Economics 2015 | Study Mode

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Question 1
A
law of demand
B
law of diminishing returns
C
law of diminishing marginal utility
D
law of returns to scale
Explanation

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Correct option: B
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Question 2
A
land tenure system
B
ignorance of the farmers
C
use of crude implement
D
provision of food for the teeming population
Explanation

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Correct option: D
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Question 3
A
total Profit made after sales
B
amount of goods produced
C
total money realized from sales
D
amount spent on purchases
Explanation
Revenue can be defined as the income generated by a firm from the sales of its goods and services.

Correct option: C
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Question 4
A
level of technology
B
government policy
C
Entry of new firms
D
Price of the commodity
Explanation

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Correct option: D
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Question 5
A
consumer surplus
B
indifference curve
C
budget constant
D
goods of necessity
Explanation

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Correct option: B
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Question 6
A
Labour and capital are close substitutes
B
Labour costs are only a small proportion of total costs
C
Demand for the final product that the labour produces is elastic
D
A large quantity of unemployed labour is available in the economy
Explanation

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Correct option: B
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Question 7
A
Paris, France
B
Geneva, Switzerland
C
Lagos, Nigeria
D
Vienna, Austria
Explanation

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Correct option: D
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Question 8
A
The industry has many differentiated products
B
The industry is characterized by rapid technological change
C
The industry consist of large number of producers
D
There are significant barriers to prevent firms entering the market
Explanation

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Correct option: D
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Question 9
A
issuing currency
B
increasing cash ratio
C
issuing cheque
D
lending to borrowers
Explanation
lending to borrowers in form of loan with an interest rate makes the commercial bank to create more money.

Correct option: D
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Question 10
A
wants
B
Scarcity
C
Opportunity Cost
D
Scale of Preference
Explanation

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Correct option: B

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