Economics is a study in which we get to identify how unlimited wants can be met when it comes to very limited resources. This means that people have to make choices on directions to take based on the returns they may garner. Take up this test on some of the principles of economics and see how attentive you have been in microeconomics class.
Why resources are scarce
How to find minimum cost of production
How to spend the family income efficiently
How scarce resources can be used efficiently
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Privatization
Liquidation
Indigenization
Nationalization
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Power supplies
Labour supply
Raw materials
All of the above
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MT=Pr
MT=Pr
M=VT/P
MV=PT
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Answer option 1
Answer option 2
Answer option 3
Answer option 4
Taxes and savings
Import and saving
Government spending and taxes
Import and investment
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Answer option 1
Answer option 2
Answer option 3
Answer option 4
All of the above
To redistribute income
To check inflation
To encourage even development
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Albert's opportunity cost is the BHM 101 course material
Albert's opportunity cost is the pair of shoes he bought
Albert's real cost is =N= 1,500
Albert's money cost is also the real cost
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Irvin Fisher
Adam Smith
Alfred Marshall
Milton Friedman
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Poll tax
Purchase tax
Excise duty
Export duty
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X and Z to fall
Y and Z to fall and leave the demand for X unaffected
X to rise and Y to fall
All three goods to fall
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The industrialization of a Country
The location of industry in any state in Nigeria
The concentration of industries in one locality
All of the above
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Existence of externalities and public goods
(a) and (c)
Taxation of source of government revenue
Market failure as a reason for public finance can be attributed to the following:
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Average cost = marginal revenue
Average cost = average revenue
Marginal cost = marginal revenue
Marginal cost = average revenue
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Rents
Taxes
Licenses
Royalties
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A rise in the price of commodity P has no effect on the quantity of Q demanded
A rise in the price of Q has no effect on the quantity of Q demanded
A fall in the price of Q leads to a proportionate increase in the quantity of Q demanded
A rise in the price of Q leads to a more proportionate decrease in the quantity of Q demanded
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Some firms may sell at a higher price than minimum average cost in the short run
Each firm charges a different price to allow for different transport costs
Some firms may charge less than minimum average cost in the long run
Each firm charges a different price to allow for differences in fixed costs
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MPC is greater than APC
MPC is less than APC
APC is equal to MPC
APC is less than MPC
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The firm is at optimum size
Variable costs will fall
Average costs will fall
Marginal costs will fall
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