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1.
Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?
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A.
A bag only
B.
A book and a bag
C.
A shirit and a bag
D.
A shirit only

2.
A typical feature of a market economy is that
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A.
all producers make profit
B.
full employment exists
C.
consumer sovereignty exists
D.
there is equality of economic agents

3.
A cumulative frequency graph is
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A.
a histogram
B.
an ogive
C.
a bar chart
D.
a pie chart

4.
The privatization exercise in Nigeria is a move towards a
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A.
mixed economy
B.
subsistence economy
C.
market economy
D.
command economy

5.
A movement along the same demand curve is caused by the
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A.
price of the product
B.
price of other products
C.
income of the consumer
D.
taste of the consumer

6.
The demand curve for a luxury goods is
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A.
negatively sloped
B.
parallel to the price axis
C.
parallel to the quantity axis
D.
positively sloped

7.
A major assumption in cardinal utility theory is that
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A.
utility is measureable
B.
utility is not measurable
C.
total utility equals marginal utility
D.
total utility is constant

8.
A supply curve is positively sloped because
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A.
supply always exceeds demand
B.
demand always exceeds supply
C.
price is an incentive to consumers
D.
price is an incentive to producers

9.
The short-run supply curve for medical doctors is more likely to be
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A.
perfectly elastic
B.
perfectly inelastic
C.
fairly inelastic
D.
fairly elastic

10.
If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is
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A.
0.8
B.
1.25
C.
2
D.
10

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