Economics (2016) | Study Mode

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Question 11
A
Fixed cost
B
Total cost
C
Average cost
D
Marginal cost
Explanation

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Correct option: D
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Question 12
A
Price of substitutes
B
Technological development
C
Consumers choice
D
Consumers income
Explanation

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Correct option: D
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Question 13
Economics (2016) Q 13 image
A

Encourage the production of garri

B

Create an excess supply of garri

C

Increase the consumption of garri

D

Decrease the consumption of garri

Explanation

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Correct option: C
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Question 14
A
Marginal utility of a commodity is equal to the price paid for it
B
Marginal utility of a commodity X is equal to the price of commodity Y
C
Average utility of a commodity is equal to the price paid for it
D
Total utility of a commodity is equal to the price paid for it
Explanation

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Correct option: D
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Question 15
A
Precautionary motive
B
Transactionary and Precautionary motive
C
Speculative motive
D
Speculative and Transactionary motives
Explanation

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Correct option: D
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Question 16
A
derived demand
B
competitive demand
C
composite demand
D
complementary demand
Explanation

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Correct option: C
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Question 17
A
Prevailing wage rate
B
Level of technology
C
Unemployment rate
D
Population size
Explanation

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Correct option: B
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Question 18
A
Adequate knowledge of existing prices
B
The influence on prices by individual economic units
C
The restriction in terms of movement of goods and services
D
The administration of a centralized price system
Explanation

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Correct option: A
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Question 19
A
An increase in supply
B
No change in supply
C
A decrease in supply
D
A change in the quantity supplied
Explanation

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Correct option: D
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Question 20
A
An indifference curve
B
An exceptional demand curve
C
A budget line
D
An isoquant map
Explanation

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Correct option: A

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