Economics (UI) | Study Mode

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Question 1
A
Marginal cost
B
Production/acquisition cost
C
Optimum cost
D
Opportunity cost
E
Implicit cost
Explanation

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Correct option: D
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Question 2
A
the activity does not require the giving up of any other activity or thing
B
the government pays for it
C
it is carried out by a non- governmental organisation
D
it is not priced
E
it is easy to undertake.
Explanation

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Correct option: A
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Question 3
A
numerous wants
B
enough money to undertake effective demand
C
scale of preference
D
human wants being numerous but the time, money and influence to satisfy them are limited.
E
needs
Explanation

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Correct option: D
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Question 4
A
the study of allocation of resources to satisfy human wants
B
the study of human behaviour in the process of buying and selling
C
study of how nations grow and improve their welfare
D
the study of how to allocate scarce resources to satisfy human wants
E
all of the above.
Explanation

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Correct option: D
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Question 5
A
the study of demand and supply of things in our environment
B
the study of production and distribution
C
the study of human behaviour in the allocation of scarce resources
D
the study of the employment of labour, capital, land and capital
E
the study of money and banking.
Explanation

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Correct option: C
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Question 6
A
someone else pays for it
B
the returns are greater than costs
C
the choice involves given up nothing
D
government pays for it
E
it is paid for from gift
Explanation

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Correct option: C
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Question 7
A
initial cost of setting up a business venture
B
a study of the ways man devices to satisfy his unlimited wants from limited resources
C
cost of one product in terms of forgone production of others
D
the mandatory equivalent of the utility of a commodity
E
cost related to an optimum level of production
Explanation

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Correct option: C
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Question 8
A
a period of scarce things
B
when things are costly to acquire
C
monopolisation of available resources by a few
D
nationalisation of natural resources such as petroleum in Venezuela
E
none of the above.
Explanation

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Correct option: E
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Question 9
A
variable cost
B
opportunity cost
C
total cost
D
prime cost
E
marginal cost
Explanation

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Correct option: B
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Question 10
A
consumption and production
B
positive and normative
C
microeconomics and macroeconomics
D
demand and supply
E
none of the above
Explanation

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Correct option: B

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