1. A demand which gives rise to the reverse of the law of demand is__________
- A. Derived demand
- B. Joint demand
- C. Abnormal demand
- D. Composite deman
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2. If two commodities are unrelated, a change in the price of one will____________
- A. have effect on the quantity demanded of the other
- B. have no effect on the quantity demanded of the other
- C. increase the quantity demanded on the other
- D. decrease the quantity demanded on the other
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3.
| Price (₦) | Quantity Demanded |
| 8 | 10 |
| 6 | 12 |
If we move from 8 to 6, the elasticity of demand is_______
- A. -1.25
- B. 0.62
- C. 1.25
- D. 1
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4. In a perfect competition, the market price is determined by_______
- A. the government
- B. the producer
- C. the consumer
- D. the market supply and demand junctions
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5. In the short-run, the monopoly makes_______
- A. Normal profit
- B. Abnormal Profit
- C. Loss
- D. Sales
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6. The demand curve facing the monopolist in the foreign market is__________
- A. Elastic
- B. Inelastic
- C. Perfectly elastic
- D. Unitary
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7. Supply is________
- A. A stock
- B. A Flow
- C. Constant
- D. A table
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8. A rise in the supply of a commodity cause__________
- A. an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
- B. an increase in both equilibrium
- C. a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
- D. a decrease in both equilibrium
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9. The method obtained by adding all the reward of factors of production in national income is________
- A. income approach
- B. expenditure approach
- C. value added method
- D. output approach
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10. In economy in which the whole income is not consumed is referred to as______
- A. Frugal economy
- B. Spend thrift economy
- C. Capitalist economy
- D. Mixed economy
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