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1.
..........is the term that describes the cost of one product in terms of forgone production/acquisition of others.
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A.
Marginal cost
B.
Production/acquisition cost
C.
Optimum cost
D.
Opportunity cost
E.
Implicit cost

2.
An activity does not have a cost when
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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.

3.
Choices arise on account of ......
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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

4.
Economics is best defined as
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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.

5.
Economics may be described as
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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.

6.
From an economics point of view, an activity does not have cost when
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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

7.
Opportunity cost is a term which describes
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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

8.
Scarcity in economics means
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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.

9.
Which of these is the real cost of satisfying any want in the sense of the alternative that has to be forgone
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A.
variable cost
B.
opportunity cost
C.
total cost
D.
prime cost
E.
marginal cost

10.
Economic analyses and conclusions can be divided into
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A.
consumption and production
B.
positive and normative
C.
microeconomics and macroeconomics
D.
demand and supply
E.
none of the above

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