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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