Telegram group: T.me/BBCNOUN
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ECO232
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1. The reason firms engage in production is to ________

	      Raise income

	      Produce goods and services

	--->> Make profit

	      supply goods and services

2. The relationship between quantity of goods supplied and price is said to be ______

	      Negative

	--->> Positive

	      Equal

	      Insignificant

3. When both demand and supply shift left, the equilibrium quantity will ______

	      Increase

	--->> Decrease

	      Remain the same

	      None of the options

4. The relationship between quantity of goods demanded and price is said to be ______

	--->> Negative

	      Positive

	      Equal

	      Insignificant

5. Which of these is an example of a production function

	      C = a+bY

	      Y = f(X)

	--->> Q = f (K, L)

	      a = bX

6. At equilibrium, there is no tendency for ______ to change

	--->> Price

	      Demand

	      Supply

	      Income

7. The graphical representation of a demand schedule is referred to as ______

	      Demand table

	--->> Demand curve

	      Demand graph

	      None of the options

8. When a firm incur a cost by using its own resources, it is referred to as _____ cost

	      Explicit

	      Real

	      Variable

	--->> Implicit

9. When a firm exit the market, the supply curve shifts to the _______

	      Right

	--->> Left

	      Remain the same

	      None of the options

10. By moving along the ____ curve, the utility possibilities curve is derived

	--->> Contract

	      Pareto

	      Grand

	      None of the options