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

No official Explanation yet!


Correct Option:
D

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.

No official Explanation yet!


Correct Option:
A

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.

No official Explanation yet!


Correct Option:
D

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.

No official Explanation yet!


Correct Option:
D

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.

No official Explanation yet!


Correct Option:
C

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.

No official Explanation yet!


Correct Option:
C

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.

No official Explanation yet!


Correct Option:
C

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.

No official Explanation yet!


Correct Option:
E

Question 9
A
variable cost  
B
opportunity cost  
C
total cost  
D
prime cost  
E
marginal cost  
Explanation.

No official Explanation yet!


Correct Option:
B

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

No official Explanation yet!


Correct Option:
B

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