand for goods and services in an economy is known as: Answer: Aggregate demand